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.