Vancouver, British Columbia (November 4, 2010) â€” New Pacific Metals Corp. (TSXV: “NUX.V”) (“New Pacific”), announces that the Supreme Court of British Columbia (the “Court”), on November 3, 2010, issued an interim order authorizing Tagish Lake Gold Corp., (“Tagish Lake”) to, among other things, call a meeting of its shareholders (the “Meeting”) to consider and, if deemed advisable, pass a special resolution approving the proposed arrangement (the “Arrangement”) involving New Pacific.
Pursuant to the proposed Arrangement, New Pacific would acquire all of the issued and outstanding common shares of Tagish Lake (“Shares”) which it does not currently hold. New Pacific currently holds approximately 79.2% of the outstanding Shares. The Arrangement is being proposed in order to allow New Pacific to acquire the Shares that were not deposited under the recently expired take-over bid by New Pacific for the Shares. If the Arrangement is completed, Tagish Lake will become a wholly-owned subsidiary of New Pacific.
New Pacific also announces that subject to regulatory approval, it has granted an aggregate of 300,000 incentive stock options to consultants and an employee of the Company. The stock options are exercisable at $1.44 for a period of five years; 50,000 of these options will vest immediately, while the remainder are subject to a vesting period of 48 months.
About New Pacific Metals
New Pacific is engaged in the exploration and development of mineral resources and gold-poly-metallic projects in China and other jurisdictions. New Pacific has extensive experience in implementing high grade resource development projects. For more information about New Pacific, visit the company’s website at www.newpacificmetals.com.
Forward Looking Information
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, discussion of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based on a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. New Pacific Metals disclaims any intention or obligations to revise or update such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.