Ms. Rhonda Bennetto reports

TVI PACIFIC PROVIDES THIRD QUARTER 2011 FINANCIAL AND OPERATIONAL RESULTS

TVI Pacific Inc. is releasing unaudited, consolidated financial and operational results for the quarter ended Sept. 30, 2011.

For a thorough explanation of the points discussed in this news release, shareholders are encouraged to read the interim consolidated financial statements, prepared in accordance with international financial reporting standards (IFRS), and the management's discussion and analysis for the quarter ended Sept. 30, 2011. These documents were filed with certain securities regulators in Canada on Nov. 11, 2011, and are available on the company's website and on SEDAR.

                    FINANCIAL SNAPSHOT YEAR TO DATE
     (in millions of dollars, except per-share amounts and as indicated)

                                Quarter ended  Quarter ended   Quarter ended
                               Sept. 30, 2011  June 30, 2011  March 31, 2011

Gross revenue                         $  30.5        $  24.1         $  11.3
Total cost per copper pound                                                 
equivalent (US$)                      $  2.75        $  3.13         $  2.91
Production cash cost per                                                    
copper pound equivalent (US$)         $  1.33        $  1.65         $  2.01
Total cash cost per copper                                                  
pound equivalent net of 
byproducts (US$)                      $  1.04        $  1.70         $  1.55
Net revenue                           $  26.9        $  21.3         $  10.8
Net income (loss)                     $   3.0        $  (2.1)        $  0.27
Basic earnings (loss) per                                                   
share                                 $ 0.004        $(0.003)        $ 0.000

Gross revenue for the quarter was 27 per cent higher than the previous quarter, due to a 10-per-cent increase in the volume of copper concentrate shipped and the completion of the first zinc concentrate shipment. This increase in volume more than offset the decline in average copper prices realized quarter over quarter of $3.90 (U.S.) in the third quarter of 2011, compared with $4.19 (U.S.) in the second quarter of 2011.

Production cash costs continued their downward trend in the third quarter of 2011, decreasing 19 per cent from the previous quarter, or $1.33, compared with $1.65. As expected, stabilization of the mill process has resulted in a lower consumption of chemicals. Also contributing to the reduction of these costs was the increase in gold and silver production.

Due to the higher cadmium and arsenic levels in the copper concentrate as a result of the zinc separation process, the company's offtake partner had to secure an alternate destination to a smelter that could refine the copper concentrate. While efforts continue to reduce production costs, it is likely that shipping and refining costs will remain at current levels for the foreseeable future.

Continuous adjustments and cost reduction initiatives, made to produce the largest volume of concentrates with the highest possible, saleable grade and metal recovery, have resulted in a net income of $3.0-million in the third quarter, or 0.4 cent per share.

                    OPERATIONAL SNAPSHOT YEAR TO DATE

                                Quarter ended  Quarter ended   Quarter ended
                               Sept. 30, 2011  June 30, 2011  March 31, 2011

Average tonnes processed per day        2,535          2,450           1,864
Ore copper grade (%)                     1.21           1.24            1.15
Concentrate copper grade (%)            23.74          22.92           19.29
Concentrate gold grade (g/t)             6.83           4.92            4.11
Concentrate silver grade (g/t)         466.85         323.99          402.71
Copper pound equivalent produced    7,521,596      6,270,759       4,448,021
Copper produced (lb)                4,497,398      4,397,136       3,330,593
Gold produced (oz)                      1,886          1,378           1,035
Silver produced (oz)                  139,820         90,653         101,380
Zinc produced (lb)                 2,486,913      1,552,986               -

In the third quarter of 2011, average throughput increased to 2,535, from 2,450 dry metric tonnes per day, with almost the same copper ore grade but considerably higher gold and silver grades compared with the previous quarter. The increase in throughput, and gold and silver ore grade, resulted in a 20-per-cent increase in copper pound equivalent quarter over quarter.

During the third quarter, while mill throughput averaged 2,535 dry metric tonnes per day totalling 233,201 tonnes, only 120,000 tonnes of ore reserves were consumed. The balance was a mineralized schist used as a blending material to optimize mill recoveries. This blend material was not included in the original ore reserves, and was located both inside and outside the pit shell.

For the quarter, ore mined from the reserves accounted for approximately one-half of the mill throughput, while year-to-date ore reserves mined accounted for only about one-third of the mill throughput. This reduction in reserve consumption rate has a positive effect on mine life extension. Detailed metallurgical and ore reserve studies are currently under way to determine future processing scenarios, and their impacts on the ore reserve and mine life.

