New Pacific Metals Corp. Announces
Results For The First Quarter Ended September 30, 2011
New Pacific Metals
Corp. (the �Company�) announces its
unaudited consolidated financial results for the first quarter ended September
30, 2011. All figures are expressed in Canadian Dollars (CAD$) unless
otherwise stated.
FIRST QUARTER FINANCIAL
HIGHLIGHTS
For the quarter ended
September 30, 2011 (�Q1 2012�), the Company recorded net income of $884,175 or
$0.013 per share compared to loss of $307,816 or $0.009 per share for the
quarter ended September 30, 2010 (�Q1 2011�).
Significant
highlights are as follows:
�
Recognized foreign
exchange gain of $1,556,895 attributed to the strengthening of US dollar
against Canadian dollar in the quarter.
�
Excluding foreign
exchange gain, the Company incurred total operating expenses of $678,375, a decrease
of $626,809 or 48% compared to $1,305,184 in Q1 2011.
�
Incurred capitalized
exploration and development expenditures of $4,407,311 at the Tagish Lake Gold Property.
As of September 30,
2011, the Company has a working capital position of $33,608,304 (June 30, 2011
- $37,232,868). Cash and cash equivalents amounted to $22,072,284 (June
30, 2011 - $20,625,672). With a strong working capital, the Company is well
positioned financially to continue development of the Tagish
Lake Gold Property.