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TVI Pacific Affiliate Engages BNP to Arrange Best Efforts Debt Financing Up to US$40 Million

July 21, 2008
    (TSX: TVI)

    CALGARY, July 21 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")
announced today that its Philippine affiliate, TVI Resource Development
(Phils.) Ltd. ("TVIRD"), has signed a Letter of Engagement with BNP Paribas
("BNP") under which BNP has agreed to act as the Lead Arranger, on a best
efforts basis, for purposes of an international offering of debt securities
(up to US $40 million aggregate principal amount) to be marketed outside of
the United States (the "Offering"), and to assist the Company in structuring
the terms of the associated notes. TVIRD and BNP expect to negotiate the final
terms of the Offering in light of prevailing market conditions and the
circumstances of the Offering at the relevant time. The Offering is subject to
a number of conditions, including the completion of due diligence, receipt of
required regulatory approvals and the negotiation of formal documents.
    If the Offering is successfully completed, TVIRD expects to use the
proceeds from the sale of notes to fund TVIRD's ongoing development and
exploration operations on the island of Mindanao in the southern Philippines
and, in particular, to complete the development of the Canatuan Sulphide
Expansion Project, to advance exploration efforts on the Balabag Epithermal
Gold/Silver Project and for general exploration and working capital purposes,
including the repayment of outstanding debt.
    There can be no assurance that the Company and TVIRD will be able to
successfully negotiate terms of the Offering, including the notes, acceptable
to it or that the Offering will be made available to TVIRD as contemplated by
the Letter of Engagement. The Offering is not underwritten and the can be no
assurance that the Offering will be successfully completed.

    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. The Company's interest in the Canatuan Mine and
its other Philippine assets are held through TVI Resource Development (Phils.)
Ltd.

    Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements are often, but not
always, identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "intend", "could", "might",
"should", "believe" and similar expressions. Forward-looking statements are
based upon the opinions and expectations of management of the Company as at
the effective date of such statements. Although the Company believes that the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that those expectations will
prove to have been correct. Forward-looking statements are subject to certain
risks and uncertainties (known and unknown) that could cause actual outcomes
to differ materially from those anticipated or implied by such forward-looking
statements. These factors include, but are not limited to, such things as the
volatility of prices for precious metals and base metals, commodity supply and
demand, fluctuations in currency and interest rates, inherent risks associated
with the exploration and development of mining properties, ultimate
recoverability of mineral reserves, timing, results and costs of exploration
and development activities, availability of financial resources or third-party
financing, new laws (domestic or foreign), changes in administrative practices
and changes in exploration plans or budgets. Accordingly, readers should not
place undue reliance upon the forward-looking statements contained in this
News Release and such forward-looking statements should not be interpreted or
regarded as guarantees of future outcomes. The forward-looking statements of
the Company contained in this News Release are expressly qualified, in their
entirety, by this cautionary statement. Various risks to which the Company is
exposed in the conduct of its business (including exploration activities) are
described in detail in the Company's Annual Information Form for the year
ended December 31, 2007, which was filed on SEDAR on March 27, 2008 and is
available under the Company's profile at www.SEDAR.com. Subject to applicable
securities laws, the Company does not undertake any obligation to publicly
revise the forward-looking statements included in this News Release to reflect
subsequent events or circumstances.

    The Toronto Stock Exchange has neither approved nor disapproved of the
    information contained herein.

For further information: Investor Relations - (403) 265-4356, or
tvi-info@tvipacific.com