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TVI Pacific Announces $30.1 Million Debt Facility Paid in Full and Shifts Spending Towards Accelerated Growth Strategy

June 28, 2010

CALGARY, ALBERTA--(Marketwire - June 28, 2010) - TVI Pacific Inc. (TSX:TVI) ("TVI") today announced that its Philippine affiliate, TVI Resource Development Philippines, Inc. ("TVIRD") has completely repaid its $30.1 million Long Term Debt Facility.

On June 24th, 2010, TVI made the final loan payment for US$3.97 million. In addition to the principal prepayment amount of US$3.97 million, accrued interest, advisory fees and a premium for the right to make the prepayment brought the total cash payment made by TVIRD to US$4.58 million. Through negotiation with the lender, the Company was able to reduce the premium for the right to make the prepayment by half for this final payment.

In order to facilitate the timely repayment of the Term Facility, the Company has acquired an additional short-term loan from one of the top local Philippine banks bearing an interest rate of 4.5%, much lower than the original debt facility. Of the US$4.58 million paid, US$2.58 was from cash flow and US$2.0 was from the short-term loan.

Reduction of debt cost

"Operating efficiencies, rigid cost control, a dedicated operations group and favourable copper prices have enabled us to execute on one of our key strategies, that of decreasing interest costs" said Cliff James, President and CEO. "Reducing debt costs has enabled us to improve our balance sheet substantially, resulting in a significant improvement in our financial condition.

Shift gears to growth

"With the elimination of spending constraints outside of our control, we are now able to accelerate the shift in our spending directly to our growth strategy. Our primary focus is to extend the mine life at Canatuan, which we are doing by targeting exploration in near-mine areas. In addition to that, we are accelerating the program on our Balabag gold project and advancing our exploration initiatives at Tamarok."

For recent updates on our Greater Canatuan Exploration Project Read More Here

For updates to our shipping schedule, see our schedule here

For a recording of our Annual General Meeting listen to the AGM here

For details on other topics of interest, please visit our official Facebook Discussion Forum here

About TVI Pacific Inc. (TSX:TVI)

TVI Pacific Inc. is a publically traded, profitable copper producer focused on the exploration, development and acquisition of precious and base metal mining projects 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", "schedule" 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 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; changes in exploration plans or budgets; and availability of equipment and 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.

The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. 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, except as required by law.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

TVI Pacific Inc. Rhonda Bennetto Executive Director Investor Communications (403) 265-4356 rhonda.bennetto@tvipacific.com TVI Pacific Inc. Ian McColl Investor Relations Analyst (403) 265-4356 ian.mccoll@tvipacific.com TVI Pacific Inc. Connect With Us: tvi2014.q4web.com Follow us on Twitter: www.twitter.com/tvipacific Be a Fan at www.facebook.com/tvipacific Source: TVI PACIFIC INC.