TVI Pacific Inc.

TVI Pacific Inc.

October 10, 2007 23:52 ET

TVI Provides Update on Accounting Restatement

CALGARY, ALBERTA--(Marketwire - Oct. 10, 2007) - TVI Pacific Inc. (TSX:TVI)(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.

The Company previously expected to file its restated consolidated financial statements on or before October 15, 2007. TVI Pacific 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 has now completed its review and has prepared the restated consolidated financial statements as at December 31, 2005 and 2006, and is currently preparing restated consolidated financial statements as at March 31, 2007. The Company expects to release these restated consolidated financial statements next week, as soon as the Company's independent auditors have completed their review and audit procedures.

The restated financial statements, when released, will include disclosure as to the nature of the errors giving rise to the restatement, which do not affect the Company's previously reported cash and working capital positions. In light of the errors noted, the Company has modified 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.

Once the restated consolidated financial statements have been filed, the Company will complete the preparation of its consolidated financial statements as at June 30, 2007.

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
    TVI Pacific Inc.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4356
    (403) 264-7028 (FAX)