Based on average daily throughput going forward of 2,600 tonnes per day, mine life, based on the original resources alone, is around 1.7 years, compared with 1.8 years at the end of the second quarter of 2011 (subject to change in throughput to meet shipping commitments).

In the third quarter of 2011, TVI completed two copper concentrate shipments (23rd and 24th) for a total of 11,351 dry metric tonnes and its first zinc concentrate shipment of approximately 1,381 dry metric tonnes.

Shipments of around 5,000 dry metric tonnes of copper concentrate are expected to continue every six to eight weeks and approximately 5,000 dry metric tonnes of zinc concentrate shipments are expected to occur every four to six months. The 25th shipment of copper concentrate is scheduled for the second half of this month and a second zinc concentrate shipment is scheduled for December, 2011.

Cash position

As of Nov. 10 2011, TVI had letter of credit facilities, short-term debt facilities and term loans totalling $18.3-million at interest rates ranging from 1.8 per cent to 2.3 per cent. Cash on hand as of the same date was $22.7-million.

Outlook

Balabag gold and silver project

During the quarter ended Sept. 30, 2011, TVI completed 22 infill or extension drill holes for 3,304 metres (10,840 feet), seven sterilization holes for 568 metres (1,864 feet) and seven short geotechnical holes for 117 metres (384 feet) to test the tailings storage facility area and its proposed dam foundations. Drilling continues at Balabag.

To date, including pre-2010 and post-2010 drill programs, a total of 245 holes have been drilled for a total of 25,606 metres (84,009 feet) at Balabag.

Preparation of an independent NI 43-101 technical report is under way and will include assay results from the current drill program. Since the company would prefer to include as many assays as possible, a date when the NI 43-101 report will be published is uncertain at this time. Additional drilling and mine development activities are continuing simultaneously. A separate internal feasibility study will be released as soon as all optimizations are final. It is expected that the peer review of the in-house plant design will be completed by the end of this year.

While drilling continues at Balabag, other activities include:

• Ground preparation;
• Environmental impact assessment;
• Securing of resolutions of support from the host communities;
• In-house plant design has been submitted for peer review to an external consultant.

Greater Canatuan Tenement area

EXPA 61

The exploration permit application for EXPA 61 has been submitted to the government to authorize exploration and drilling on the anomalies and prospects identified to date. However, the application process was halted by the moratorium on new permit applications imposed by the secretary of the Department of the Environment and Natural Resources in 2011, and may be further slowed by the department's backlog of applications once the president of the Philippines provides the authority to the secretary to renew the permit granting process.

Malusok

While free prior informed consent has been approved by the National Commission on Indigenous Peoples, the mandatory final certification document has not yet been released due to internal issues within the regional office of the National Commission on Indigenous Peoples, unrelated to TVI. All other documents have been, or are being, finalized within the Mines and Geosciences Bureau for presentation to the Department of Environment and Natural Resources secretary for review and subsequent signature.

Southeast Malusok

For the other near-mine tenement application relevant to Southeast Malusok, the memorandum of agreement with the indigenous community has been signed and has been presented to the regional office of the National Commission on Indigenous Peoples. This process has also been delayed by the internal issues at the regional office, unrelated to TVI.

Tamarok copper and gold prospect

As reported in the second quarter, drilling had been temporarily suspended until additional surveys could be undertaken to better define the structural setting. Since that time, two new zones of porphyry-style mineralization have been discovered in outcrop, and have been subjected to systematic soil geochemical sampling, geological mapping and magnetic surveying studies. Drill testing is expected to resume in the first quarter of 2012.

Petroleum and natural gas properties

On March 10, 2011, TVI acquired control of an international petroleum exploration and development company called TG World Energy Corp. Its major areas of focus were the Philippines, Alaska and Niger.

In the Philippines, the Philippine Department of Energy approved a 12-month extension in June, 2011, to allow the joint venture partners additional time to fully integrate the results of the 3-D reprocessing project being undertaken over the block. Integration of this work will provide the basis for developing and implementing the forward strategy for the block.

On Aug. 8, 2011, drilling was completed on the Facai-1 exploration well in the Tenere block, Niger. The well encountered two small gas shows during drilling, but wireline logs indicated there were no zones worth testing. Once the final well data and reports are received from CNPCIT, TVI will analyze those reports prior to making any final conclusions and will provide an update at that time.

On Nov. 7, 2011, TVI entered into a definitive agreement to sell all of the leasehold interests in Alaska for approximately $16-million (U.S.). On Nov. 9, 2011, TVI confirmed the transaction had been completed.

We seek Safe Harbor.