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://tvi2014.q4web.com/" greater than tvi2014.q4web.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.