TVI Pacific Inc.

TVI Pacific Inc.

October 17, 2007 13:51 ET

TVI Pacific Confirms Cease Trading Order by the Alberta Securities Commission

CALGARY, ALBERTA--(Marketwire - Oct. 17, 2007) - TVI Pacific Inc. (TSX:TVI) ("TVI" or the "Company") today confirmed that the Alberta Securities Commission (the "ASC") has issued a cease trading order halting trading of the Company's securities. The ASC issued the cease trading order because the Company was unable to comply with the conditions set forth in the management cease trade order issued by the ASC in August 2007, specifically the requirements to file restated consolidated financial statements for the years ended December 31, 2005 and 2006 and for the period ended March 31, 2007, as well as the consolidated financial statements for the period ended June 30, 2007.

Following the Company's announcement in August 2007 that it was voluntarily planning to restate its consolidated financial statements for the applicable periods, the Company has worked diligently under the guidance of its board of directors and through consultation with its independent auditors in an effort to file the restated financial statements on or before the October 15, 2007 deadline. After careful review, the Company has determined that non-cash errors were made in its consolidation working papers and foreign currency translation calculations during the periods to be restated.

As a result of its findings, the Company elected to strengthen its internal controls over the financial reporting processes related to these errors and reperformed the consolidations and other calculations for each of the affected periods using the redesigned internal controls and processes. This decision was made to provide greater confidence that the restatements were done correctly.

"We believe that our decision to reperform the consolidations was appropriate, however we underestimated the time and resources that would be required," said Cliff James, TVI's President and CEO. "By the time we are done, we will have restated our financial results for the year 2005 and six subsequent quarterly periods, which is no small undertaking for a company of our size."

The restated consolidated financial statements for the years ended December 31, 2005 and 2006 are now being audited and the Company is currently preparing financial statements for the quarters ended March 31, 2007 and June 30, 2007, together with comparative periods for 2006, which must be reviewed by the independent auditors.

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)