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TVI Pacific Plans Revisions To Financial Statements

August 08, 2007

CALGARY, ALBERTA--(Marketwire - Aug. 9, 2007) - TVI Pacific Inc. (TSX:TVI) announced today 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 require restatement due to non-cash errors made in consolidating the accounts of its foreign affiliated companies.

During the course of preparing its consolidated financial statements for the second quarter of 2007, the Company noted possible errors in the calculation of amortization, depreciation and accretion expense, resulting in an understatement of amortization, depreciation and accretion expense from January 1, 2005 until March 31, 2007, and that the Company's foreign currency translation account included certain amounts that should have been allocated to capital assets or to net income or both. Management promptly reported these issues to the Company's independent auditors and Audit Committee.

The Company's Board of Directors met on August 8, 2007 to discuss these issues with the Company's recently-appointed Chief Financial Officer and the Company's independent auditors.

The Board of Directors has determined that a restatement of the Company's financial statements is required. Accordingly, investors should not rely on the financial information contained in the Company's annual report for the years ended December 31, 2006 and 2005 and the Company's interim report for the quarter ended March 31, 2007 or any other financial information previously furnished by the Company regarding such periods.

The adjustments are subject to completion of the Company's analysis under the supervision of the Company's Audit Committee and Board of Directors as well as continuing review and audit by the Company's independent auditors.

The Company intends to review and assess the potential impact these adjustments will have on the Company's balance sheets, statements of earnings, and statements of cash flows as well as the impact that any other adjustments related to the Company's examination may have on its previously reported financial statements. Until the Company's review is complete, the effect on previously reported financial statements cannot be finally determined. It is possible that further adjustments, which may be material, will be required for the above-noted periods.

At this time, the Company has not identified any fraud or misconduct on behalf of any of its employees, management, officers or directors. 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 plans to make changes to its financial reporting procedures and internal controls, particularly with regard to the complex accounting standards related to consolidation and foreign currency translation of results reported by affiliated companies.

The Company does not anticipate being in a position to file its second quarter financial statements on or before August 14, 2007, but anticipates reporting the restated financial information by the end of August. The Company intends to apply to the applicable securities commissions for a management cease trade order with respect to its anticipated failure to file its June 30, 2007 financial statements on August 14, 2007.

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 Asia.

In the Philippines, TVI's most advanced project, the Canatuan Mine (the first foreign-invested, new, mining project in the Philippines since the passage of the Philippine Mining Act of 1995), began mining and milling operations in mid-2004, producing gold and silver dore through its affiliate TVI Resource Development (Phils.) Ltd. ("TVIRD"). In 2006, TVIRD received a completed NI 43-101 feasibility study on the Canatuan Sulphide project prepared by Norwest Corporation. The report has been filed with certain securities regulatory authorities in Canada and is available through the SEDAR website at www.sedar.com. The Norwest study addresses the copper-zinc bearing massive sulphide zone, or lower portion of the Canatuan Deposit. Construction of the Sulphide Project at Canatuan is now underway. In addition, TVIRD holds a 2.5% NSR on the Philippine-based Rapu Rapu project operated by Lafayette Mining Ltd. Exploration in the Philippines is being conducted at Canatuan, in an effort to expand TVIRD's mineral resource base and to find new deposits, at Balabag and at other areas which management of TVI view as compelling exploration properties.

In China, TVI's wholly-owned Chinese subsidiary, Hunan Pacific Geological Exploration Inc. ("HPGEI"), was the first foreign mining company to be granted both WOFE status and a Qualified Explorer License. The exploration program in China is focused primarily within the Golden Triangle area, a prospective metallogenic region in China's south-western provinces of Yunnan, Guizhou and Guangxi Autonomous Region, and prospective areas in the Tibet Autonomous Region. HPGEI has 2,394 km2 of land under application in China in the Golden Triangle and in the Tibet A.R.

TVI also has a Drilling Segment consisting of Exploration Drilling Corporation ("EDCO"), a wholly-owned subsidiary of TVI Pacific Inc. based in the Philippines, and Hunan Pacific Drilling ("HPD"), a segment of HPGEI based in China, which generates revenue from contract drilling.

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 and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, 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, 2006, which was filed on SEDAR on March 29, 2007 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 more information, please contact

TVI Pacific Inc.
Clifford M. James
President and CEO
(403) 265-4356
Email: tvi-info@tvipacific.com


TVI Pacific Inc.
Paul Moon
Director, Corporate Communications
(403) 265-4356
(403) 264-7028 (FAX)
Email: tvi-info@tvipacific.com
Website: tvi2014.q4web.com