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Sulphide Project Update: TVI Pacific secures additional bridge financing to continue construction of sulphide plant at Canatuan

November 10, 2008

    (TSX: TVI)

    -   LIM Asia Special Situations Master Fund Ltd. provides additional
        US$2 million under Tranche B facility
    -   Sulphide Project scheduled to begin copper concentrate production in

    CALGARY, Nov. 10 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")
announced today that LIM Asia Special Situations Master Fund Ltd. (the "Fund")
has provided $2 million in additional bridge loan funds to the Company's
Philippine affiliate, TVI Resource Development (Phils.) Inc. ("TVIRD"), to
permit continued construction of the Company's Sulphide Project through to the
start-up of copper concentrate production, which is scheduled for
mid-November, 2008.
    An Amendment Agreement (the "Amendment Agreement") to the Omnibus Loan
and Security Agreement, originally signed with LIM Asia Arbitrage Fund Inc.
(now LIM Asia Multi-Strategy Fund Inc.) and LIM Asia Special Situations Master
Fund Ltd. (the "Lenders") on March 11, 2008 (the "Loan Agreement"), provided
for up to an additional US$5 million in bridge financing ("Tranche B"), of
which US$3 million was transferred on October 15, 2008. The remaining US$2
million was made available by the LIM Asia Special Situations Master Fund Ltd.
on November 7, 2008, as the Fund elected to take up the full $5 million of the
Tranche B loan. This news release should be read in conjunction with TVI's
news releases on October 14 and 16, 2008, which are available at

    Certain statements in this News Release constitute forward-looking
statements, including the anticipated timing of commencement of mining and
processing activities at the Canatuan Sulphide Project. Readers should refer
to the cautionary statement that appears at the end of this News Release.

    "We are grateful to the LIM Group for their continued support and
confidence in TVI", said Cliff James, President and Chief Executive Officer of
the Company. "The Company continues to be in a position to implement the
Sulphide Project at the Canatuan mine, with a view to becoming a base metals
    TVIRD is continuing discussions with financial institutions with regard
to the additional working capital financing that will be required to operate
the Canatuan facility following start-up; as well as longer term financing for
the Sulphide Project and other investments. There can be no assurance that
these financing discussions will be successful and that additional financing
will be available to the Company or TVIRD on acceptable terms.

    Additional Information

    The principal purpose of the Tranche B facility was to provide TVIRD with
working capital funding to further advance the construction of its Sulphide
Project at the Canatuan mine site, located on the Zamboanga Peninsula in the
Southern Philippines.
    As contemplated by the Amendment Agreement, the Company has guaranteed
the obligations of TVIRD under the Amendment Agreement; and TVI Limited, a
wholly-owned subsidiary of the Company, has granted a security interest to the
Lenders that covers the outstanding shares of TVI International Marketing
Limited, through which the Company holds its interest in TVIRD. In addition,
TVIRD has granted to the Lenders a security interest covering substantially
all of its assets.

    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.

    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", "scheduled" 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 received from 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 received
from or disseminated by third parties 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 occurrence of events that could have a
material adverse effect on the business, operations, property or financial
condition of the Company and its affiliates; the volatility of prices for
precious metals and base metals; commodity supply and demand; fluctuations in
currency and interest rates; inherent risks associated with construction
activities and the development of mining properties; ultimate recoverability
of mineral reserves; timing, results and costs of construction and development
activities; availability of financial resources or third-party financing; new
laws (domestic or foreign); changes in administrative practices; changes in
plans or budgets; and availability of equipment and availability of personnel.
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.
Forward-looking information respecting the timing of further drawdowns under
the credit facility made available by the Lenders and commencement of mining
and processing activities at the Canatuan Sulphide Project is based upon
progress made to date on the construction of the Infrastructure required to
support mining and processing activities from the Sulphide zone at Canatuan,
costs incurred to date in connection with the construction project, advice
received from third-party contractors with respect to the timing of various
components of the construction project, prior experiences of management with
construction activities at Canatuan, the current development plan for Canatuan
and the Company's current budget and overall strategy for Canatuan, which
plans, budget and strategy are all subject to change. 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 mining
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