| | Published : September 22nd, 2011 | Announces Results For The Fourth Quarter And Year Ended June 30, 2011 |
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NEW PACIFIC METALS CORP. ANNOUNCES
RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED JUNE 30, 2011
VANCOUVER, BRITISH
COLUMBIA � SEPTEMBER 19, 2011: New Pacific Metals Corp. (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 share compared to loss of $1,751,435, or $0.06 per share for the year
ended June 30, 2010 (�F2010�). Significant highlights are as follows:
- Income
from discontinued operations of $16,253,918 as a result of gains
recognized on disposition of subsidiaries during the year, compared to
losses from discontinued operations of $267,420 in F2010.
- Loss
from continuing operations of $2,994,080 as a result of increased
operations, compared to $1,484,015 in F2010.
- Incurred
total expenses of $3,253,255 as a result of increased stock-based
compensation, foreign exchange loss, and general expenses due to increased
operations, compared to $1,544,719 in F2010.
- Completed
the acquisition of the Tagish Lake Gold Property by acquiring Tagish Lake
Gold Corp. and its subsidiaries for total purchase consideration of
$20,392,409, comprising of shares, options and cash. The Tagish Lake Gold Property consists of 982 mineral
claims covering approximately 178 square kilometres in the Yukon, Canada.
- Successfully raised gross proceeds of $24.3 million
through a private placement.
- Incurred exploration and development expenditures of
$2,621,888 at the Tagish Lake Gold Property. Assay results from such
exploration are pending.
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:
- Permitting
($0.85 million) - The Company has initiated an Environmental
Assessment Study for the Tagish Lake Gold Property, which is required to
apply for the Quartz Mining License. The Company will continue to
carry out the feasibility study, using an in-house technical team combined
with external consulting firms.
- Surface
Infrastructure ($0.68 million) � including
expansion of the camp from 25 to 50 persons by refurbishing an
11,000 square feet camp facility already on site, refurbishing a 6,000
square feet geological office and core logging facility, and repairing
some access roads. Surface infrastructure has been
completed as of this reporting date.
- Equipment ($1.4 million) - This budget includes the purchase of generators,
pumps, ventilation, electronic, communication, and camp office equipment.
- Underground drilling at Goddell ($4.4 million)� about 23,000 metres of underground drilling was
planned at Goddell. Underground drilling will focus on the
area 1,000 metres long and 600 metres down- and up-dip of the
PD Zone and Merge Zones, where previous drilling, such as drill hole
97-41, intercepted 64.69 metres grading 5.75 g/t Au (please refer to
January 13, 2011 Press Release).
- Skukum Creek underground drilling ($3.1 million) - Skukum
Creek is located about six kilometres southwest from the Goddell Portal:
13,000 metres of underground drilling was planned to target depth
extensions of four mineralized zones where historical drilling was limited
to portions of the four mineralized zones, and only to about 300 metres from
the surface. The underground drilling commenced in July 2011.
- Surface drilling and geophysics ($4.6 million) � a total
of 24,000 metres of surface drilling was planned and surface drilling
commenced at Raca in June 2011 and at Goddell in early July.
At the Raca site, located along the structural extension of the Skukum
Creek mineralization zones (Rainbow Zone) to the northeast, 5,500 metres
of surface drilling is planned to test extension of known historical
drilling and surface gold anomalies. Drill hole Raca 97-1, located about
500 metres northeast of the Rainbow zone of the Skukum Creek Project,
intercepted 3.6 metres grading 2.66 g/t gold and 561 g/t silver. At
surface, soil gold anomalies outlined before 1988 by a previous owner,
(all associated with anomalous values of silver and base metals), extend
over two kilometres along a northeast structure hosting rhyolite dykes,
with peak values up to 1 ppm 1 (g/tonne) gold. Based on a 1986
geological report by West Mount Resources, several surface chip samples
over >10 metres interval returned over 1 g/t gold and one composite
chip sample returned 20 metres grading 4 g/t gold and 19.9g/t silver.
In addition, several other regional gold-silver targets have been planned
for about 18,500 metres of surface drilling, including the Charleston
gold-silver showing, and a copper-molybdenum anomaly at the Porter
alteration structure zone.
The Company has expanded its land holding by staking the area surrounding
its existing land position. Concurrent with this surface drilling, the
Company will conduct geophysical surveys: an airborne survey of 1,000 line
kilometres in conjunction with a ground survey of 40 line kilometres.
- General operations ($1.5 million) � These costs include camp operations, safety measures,
and salaries and administration.
Alberta
Siega, P.Eng, Vice President Mining for the Company is the qualified
person for the technical disclosure in this press release.
The Company�s auditedConsolidated Financial Statements
and Management�s Discussion and Analysis are available for review on our
website at www.newpacificmetals.com
and through SEDAR at www.sedar.com.
About New Pacific Metals Corp.
New Pacific Metals Corp. is a Canadian
near-term gold and silver production mining company engaged in the exploration
and development of gold poly-metallic properties in the Yukon, Canada. The
Company's current project is the Tagish Lake Gold Property in Yukon
Territory. With experienced management and sufficient technical and
financial resources, the Company is well positioned to build shareholder value
through discovery, exploration and resource development.
Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
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New Pacific Metals Corp.
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EXPLORATION STAGE |
CODE : NUX.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
New Pacific Metals is a gold and copper exploration company based in Canada. New Pacific Metals holds various exploration projects in China. Its main exploration properties are KANG DIAN PROJECTS, HUAIJI XSK and HUAJI HNK in China. New Pacific Metals is listed in Canada and in United States of America. Its market capitalisation is CA$ 70.3 millions as of today (US$ 52.6 millions, € 48.6 millions). Its stock quote reached its lowest recent point on December 29, 2005 at CA$ 0.24, and its highest recent level on December 31, 2007 at CA$ 3.49. New Pacific Metals has 66 940 004 shares outstanding. |
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