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Dear Karolina Domenech,
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December 18, 2007
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FINANCIALS RESTATMENT UPDATE:
TVI PACIFIC INC. FILES RESTATED FINANCIAL STATEMENTS AND RELATED
MATERIALS
TVI Pacific Inc.
(TSX: "TVI" or the "Company") today announced that it
has completed the restatement of its audited consolidated financial
statements for the years ended December 31, 2006 and 2005, and its
unaudited interim consolidated financial statements for the first quarter
of 2007. The Company has also completed its unaudited interim
consolidated financial statements for the second and third quarters of
2007.
Shortly after joining
TVI Pacific in July 2007, the Company's Chief Financial Officer informed
the Company's board of directors of non-cash errors in the consolidation
working papers used to prepare its consolidated financial statements for
the three months ended March 31, 2007 and for the years ended December
31, 2005 and 2006 and the related interim periods. Since that time, the
Company has carried out an extensive review of its financial statements
for the affected periods. The effect of the restatement is described in
the notes to the restated consolidated financial statements and in the
related MD&As.
The Company was
originally confident that the restatement, which affects only non-cash
line items in its consolidated financial statements, could be handled
expeditiously by focusing on identified errors. However, during the
process, the Company determined that the responsible course of action was
to undertake a total review of its recent financial statements and
consolidation processes, which required considerable time and effort due
to the complexity of the related accounting principles and the number of
quarterly periods involved.
Cliff James, the
President and Chief Executive Officer of the Company noted, "While
we are pleased to have this matter behind us, we regret the amount of
time it has consumed and recognize that the resulting cease trade orders
have been a source of concern to a number of shareholders and other
stakeholders. With the filing of the financial statements, our
focus is now on the cease trade orders. We plan to work with
securities commissions to have those orders lifted at an early
opportunity so that the Company's shares can resume trading in the near
future."
TVI has filed these
financial statements and MD&As with applicable securities regulators
in Canada. The documents are available on the Company's
website (www.tvipacific.com) and on the SEDAR website
(www.sedar.com), under the Company's profile. The Company has also
amended its annual information form and online annual report for the year
ended December 31, 2006 to reflect the restated financial information and
those items have been filed on SEDAR. In light of these filings,
the Company intends to apply to the applicable securities commissions to
have all cease trade orders revoked as soon as possible.
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.
("TVIRD"). TVI's most advanced project, the Canatuan
Mine, currently produces gold and silver dor�.
Further
Information: Clifford M. James, President and CEO
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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