SULPHIDE PROJECT UPDATE:
TVI PACIFIC PROVIDES UPDATE ON US$15 MILLION
BRIDGE FINANCING AGREEMENT
TVI Pacific Inc.
(TSX: "TVI" or the "Company") announced today that
the Company and its Philippine affiliate, TVI Resource Development (Phils.) Ltd. ("TVIRD"), have substantially
completed the conditions to the first draw down under the previously
announced US$15 million bridge financing facility ("the
Facility") with LIM Asia Arbitrage Fund Inc. and LIM Asia Special
Situations Master Fund Limited (the "Lenders").
On March 13, 2008,
the Company signed a definitive US$15 million bridge financing agreement
with the Lenders for the purpose of providing working capital funding for
TVIRD, including funds to continue construction of the sulphide project
at Canatuan. Background information
concerning the loan agreement is set out in the news release disseminated
by the Company on March 13, 2008.
The Company has been advised by the Lenders that the ability of TVIRD to
draw amounts under the Facility is now subject only to registration of
the loan documents with the Register of Deeds of Makati, Pasig City,
and Cebu, Philippines, where TVIRD
entities have registered offices, and subsequent signing and delivery of
final documents. The registration process is currently being
pursued diligently by TVIRD, but has been delayed somewhat by the closure
of applicable registry offices during public holidays. TVIRD has
been advised that all other conditions precedent contemplated by the loan
agreement between TVIRD and the Lenders have been fulfilled and the
parties are waiting only for the completion of registration and the
signing and delivery of related documents to enable first drawdown to
proceed.
About
TVI Pacific Inc. (TSX: TVI)
TVI Pacific Inc. is a
publicly traded Canadian mining company focused on exploring for and
producing precious and base metals within district scale systems in the Philippines.
The Company's interest in the Canatuan Mine and
its other Philippine assets are held through its affiliate, TVI Resource
Development (Phils.) Ltd. TVI's most advanced project, the Canatuan
Mine, currently produces gold and silver dor�.
Further Information: Clifford M. James, President and
CEO, TVI Pacific Inc.
Paul Moon, Director, Corporate Communications (403) 265-4356
The Toronto
Stock Exchange has neither approved nor disapproved of the information
contained herein.
2000, 736 - 6
Avenue S.W. Calgary, Alberta T2P 3T7
Tel: (403) 265-4356 Fax: (403) 264-7028
Website: http://www.tvipacific.com E-mail: tvi-info@tvipacific.com
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