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TVI Pacific enters into agreement to settle previously filed class actions

April 22, 2009
    (TSX: TVI)

    CALGARY, April 22 /CNW/ - TVI Pacific Inc. ("TVI" or the "Company")
announced today that it has entered into an agreement to settle all claims
associated with class-action proceedings commenced in Ontario by Joe
Marcantonio and in Québec by Florent Audette. The Settlement Agreement, which
is subject to court approval, has also been signed on behalf of the other
defendants in those actions, being the directors and a former officer of the
    On March 3, 2008, a statement of claim was issued (under the Class
Proceedings Act, 1992) in the Ontario Superior Court of Justice against TVI,
its directors and a former senior officer of the Company by Florent Audette,
who was described in the claim as a shareholder of TVI. On April 10, 2008, a
different plaintiff, Joe Marcantonio, was substituted as the representative
plaintiff in the Ontario action. A further proposed class proceeding was
commenced in the Superior Court of Québec by Florent Audette on July 25, 2008,
which was virtually identical to the Ontario claim. In both claims, the
plaintiffs alleged that TVI made misrepresentations in financial statements
that were restated in 2007. The plaintiffs also alleged impropriety in
relation to the Company's historical share option granting practices. In their
action, the plaintiffs sought, among other things, damages in the amount of
$16 million (consisting of general and special damages of $15 million and
punitive damages in the amount of $1 million). A Special Committee of the
Board of Directors of the Company conducted an investigation into the option
allegations made by the plaintiffs, with the assistance of legal counsel. That
investigation, which involved personal interviews and automated data analysis,
revealed no intentional misconduct in relation to prior grants of options by
the Company; nonetheless, the Company has agreed to implement a number of
internal administrative measures designed to strengthen internal controls in
relation to option matters.
    The Settlement Agreement contemplates a total payment of $2.1 million
(inclusive of the plaintiffs' legal costs and all administrative expenses that
may be incurred in implementing the settlement) to members of the proposed
class, in settlement of all claims that were asserted against TVI, including
claims relating to the restatement of certain historical financial statements
by the Company in 2007. A cash payment equal to the settlement amount was made
on March 31, 2009, by TVI's insurers, who are also paying the Company's legal
costs in this matter, subject to a $75,000 deductible, which the Company paid
early in 2008.
    In entering into the Settlement Agreement, neither TVI nor any of the
other defendants has made any admission of liability in relation to the
    The Company has been advised by its legal counsel that applications to
the Ontario and Québec Superior Courts for approval of the Settlement
Agreement are expected to be made in June 2009.

    About TVI Pacific Inc. (TSX: TVI)

    TVI Pacific Inc. is a publicly traded Canadian mining company focused on
exploring for, developing 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