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.