A bridge fund has been provided to TVI Pacific Inc. for the continued construction of a mining project in the southern Mindanao region.

LIM Special Asia Special Situations Master Fund Ltd. has provided $2 million in additional bridge loan funds to TVI Resource Development (Philippines) Inc., an affiliate of TVI Pacific Inc., to ensure the start of production of a copper-zinc project in Canatuan, Zamboanga del Norte before the end of November.

The LIM Asia group, consisting of the LIM Asia Arbitrage Fund, Inc. (now called LIM Asia Multi-strategy Fund, Inc.) and LIM Asia Special Situations Master Fund Inc., agreed to provide up to an additional $5 million bridge financing for TVI Pacific Inc.'s copper-zinc (sulphide) operations.

On top of the bridge fund, TVI Resource Development continues to pursue more working capital financing in order to run the sulphide mine. The company is expected to bring copper concentrate production in November after LIM Asia released the bridge fund under an amended Omnibus Loan and Security Agreement.

From 2004 to 2008, TVI Pacific Inc. has operated gold-silver (gossan) operations at Canatuan, and has engaged in many exploration activities within Zamboanga such as the Balabag gold project.

TVI Pacific has earlier signed a letter of Engagement with BNP Paribas, a European banking and financial group, which will be a lead arranger in an international offering of debt securities amounting to $40.

The fund will be used to finance the Canatuan sulphide project, as well as other exploration projects in Mindanao such as the Balabag gold project, which is perceived to be an epithermal gossan project for development in the long term.