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SULPHIDE PROJECT UPDATE:
TVI PACIFIC ANNOUNCES EXTENSION TO JOINT VENTURE NEGOTIATIONS
TVI Pacific Inc.
(TSX: "TVI" or the "Company") announced today that its Philippine affiliate, TVI Resource Development (Phils.) Ltd. ("TVIRD"), and Atlas
Consolidated Mining and Development Corp. ("ACMDC") have agreed
to extend their negotiations respecting the establishment of a joint
venture for the development of TVIRD's Canatuan sulphide project in the Philippines. The
Company's interest in the Canatuan Mine and its
other Philippine assets are held through TVIRD.
On December 27, 2007,
the Company announced that TVIRD and ACMDC had signed a memorandum of
agreement under which TVIRD had received an advance in the amount of 42
million Philippine pesos (approximately US$1 million) from ACMDC, which
is secured by an accommodation pledge of 10% of the outstanding capital
stock of TVIRD. In connection with the advance, TVIRD granted an
option to ACMDC to enter into a joint venture with TVIRD to develop the Canatuan sulphide project. The option, which is
scheduled to expire on January 31, 2008 (extended from the intial expiry date of January 15, 2008), is subject
to any extensions mutually agreed upon by the parties in writing. Additional
information concerning the advance from ACMDC is set out in the news
release disseminated by the Company on December 27, 2007.
In addition to the
negotiations with ACMDC, TVIRD is involved in discussions with other
parties to secure the funding required to develop the Canatuan
sulphide project and to reduce the Company's working capital
deficiency. There can be no assurance that the joint venture
contemplated by the memorandum of agreement with ACMDC will be
successfully concluded or that the Company will be able to secure third
party financing to develop the Canatuan
sulphide project.
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
and other Asian countries. The Company's interest in the Canatuan Mine and its other Philippine assets are
held through its affiliate, TVI Resource Development (Phils.)
Ltd. TVI's most advanced project, the Canatuan Mine, currently produces gold and silver dor�.
About ACMDC
Atlas Consolidated
Mining & Development Corporation is a major mining corporation active
in the Philippines.
Atlas is listed on the Philippine Stock Exchange (PSE: AT) with a current
market capitalization of approximately US$340 million and was, until May
1995, listed on the American Stock Exchange (AMEX). Among Atlas'
significant mining assets in the Philippines
are the Toledo Copper Mine in Cebu, where copper concentrates are
expected to be exported from starting mid-2008, and the Berong Nickel Project in Palawan, which commenced
exporting nickel ore to China
in early 2007. Atlas also owns a portfolio of mineral interests
throughout the Philippines,
which include advanced and greenfield copper, gold and
nickel targets.
Further
Information: Clifford M. James, President and CEO, TVI
Pacific Inc.
Paul Moon, Director, Corporate Communications (403) 265-4356
The Toronto Stock Exchange has neither
approved nor disapproved of the information contained herein.
2000, 736 - 6
Avenue S.W. Calgary, Alberta T2P 3T7
Tel: (403) 265-4356 Fax: (403) 264-7028
Website:
http://www.tvipacific.com E-mail:
tvi-info@tvipacific.com
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