VANCOUVER, BRITISH COLUMBIA – March 11, 2013: New Pacific Metals Corp. (“New Pacific” or the “Company”) is pleased to announce that the Company’s subsidiary, Tagish Lake Gold Corp.’s (“Tagish Lake”) plea bargain in regards to three safety violations was accepted by the courts on March 4, 2013 in Whitehorse, Yukon and that Tagish Lake will pay a total fine of $24,150 (“Fine”). All remaining charges were stayed.
While the Company and Tagish Lake are pleased to have the Fine resolved, Tagish Lake is still proceeding with litigation against its former general manager Mark Greasley, as set out in the notice of claim filed in Vancouver court on May 28, 2012 (“Notice of Claim”). Mr. Greasley represented to Tagish Lake that he was a Professional Engineer in several provinces and territories and had many years project management experience; these representations were entirely fraudulent. Mr. Greasley was never a Professional Engineer at any time or place.
Tagish Lake is suing Mark Greasley for damages of $1 million stemming from Mr. Greasley’s theft of Tagish Lake property, safety violations, fraudulent misrepresentation, and breach of contract, amongst other issues. To date neither Tagish Lake nor the Company has been able to find Mark Greasley and Mark Greasley has not responded to the Notice of Claim.
About New Pacific
New Pacific is a Canadian gold and silver exploration and development company which owns the Tagish Lake gold project in Yukon, Canada.
For further information, contact:
New Pacific Metals Corp.,
Investor Relations
Phone: (604) 633-1368
Fax: (604)669-9387
info@newpacificmetals.com
www.newpacificmetals.com
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Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in Canada; environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management.
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