TVIRD engages BNP to arrange best efforts debt financing up to US$40 million

07/22/2008



TVI Resource Development (Phils.) Ltd. (TVIRD) has signed a Letter of Engagement with BNP Paribas (BNP) under which BNP has agreed to act as the Lead Arranger, on a best efforts basis, for purposes of an international offering of debt securities (up to US $40 million aggregate principal amount) to be marketed outside of the United States (the Offering), and to assist the Company in structuring the terms of the associated notes. TVIRD and BNP expect to negotiate the final terms of the Offering in light of prevailing market conditions and the circumstances of the Offering at the relevant time. The Offering is subject to a number of conditions, including the completion of due diligence, receipt of required regulatory approvals and the negotiation of formal documents.

Sulphide Plant construction is progressing according to schedule. Photo shows foundation of primary ball mill, which will grind copper and zinc ore.

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