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Sulphide Project update: TVI Pacific signs Amendment Agreement to increase bridge financing by US$5.2 million

December 12, 2008
    (TSX: TVI)

    CALGARY, Dec. 12 /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 Fourth 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 news releases disseminated by the Company on
March 13, October 14, and November 10, 2008, copies of which are available at
    The Fourth Amendment Agreement provides that the total amount available
under the Tranche B bridge financing facility has been increased by US$5.2
million to US$10.2 million, with the additional US$5.2 million to be made
available in a series of scheduled drawdowns commencing on December 15, 2008
and ending on January 6, 2009. The original OLSA provided that funding up to
US$5 million could be accommodated under the Tranche B facility. In aggregate,
between the Tranche A and B facilities, the bridge financing that has been
made available to TVIRD under the OLSA amounts to US$25.2 million.
    The Fourth Amendment Agreement further provides that the maturity date
for amounts borrowed under the OLSA and accrued interest is January 9, 2009
(extended from December 16, 2008) and that all accrued and unpaid interest as
of the new maturity date (US$1.2MM), will be capitalized to form part of the
loan principal. In addition, the Fourth Amendment Agreement stipulates that
the obligation by the Lenders to provide undrawn Tranche B amounts will be
null and void if the spot price of copper (on the London Metal Exchange /
COMEX as of 9:00 am Hong Kong time) falls below US$0.90 per pound for three
consecutive business days.
    The principal purpose of the Tranche B facility is to provide TVIRD with
working capital funding to further advance the commissioning and construction
activities at the Canatuan mine site, located on the Zamboanga Peninsula in
the Southern Philippines.
    TVIRD advises that it is in discussions with the Lenders with regard to
longer term financing for the Sulphide Project and other investments,
involving, among other things, the possibility of conversion of the existing
bridge facility (subject of this news release) into a term facility. There can
be no assurance that these discussions will be successful and that additional
financing or term financing will be available to the Company or TVIRD.

    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