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New Pacific Metals Corp. Update - Feb. 26, 2009
New Pacific Metals Corp. Announces Results for the 2nd Quarter
Ended December 31, 2008
VANCOUVER, BRITISH COLUMBIA - (February 26, 2009) -
New Pacific Metals Corp. (TSX-V: NUX) (the "Company")
announces its unaudited consolidated financial results for the second quarter
ended December 31, 2008. All figures are expressed in Canadian dollars, other
than share data.
HIGHLIGHTS
For the three months ended December 31, 2008, the Company incurred a loss of
$111,058 equating to $nil per share (three months ended December 31, 2007 -
loss $287,987 or $0.01 per share). The loss decrease of $176,929 over the
prior year period was mainly due to a gain recognized on disposal of mineral
rights and properties during the quarter.
As at December 31, 2008, the Company had a working capital of $11,836,122
(June 30, 2008 - $13,655,885). Cash and cash equivalents plus short term
investments amounted to $10,817,757 (June 30, 2008 - $11,571,378) and are
unencumbered. Short term investments are invested in high quality money
market instruments.
OUTLOOK
The Company's strategy is to strengthen and grow through the exploration and
development of its current portfolio of China based projects, in conjunction
with seeking the acquisition of high quality mineral projects throughout
China to enhance shareholder value.
The Company is currently focusing on the Huaiji
Project by continuing with its gold exploration program to further intersect
the discovered veins. Meanwhile, the Company is initiating technical studies
that could become part of a pre-feasibility study (under Chinese mining
regulations) in order to apply for the mining permit. At the Sichuan Project,
the Company will continue with the geophysical surveys, evaluate the results
from these surveys, and then decide whether to conduct further explorations
to test anomaly bodies identified.
The Company's Unaudited Interim
Consolidated Financial Statements and Management's Discussion and Analysis
are available for review on our website at www.newpacificmetals.com and through
SEDAR at www.sedar.com.
About New Pacific Metals Corp.
New Pacific Metals Corp. is exploring for gold-polymetallic
and base metals in the provinces of Guangdong and Sichuan, China.
For Further Information:
Lou Duarte, Director, President & CEO
Phone: (604) 633-1368
Fax: (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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