VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 09/19/11 — New Pacific Metals Corp. (TSX VENTURE: NUX) (the „Company“) announces its audited consolidated financial results for the fourth quarter and year ended June 30, 2011. All figures are expressed in Canadian Dollars (CAD$) unless otherwise stated.
FISCAL 2011 FINANCIAL HIGHLIGHTS
For the year ended June 30, 2011 („F2011“), the Company recorded net income of $13,259,838 or $0.25 per sharecompared to loss of $1,751,435, or $0.06 per share for the year ended June 30, 2010 („F2010“). Significant highlights are as follows:
As of June 30, 2011, the Company has a working capital position of $37,232,868 (June 30, 2010 – $8,964,681). Cash and cash equivalents amounted to $20,625,672 (June 30, 2010 – $6,333,154). With a strong working capital, the Company is well positioned financially to continue development of the Tagish Lake Gold Property.
FOURTH QUARTER FINANCIAL HIGHLIGHTS
For the quarter ended June 30, 2011, the Company incurred a loss of $212,698 or $0.003 per share (quarter ended June 30, 2010 – $462,731 or $0.015 per share). During this quarter, the Company recorded total expenses of $835,296, an increase of $389,526 compared to $445,770 in the same period last year. Greater expenses were mainly due to increased stock-based compensation, foreign exchange loss, and general expenses due to enhanced exploration operations. During the quarter, the Company recognized a gain of $596,063 from disposition of a subsidiary; no such gain was recorded in the same period last year.
FISCAL 2012 YEAR OUTLOOK AND EXPLORATION PROGRAM BUDGET
The Company-s focus is development of the Tagish Lake Gold Property, a property which consists of 178 square kilometres of mineral claims in the Yukon Territory, having three known deposits; Goddell Gold, Skukum Creek Gold-Silver, and Mt. Skukum Gold Projects.
For the 2012 fiscal year, 24,000 metres of surface drilling and 36,000 metres of underground drilling (60,000 metres in total) are planned with total estimated expenditures of $16.5 million. Fiscal 2012 planned exploration activities and expenditures are broken down as follows:
Alberta Siega, P.Eng, Vice President Mining for the Company is the qualified person for the technical disclosure in this press release.
The Company-s auditedConsolidated Financial Statements and Management-s Discussion and Analysis are available for review on our website at and through SEDAR at .
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 .
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.
Contacts: New Pacific Metals Corp. Maria Tang CFO (604) 669-9397 (604) 669-9387 (FAX)
New Pacific Metals Corp. Investor Relations (604) 633-1368
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