VANCOUVER, BRITISH COLUMBIA – July 29, 2011 - New Pacific Metals Corp. (TSX-V: NUX) (the “Company”) advises that in connection with its Technical Report dated June 17, 2011 in relation to its Tagish Lake Gold Project in the Yukon. (the “Tagish Report”) it has received comments from the British Columbia Securities Commission (the "BCSC") regarding the Company's compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
To address the BCSC's comments, including concerns about the compliance of disclosure about mineral resources, and regarding the independence of the Tagish Report author, the Company is withdrawing the Tagish Report and intends to file a new independent NI 43-101 compliant technical report on its Tagish Lake Gold Project by the middle of August.
The new report will consider available information about the various resource estimates in the Tagish Report. In the event the preparation of the new report results in any material changes to previously disclosed resource estimates, the Company will promptly disclose the results.
About New Pacific Metals Corp.
New Pacific Metals Corp. is engaged in the exploration and development of mineral resources in Canada. The Company’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 with sufficient initial resources, but before the full resource potential of the property is defined, so that further exploration and potential development costs can be funded by cash flows generated from early operations
For further information contact: New Pacific Metals Corp. Investor Relations, Phone (604) 633-1368, Fax: (604) 669-9387; or send inquires to email@example.com
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