TVI Pacific Inc.

TVI Pacific Inc.

September 26, 2007 17:19 ET

TVI Provides Update on Accounting Restatement

CALGARY, ALBERTA--(Marketwire - Sept. 26, 2007) - TVI Pacific Inc. (TSX:TVI) or (the "Company") announces that it has filed an updated Default Status Report as required under the Management Cease Trade Order (the "Order") issued by the Alberta Securities Commission on August 15, 2007. TVI Pacific applied for the Order following its announcement on August 8, 2007, that its consolidated financial statements for the years ended December 31, 2006 and 2005, and its interim consolidated financial statements for the first quarter of 2007 required restatement.

Under the Order, the Company has been granted until October 15, 2007 to file its consolidated financial statements for the second quarter of 2007. The Company continues to work diligently to finalize the restatement of its consolidated financial statements for prior periods under the supervision of the Company's Audit Committee and Board of Directors. The Company is preparing the restated consolidated financial statements, which it intends to file after the Company's independent auditors have completed their review and audit procedures.

The known errors giving rise to the restatement do not affect the Company's previously reported cash and working capital positions. In light of the errors noted, the Company has initiated a review of its financial reporting procedures and internal controls, particularly in light of the complex accounting standards governing consolidation and foreign currency translation of results reported by affiliated companies.

About TVI Pacific Inc.

TVI Pacific Inc. is a publicly traded Canadian mining company focused on exploring for and producing precious and base metals in the Philippines and other Asian countries.

The outstanding common shares of TVI Pacific Inc. trade on the Toronto Stock Exchange under the symbol "TVI".

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • TVI Pacific Inc.
    Clifford M. James
    President and CEO
    (403) 265-4356
    (403) 264-7028 (FAX)
    TVI Pacific Inc.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4356
    (403) 264-7028 (FAX)