SULPHIDE PROJECT UPDATE:

TVI PACIFIC SIGNS AMENDMENT AGREEMENT TO EXTEND MATURITY DATE ON BRIDGE FINANCING

TVI Pacific Inc. (TSX: "TVI" or the "Company") announced today that the Company and its Philippine affiliate, TVI Resource Development (Phils.) Inc. ("TVIRD"), have signed a Third Amendment Agreement to the Omnibus Loan and Security Agreement ("OLSA") originally signed with LIM Asia Arbitrage Fund Inc. (now LIM Asia Multi-Strategy Fund Inc.), LIM Asia Special Situations Master Fund Ltd. (collectively, the "Lenders") and others on March 11, 2008.  Background information regarding the original bridge financing agreement is set out in the news releases disseminated by the Company on March 13 and October 14, 2008, copies of which are available at www.tvipacific.com. 

The Third Amendment Agreement provides that the maturity date for both Tranche A and Tranche B of the US$20 million facility previously drawn down by the Company will be extended for an additional 30 days, to December 16, 2008.  The previous maturity date of November 16, 2008 was set out in the Second Amendment Agreement, which was executed on October 10, 2008, by the parties to the OLSA.  In addition, the Third Amendment Agreement provides that all accrued and unpaid interest on the Tranche A and B facilities as of the maturity date, as amended, (US$981,410) will be capitalized to form part of the loan principal.

TVIRD advises that it is in discussions with the Lenders with regard to longer term financing for the Sulphide Project and other investments, involving, inter alia, the possibility of conversion of the Bridge Loan facility, subject of this news release, into a Term facility.  There can be no assurance that these financing discussions will be successful and that additional financing will be available to the Company or TVIRD on terms acceptable to them.

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