TVI Pacific Inc.

TVI Pacific Inc.

August 29, 2007 09:00 ET

TVI Provides Update on Accounting Restatement

CALGARY, ALBERTA--(Marketwire - Aug. 29, 2007) - TVI Pacific Inc. (TSX:TVI) (the "Company") announced today 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 had 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 as well as the Company's independent auditors.

"We are taking the time necessary to get things right," said Clifford M. James, TVI's President and CEO. "We have made significant progress toward completing our internal review and have started making the necessary changes to the consolidated financial statements. We expect to file our consolidated financial statements as soon as our independent auditors have completed their review and audit procedures. We have been advised that the auditors will require approximately 2 to 3 weeks to complete their review."

All of the known errors giving rise to the restatement are non-cash errors that do not affect the Company's reported working capital position. In light of the errors noted, the Company is considering changes to 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 within district scale systems in the Philippines and other Asian countries.

TVI Pacific trades 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)