VANCOUVER, BRITISH COLUMBIA – NOVEMBER 21, 2011: New Pacific Metals Corp. (the “Company”) announces its unaudited consolidated financial results for the first quarter ended September 30, 2011. All figures are expressed in Canadian Dollars (CAD$) unless otherwise stated.
FIRST QUARTER FINANCIAL HIGHLIGHTS
For the quarter ended September 30, 2011 (“Q1 2012”), the Company recorded net income of $884,175 or $0.013 per share compared to loss of $307,816 or $0.009 per share for the quarter ended September 30, 2010 (“Q1 2011”).
Significant highlights are as follows:
Recognized foreign exchange gain of $1,556,895 attributed to the strengthening of US dollar against Canadian dollar in the quarter.
Excluding foreign exchange gain, the Company incurred total operating expenses of $678,375, a decrease of $626,809 or 48% compared to $1,305,184 in Q1 2011.
Incurred capitalized exploration and development expenditures of $4,407,311 at the Tagish Lake Gold Property.
As of September 30, 2011, the Company has a working capital position of $33,608,304 (June 30, 2011 – $37,232,868). Cash and cash equivalents amounted to $22,072,284 (June 30, 2011 – $20,625,672). With a strong working capital, the Company is well positioned financially to continue development of the Tagish Lake Gold Property.
The Company’s unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis are available for review on our website at www.newpacificmetals.com and through SEDAR at www.sedar.com.
About New Pacific Metals Corp.
New Pacific Metals Corp. is a Canadian near-term gold and silver production mining company engaged in the exploration and development of gold poly-metallic properties in the Yukon, Canada. The Company’s current project is the Tagish Lake Gold Property in Yukon Territory. With experienced management and sufficient technical and financial resources, the Company is well positioned to build shareholder value through discovery, exploration and resource development.
For more information about New Pacific, visit New Pacific’s website at www.newpacificmetals.com or contact New Pacific Metals Corp., Jason Nickel, Vice President Engineering, Phone: (604) 669-9397, Fax: (604) 669-9387, or New Pacific Investor Relations at 604-633-1368 or send inquires to info@newpacificmetals.com Website: www.newpacificmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.