SULPHIDE PROJECT UPDATE:

TVI PACIFIC ANNOUNCES CLOSING OF US$29.9 MILLION TERM LOAN FACILITY

TVI Pacific Inc. (TSX: "TVI" or the "Company") announced today that its Philippine affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has closed a previously announced financing arrangement with LIM Asia Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Limited (collectively, the "Lenders").  The Lenders have confirmed to TVIRD that outstanding conditions precedent under the January 20, 2009, Omnibus Loan and Security Agreement ("OLSA"), entered into between the Company, TVIRD, the Lenders and others, have been satisfied and that TVIRD is permitted to convert the bridge facility previously provided by the Lenders into the term facility contemplated by the OLSA and to draw additional funds under the term facility.  The OLSA provides for a US$29,926,801 principal amount term loan facility (the "Facility"). Subsequent to the signing of the OLSA, an additional US$175,239 in accrued interest was added to the principal amount as a result of a one week extension in the completion of the conditions precedent. This news release should be read in conjunction with the release disseminated by the Company on January 20, 2009, a copy of which is available at www.tvipacific.com, and the material change report and related documentation filed by the Company with various securities regulators in Canada, copies of which are available under the Company's profile on the SEDAR website at www.SEDAR.com. 

The purpose of the Facility is to convert the bridge loans of approximately $27.1 million, including the additional interest accrued subsequent to the signing of the OLSA, previously made to TVIRD by the Lenders into a term loan and to provide TVIRD with additional investment capital to further advance commissioning activities and to support mining and processing activities at the Canatuan mine site, located on the Zamboanga Peninsula in the southern Philippines.

On February 6, 2009, in connection with TVIRD's fulfillment of conditions precedent to lending under the OLSA, all outstanding amounts that were payable to the Lenders under the previous bridge financing facility have been converted into borrowings under the Facility. 

The Term of the Facility is five years from the date of the initial advance.  After an initial 180 day period from the date of the initial advance, the Company is required to begin repaying principal amounts outstanding. In connection with the execution and delivery of the financing agreement, the Company has issued to the Lenders share purchase warrants entitling them to purchase up to 71,689,734 common shares in the capital of TVI at any time and from time to time until January 20, 2014, at a purchase price of CDN$0.016 per share.

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. 

Further Information:    Investor Relations - 403-265-4356 or tvi-info@tvipacific.com

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