New Pacific Metals Corp.

 

2007

New Pacific Metals Closes $12,937,500 Private Placement

VANCOUVER, BRITISH COLUMBIA -- March 19, 2007 -- New Pacific Metals Corp. (TSX-V:NUX) advises that the private placement announced February 22, 2007 was over-subscribed and has now closed. A total of $12,937,500 was raised through the sale of 5,175,000 Units at $2.50 per Unit. Each Unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at $3.00 for a period of one year from closing. The proceeds will be utilized for continuing work on the Kang Dian Nickel/Copper Project and for general operating capital.

The securities issued are subject to a hold period expiring July 16, 2007.

Silvercorp Metals Inc., holder of 26% of the outstanding shares of New Pacific Metals Corp., has subscribed for 900,000 Units of the private placement. A finder's fee of six percent is being paid to registered agents in respect of the sale of up to 2,000,000 of the Units.

For Further Information:
New Pacific Metals Corp.
Lou Duarte, Director
Cathy Fong, Vice President
Phone: +1 (604) 633-1368
Fax: +1 (604) 669-9387
Email: info@newpacificmetals.com
Website: www.newpacificmetals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.

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