New Pacific Holdings Crop.

 

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New Pacific Metals Corp. Announces Results For The Second Quarter Ended December 31, 2011

VANCOUVER, BRITISH COLUMBIA â€" FEBRUARY 10, 2012: New Pacific Metals Corp. (the “Companyâ€) announces its unaudited consolidated financial results for the second quarter ended December 31, 2011.  All figures are expressed in Canadian Dollars (CAD$) unless otherwise stated.

SECOND QUARTER FINANCIAL HIGHLIGHTS

For the quarter ended December 31, 2011 (“Q2 2012â€), the Company recorded loss of $1,036,123 or $0.015 per share compared to loss of $1,508,843 or $0.027 per share for the quarter ended December 31, 2010 (“Q2 2011â€).Â

Significant highlights of the quarter are as follows:

  • Excluding foreign exchange loss of $451,330, the Company incurred total operating expenses of $649,802, a decrease of $626,825 or 49% compared to $1,276,627 in Q2 2011.Â
     
  • Incurred capitalized exploration and development expenditures of $1,141,210 at the Tagish Lake Gold Property.

As of December 31, 2011, the Company has a working capital position of $31,506,742 (June 30, 2011 - $37,232,868). Cash and cash equivalents amounted to $22,937,538 (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 contract 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.