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TVI Pacific announces issuance of common shares to discharge certain pre-existing obligations

February 20, 2009
    (TSX: TVI)

    CALGARY, Feb. 20 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")
announced today that it has issued 19,902,492 common shares to Seajay
Management Enterprises Ltd. ("Seajay") and 17,285,979 common shares to Regent
Parkway Management Ltd. ("Regent"), in partial satisfaction of indebtedness
owing to them by the Company. In both cases, the shares were issued at a price
of $0.016.
    The distribution of common shares to Seajay and Regent was undertaken
pursuant to the debt conversion agreement ("Debt Conversion Agreement")
entered into by the Company on January 20, 2009, with Clifford M. James, its
President and Chief Executive Officer, and each of Seajay and Regent (both
corporations controlled by Clifford M. James). (Execution and delivery of the
Debt Conversion Agreement was required by the Omnibus Loan and Security
Agreement entered into with LIM Asia Multi-Strategy Fund Inc. (previously LIM
Asia Arbitrage Fund Inc.) and LIM Asia Special Situations Master Fund Limited
on January 20, 2009.)
    Under the Debt Conversion Agreement, Seajay and Regent each agreed to
convert indebtedness owing to them by the Company into common shares of the
Company, subject to the receipt of all necessary regulatory approvals,
including that of the Toronto Stock Exchange ("TSX") and satisfaction of
various other conditions.
    Prior to the issuance of shares to Seajay and Regent, the aggregate
amount owing by TVI to those corporations was $1,998,916 (in principal).
$595,016 of that aggregate indebtedness has been retired as a result of the
distribution of shares to Seajay and Regent. The Company has been advised
that, after giving effect to the issuance of common shares to Seajay and
Regent, Clifford M. James and those corporations collectively own 63,001,127
common shares of TVI, representing approximately 13.5% of the issued and
outstanding common shares of the Company.
    This news release should be read in conjunction with the releases
disseminated by the Company on January 20 and February 9, 2009, (copies of
which are available at tvi2014.q4web.com) and the Material Change Report and
related documentation filed by the Company with various securities regulators
in Canada on January 30, 2009, copies of which are available under the
Company's profile on the SEDAR website at www.sedar.com.
    The common shares issued by TVI to Seajay and Regent are subject to
restrictions on resale under securities laws in force in Canada, which
restrictions will expire on June 20, 2009.
    In addition, the Company announced that it has issued 23,228,444 common
shares, at a price of $0.016 per share, to Zamboanga Minerals Corporation
("ZMC"). On January 25, 2008, the Company's affiliate, TVI Resource
Development (Phils) Inc. ("TVIRD"), exercised its option to acquire all of
ZMC's rights and interests in the Balabag Property concession and concession
agreements, which include Mineral Production Sharing Agreement ("MPSA") No.
086-97-IX granted by the Philippine government. TVIRD exercised the option by
issuing a Notice to ZMC, wherein the latter affixed its conformity.  The
Balabag Property is located near the municipalities of Bayog, Zamboanga Del
Sur, and Diplahan, Zamboanga Sibugay, on the Island of Mindanao in the
Southern Philippines, approximately 75 km east-northeast of TVIRD's producing
Canatuan Mine. The option to acquire the Balabag interest was provided under
the Memorandum of Agreement  between TVIRD and ZMC, dated April 26, 2005
("MOA").
    The purchase price of the Balabag interest was US$350,000, of which
US$50,000 was paid in cash in February 2008. Under the MOA, as amended, the
remaining US$300,000 could be settled in common shares of the Company. The
issuance of the 23,228,444 common shares of TVI to ZMC satisfies TVIRD's
obligations in respect of the balance of the purchase price of the Balabag
interest.
    With the exercise of the option to acquire, TVIRD has the right to
proceed to Stage 4 of the MOA, which will require TVIRD to complete a full
feasibility study and put the property into full production within five years
of January 25, 2008. Further details regarding a scoping study carried out on
the Balabag Property are available in the news releases disseminated by the
Company on July 17 and August 21, 2008, copies of which are available at
tvi2014.q4web.com. The scoping study was undertaken to assess the mining
potential of a stand-alone commercial scale mining operation centred on the
currently delineated deposit and to provide an order of magnitude of its
economic potential.
    The common shares issued by TVI to ZMC are subject to restrictions on
resale under securities laws in force in Canada, which restrictions will
expire on June 20, 2009.

    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 its affiliate, TVI Resource
Development (Phils.) Inc.

    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