New Pacific Metals Corp. Announces
Financial Results For The Year Ended June 30, 2012
New Pacific Metals Corp. (�New Pacific� or the �Company�) (TSX: NUX) today announced its audited
consolidated financial results for year ended June 30, 2012. All figures are
expressed in Canadian Dollars unless otherwise stated.
FISCAL 2012 FINANCIAL HIGHLIGHTS
For the year ended June 30, 2012 (�F2012�), the
Company recorded a loss of $1,243,496 or $0.02 per share compared to net income
of $13,460,557 or $0.25 per share for the year ended June 30, 2011 (�F2011�).
Significant highlights are as follows:
- Excluding a foreign exchange
gain, the Company incurred total operating expenses of $2,313,917, a
decrease of $1,549,506 or 40 percent compared to $3,863,423 in F2011.
- Incurred capitalized
exploration and development expenditures of $6,319,527 at the Tagish Lake Gold Property in F2012.
As at June 30, 2012, the Company had $30,872,465 in
cash, cash equivalents and short-term investments compared to $39,134,894 as at
June 30, 2011. Net working capital as at June 30, 2012 was $29,997,684 compared
to $37,232,868 as at June 30, 2011.
With its current working capital, the Company is well
positioned financially to continue exploration and development of the Tagish Lake Gold Property once the Company and the
government regulatory authorities in the Yukon have finalized the determination
and account of security for reclamation (please review the news release of
September 17, 2012 for further details on this matter).
FOURTH QUARTER FINANCIAL HIGHLIGHTS
For the quarter ended June 30, 2012, the Company
incurred a net loss of $169,378 or $0.003 per share compared to a net loss of
$160,349 or $0.011 per share for the quarter ended June 30, 2011. During the
quarter, the Company recorded total expenses of $14,583, a decrease of $839,432
compared to $824,849 in the same period last year. The reduction in expenses
was due to a foreign exchange gain of $416,030 and a reduction in salaries and
general expenses following the Company�s decision to put the project on care
and maintenance until the determination and account of security for reclamation
has been finalized and the Company can resume exploration and development
activities.
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
New Pacific is a Canadian gold and silver exploration
and development company which owns the Tagish Lake
gold project in Yukon, Canada.