Balabag Exploration Update

TVIRD announces positive results from Balabag Gold Project Drill Program

• Completed 2010 program of 30 drill-holes for 3,196.25 metres
• Primary program objective was to confirm “core” resource for initial “Bootstrap” development
• Overall area of mineralization has been expanded
• Lateral and vertical continuity of mineralization between previously drilled holes has been confirmed
• Down dip extension of vein mineralization has also been confirmed
• Potential for further down dip extension currently being tested by two drill holes
• Final Form, third party updated Resource Table due out late September/early October
• Resource Estimate Update (NI 43-101 Technical Report) due out late October/early November

2010 Drill Program Objectives

• The primary objective of the recent 2010 drilling program was to confirm a minimum of 50,000 Gold Equivalent Ounces (AuEq Oz) in the indicated resource category within a “core” area of the orebody. Confirmation is expected when the Resource Estimate Update (NI 43-101) is released. A scoping study will then be carried out to define an economic start-up pit for a mine development program.

• The second objective was to confirm lateral and vertical continuity of mineralization. The pre-2010 drill programs were drilled on a 25 to 50 metre hole spacing interval. The current program improved on this spacing by drilling infill holes between existing holes, thereby tightening up hole spacing to 25 metres or less at the central portion of Tinago.

• The third objective was to test depth extension potential of the Tinago vein system beyond the depths previously drilled in the area of the 2010 drill program.

The results provide new data for a Resource Estimate Update and Scoping Study for a probable “Bootstrap” development decision; confirm lateral and vertical continuity of mineralization; show overall area of mineralization has been expanded; and confirms a down dip extension of the mineralization in the Tinago vein system.

A Final Form, third party updated Resource Table is due out late September/early October followed by an NI 43-101 Resource Estimate Update around late October/early November. Assuming the “core” resource of 50,000 Gold Equivalent Ounces (AuEq Oz) is confirmed, which is expected to be confirmed in the consultant’s report, TVIRD intends to launch the internal scoping study immediately, enabling an evaluation of a start-up (“Bootstrap”) development decision by late 2010/early 2011.

The assay results from the 2010 drill core sampling have been received, analyzed and compiled. Significant mineralized zones intersected in the recent drill holes allowed for a re-interpretation of the vein arrays occurring within the Tinago vein system. Re-interpretation and sampling of drill core from previous campaigns resulted in additional mineralization continuing from the intersections in the 2010 drilling campaign.

The most recent drill program was completed in June 2010 with a cumulative total of 3,196.25 metres in 30 drill holes. Assaying of the new data and previously un-assayed cores from the previous campaigns was finished in August 2010. This campaign brings the cumulative total metres drilled at Balabag to 14,765.40 metres as detailed in the table below.

Drilling Summary Per Campaign

Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina’s membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). He has prepared and or supervised the preparation of the scientific or technical information in this document and confirms compliance with NI 43-101 requirements. TVIRD’s exploration programs are designed and conducted under the supervision of Mr. Medina.

ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.