|
|
New Pacific Metals Corp. Update - May 28, 2009
Dear Investor,
In order to keep you updated on New Pacific Metals corp.'s latest
developments, the following is the latest news release announced by the
company today.
Please do not hesitate to contact me if you require additional information.
Best wishes,
Lou Duarte
New Pacific
Metals Corp. Announces Results for the 3rd Quarter
Ended March 31, 2009
VANCOUVER, BRITISH COLUMBIA - (MAY 28, 2009) - New
Pacific Metals Corp. (TSX-V: NUX) (the "Company")
announces its unaudited consolidated financial results for the third quarter
ended March 31, 2009. All figures are expressed in Canadian dollars, other
than share data.
HIGHLIGHTS
For the three months ended March 31, 2009, the Company recorded net income of
$63,760 equating to $nil per share (same period last year - loss $336,910 or
$0.01 per share). The improvement of $400,670 over the prior year period was
mainly due to the foreign exchange gain of $474,714 recognized during the
quarter.
As at March 31, 2009, the Company had working capital of $11,418,318 (June 30,
2008 - $13,655,885). Cash and cash equivalents plus short term investments
amounted to $11,735,691 (June 30, 2008 - $11,571,378), which equates to $0.37
per share. Short term investments are liquid and 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.
Based on the significant drifting results, the Company will continue with an
extensive underground tunneling program at the Huaiji Project in order to advance the mineralized zones
to mineral resources or reserves. It is expected that sufficient material for
a bulk sample for metallurgical testing will be mined in this area and the
result will be utilized in expediting the preparation of technical reports to
apply for a Mining Permit. At Sichuan Project, the Company will continue to
evaluate the results from previous exploration programs and then decide
whether to conduct further exploration on these projects.
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.
|
|