Vancouver, British Columbia (November 30, 2010) – New Pacific Metals Corp. (TSXV: “NUX.V”) (“New Pacific”), held its annual general meeting (the “Annual Meeting”) on November 29, 2010. All matters placed before New Pacific shareholders were approved, including the election of all director nominees, namely The Honourable Jack Austin, Dr. Rui Feng, Mr. Shating Shen, Joanne Yan, T. Greg Hawkins, and David Kong, subject to regulatory approval. The voting report of the Annual Meeting is available for review on the SEDAR on www.sedar.com.
T. Greg Hawkins has been involved in the mining exploration and investment industry since 1969. In acting as a lead consultant or founding director of seven public and private ventures, he has participated in, or been responsible for, the definition of at least one resource/reserve in every case with four cases resulting in production. He holds a BSc. in Geology from the University of Alberta and a MSc. in Mineral Economics from McGill University.
David Kong earned his Chartered Accountant designation in British Columbia. Between 1981 and 2004 he was a partner of Ellis Foster Chartered Accountants, the largest independent accounting firm in British Columbia. Ellis Foster merged with Ernst & Young LLP in 2005 and retained Mr. Kong as a partner of Ernst & Young LLP from 2005 to 2010 where he led its Chinese market practice in Canada.
Following the Annual Meeting the board of directors passed resolutions appointing Dr. Hugh Abercrombie as president of the Company, effective January 1, 2011, and appointing Peter Torn as corporate secretary of the Company effectively immediately; both appointments are subject to regulatory approval. All other officer positions remain the same. Rui Feng will remain as CEO of the Company after January 1, 2011.
Dr. Abercrombie is a professional geologist with 25 years experience in mineral exploration, mining and geoscientific research in Canada and the U.S. He began his career with the Geological Survey of Canada and from 1997 to 2008 served as vice-president exploration and later business development with Birch Mountain Resources Ltd. Dr. Abercrombie’s work has focused on creating and building shareholder value through mineral exploration and development. Since 2009, he has provided consulting services to private mining companies in Canada and Alaska. He is a qualified person pursuant to NI 43-101.
Peter Torn has 20 years experience working and living in Europe, Asia, and the U.S. He is a securities and corporate commercial lawyer and a current member of the British Columbia Law Society. He has a MBA and LLB from the University of British Columbia.
The Honourable Jack Austin, Dr. Rui Feng, and David Kong were appointed members of the Audit Committee, the Compensation Committee, and the Corporate Governance and Nominating Committee.
New Pacific also announces that subject to regulatory approval, it has granted an aggregate of 920,000 incentive stock options to directors, employees, and consultants of the Company. The stock options are exercisable at $1.60 for a period of five years and are subject to a vesting period of 48 months. New Pacific also cancelled 200,000 incentive options granted May 13, 2008.
About New Pacific Metals
New Pacific is engaged in the exploration and development of mineral resources in Canada and China. The Companyâ€™s strategy is to focus on projects which it believes can be developed in a relatively short time frame into high-margin operations with reasonable development capital profiles. Its goal is to get a project into production, well before the full resource potential of the property is defined, so that further exploration expenses to grow in resources and capital costs to increase production can be funded from the cash flows generated from early operations.
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