CALGARY, ALBERTA--(Marketwire - Sept. 12, 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 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.
The Company is completing its internal review and is preparing the
restated consolidated financial statements, which it intends to file as
soon as practicable following completion by the Company's independent
auditors of their review and audit procedures.
The known errors giving rise to the restatement do not affect the
Company's previously reported cash and working capital positions. In
light of the errors noted, the Company has initiated a review of 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.
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.