TVIRD signs amendment agreement to increase bridge financing by US$5.2 million

TVI Resource Development (Phils.) Inc. (TVIRD) and its Canada
affiliate, TVI Pacific Inc, have announced that they have signed a Fourth 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 news releases disseminated by TVIRD
and TVI Pacific Inc on March 13, October 14, and November 10, and can be viewed
via the following links: http://www./article.php?id=160,
http://www./article.php?id=197,
and http://www./article.php?id=203.

The Fourth Amendment Agreement provides that the total amount
available under the Tranche B bridge financing facility has been increased by
US$5.2 million to US$10.2 million, with the additional US$5.2 million to be
made available in a series of scheduled drawdowns commencing on December 15,
2008 and ending on January 6, 2009. The original OLSA provided that funding
up to US$5 million could be accommodated under the Tranche B facility. In aggregate,
between the Tranche A and B facilities, the bridge financing that has been made
available to TVIRD under the OLSA amounts to US$25.2 million.

TVIRD
Canatuan Project personnel load steel balls into one of the Sulphide mills
during start-up activities last November 15.

The Fourth Amendment Agreement further provides that the maturity
date for amounts borrowed under the OLSA and accrued interest is January 9,
2009 (extended from December 16, 2008) and that all accrued and unpaid interest
as of the new maturity date (US$1.2MM), will be capitalized to form part of
the loan principal. In addition, the Fourth Amendment Agreement stipulates that
the obligation by the Lenders to provide undrawn Tranche B amounts will be
and void if the spot price of copper (on the London Metal Exchange / COMEX as
of 9:00 am Hong Kong time) falls below US$0.90 per pound for three consecutive
business days.

The principal purpose of the Tranche B facility is to provide
TVIRD with working capital funding to further advance the commissioning and
construction activities at the Canatuan mine site, located on the Zamboanga
Peninsula in the Southern Philippines.

TVIRD advises that it is in discussions with the Lenders with
regard to longer term financing for the Sulphide Project and other investments,
involving, among other things, the possibility of conversion of the existing
bridge facility (subject of this news release) into a term facility. There can
be no assurance that these discussions will be successful and that additional
financing or term financing will be available to TVIRD.

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