TVI Pacific Inc.
TSX : TVI

TVI Pacific Inc.

December 18, 2007 19:14 ET

TVI Pacific Inc. Files Restated Financial Statements and Related Materials

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2007) - TVI Pacific Inc. (TSX:TVI) ("TVI" or the "Company") today announced that it has completed the restatement of its audited consolidated financial statements for the years ended December 31, 2006 and 2005, and its unaudited interim consolidated financial statements for the first quarter of 2007. The Company has also completed its unaudited interim consolidated financial statements for the second and third quarters of 2007.

Shortly after joining TVI Pacific in July 2007, the Company's Chief Financial Officer informed the Company's board of directors of non-cash errors in the consolidation working papers used to prepare its consolidated financial statements for the three months ended March 31, 2007 and for the years ended December 31, 2005 and 2006 and the related interim periods. Since that time, the Company has carried out an extensive review of its financial statements for the affected periods. The effect of the restatement is described in the notes to the restated consolidated financial statements and in the related MD&As.

The Company was originally confident that the restatement, which affects only non-cash line items in its consolidated financial statements, could be handled expeditiously by focusing on identified errors. However, during the process, the Company determined that the responsible course of action was to undertake a total review of its recent financial statements and consolidation processes, which required considerable time and effort due to the complexity of the related accounting principles and the number of quarterly periods involved.

Cliff James, the President and Chief Executive Officer of the Company noted, "While we are pleased to have this matter behind us, we regret the amount of time it has consumed and recognize that the resulting cease trade orders have been a source of concern to a number of shareholders and other stakeholders. With the filing of the financial statements, our focus is now on the cease trade orders. We plan to work with securities commissions to have those orders lifted at an early opportunity so that the Company's shares can resume trading in the near future."

TVI has filed these financial statements and MD&As with applicable securities regulators in Canada. The documents are available on the Company's website ( less than a href="http://www.tvipacific.com/" greater than www.tvipacific.com less than /a greater than ) and on the SEDAR website ( less than a href="http://www.sedar.com/" greater than www.sedar.com less than /a greater than ), under the Company's profile. The Company has also amended its annual information form and online annual report for the year ended December 31, 2006 to reflect the restated financial information and those items have been filed on SEDAR. In light of these filings, the Company intends to apply to the applicable securities commissions to have all cease trade orders revoked as soon as possible.

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 and other Asian countries. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.) Ltd. ("TVIRD"). TVI's most advanced project, the Canatuan Mine, currently produces gold and silver dore.

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
    or
    TVI Pacific Inc.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4356
    (403) 264-7028 (FAX)
    Email: tvi-info@tvipacific.com
    Website: www.tvipacific.com