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Sulphide Project Update: TVI Pacific signs amendment agreement to extend maturity date on bridge financing

November 14, 2008
    (TSX: TVI)

    CALGARY, Nov. 14 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")
announced today that the Company and its Philippine affiliate, TVI Resource
Development (Phils.) Inc. ("TVIRD"), have signed a Third Amendment Agreement
to the Omnibus Loan and Security Agreement ("OLSA") originally signed with LIM
Asia Arbitrage Fund Inc. (now LIM Asia Multi-Strategy Fund Inc.), LIM Asia
Special Situations Master Fund Ltd. (collectively, the "Lenders") and others
on March 11, 2008. Background information regarding the original bridge
financing agreement is set out in the news releases disseminated by the
Company on March 13 and October 14, 2008, copies of which are available at
    The Third Amendment Agreement provides that the maturity date for both
Tranche A and Tranche B of the US$20 million facility previously drawn down by
the Company will be extended for an additional 30 days, to December 16, 2008.
The previous maturity date of November 16, 2008 was set out in the Second
Amendment Agreement, which was executed on October 10, 2008, by the parties to
the OLSA. In addition, the Third Amendment Agreement provides that all accrued
and unpaid interest on the Tranche A and B facilities as of the maturity date,
as amended, (US$981,410) will be capitalized to form part of the loan
    TVIRD advises that it is in discussions with the Lenders with regard to
longer term financing for the Sulphide Project and other investments,
involving, inter alia, the possibility of conversion of the Bridge Loan
facility, subject of this news release, into a Term facility. 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 terms
acceptable to them.

    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