TVI Pacific granted extended maturity date on bridge financing

    (TSX: TVI)

    CALGARY, Jan. 14 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")
announced today that the Company's Philippine affiliate, TVI Resource
Development (Phils.) Inc. ("TVIRD"), has signed a Letter Agreement extending
the maturity date on the bridge financing previously made available to TVIRD
under 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 arrangement is set out in the news releases disseminated by the
Company on March 13, October 14, November 10, and December 12, 2008, copies of
which are available at www.tvipacific.com.
    The Letter Agreement provides that the maturity date for both Tranche A
and Tranche B of the US$25.2 million facility previously drawn by TVIRD has
been extended to January 30, 2009. The previous maturity date of January 9,
2009 was set out in the Fourth Amendment Agreement, which was signed on
December 11, 2008, by the parties to the OLSA. In addition, the Letter
Agreement provides that all accrued and unpaid interest on the Tranche A and B
facilities as of the maturity date, as amended, will be capitalized to form
part of the loan principal. As at January 12, 2009, the amount of interest to
be capitalized stood at US$1,649,506.22.
    TVIRD advises that discussions are ongoing with the Lenders concerning
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.

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

For further information:

For further information: Investor Relations - (403) 265-4356 or
tvi-info@tvipacific.com