VANCOUVER, British Columbia â€" September 17, 2012 â€" New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUX) today provided an update on the status of its exploration permit for the Tagish Lake project ("Tagish Lake") and recent corporate development activities.
Tagish Lake Exploration Permit
Earlier this year New Pacific announced that it had received a five year exploration permit for Tagish Lake, valid from February 23, 2012 to February 22, 2017 (see news release dated February 27, 2012). The permit is subject to the Company adhering to Mining Land Use Operational Guidelines, Quartz Mining Act Operating Conditions, as well as the determination and account of security for reclamation.
At present, the Company and government regulatory authorities in the Yukon are working together to finalize the determination and account of security for reclamation.Â Until this matter is settled, no exploration can take place at the Tagish Lake project. Â New Pacific is hopeful that a resolution between the Company and government regulatory authorities will be arrived at by the end of 2012 so that the Company may begin planning to recommence exploration activities at Tagish Lake in 2013.Â While this matter is progressing, the Company has also retained external financial advisors in Canada and China to examine strategic alternatives to Tagish Lake.
On February 28, 2012 the Company advised via news release that it had entered into an arm’s length non-binding Memorandum of Understanding ("MOU") with Fujian Henyuan Mining Co., Ltd. ("Fujian Henyuan") to acquire a 75% interest in the LMC silver-gold-lead-zinc property located in Fujian Province, China.Â New Pacific wishes to report that the MOU between the Company and Fujian Henyan has been terminated.Â The Company will continue to look for other exploration projects in China.
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.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.Â Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital expenditures; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.
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 licences; title to properties; First Nations title claims and rights; property interests;Â 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;Â competition;Â operations and political conditions; regulatory environment in Canada;Â environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended June 30, 2011 under the heading "Risk Factors".Â Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.Â Accordingly, readers should not place undue reliance on forward-looking statements or information.Â
The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.