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New Pacific Metals Corp. Update - November 26, 2008
New
Pacific Metals Corp. Announces Results for the
1st Quarter
Ended September 30, 2008
VANCOUVER,
BRITISH COLUMBIA
- (November 26, 2008) - New Pacific Metals Corp. (TSX-V: NUX) (the
"Company") announces its unaudited
consolidated financial results for the first quarter ended September 30,
2008. All figures are expressed in Canadian dollars, other than share data.
HIGHLIGHTS
For the three months ended September 30, 2008, the Company incurred a loss of
$469,150 equating to $0.01 per share (three months ended September 30, 2007 -
loss $252,724 or $0.01 per share). The loss increase of $216,426 over the
prior year period is mainly due to expenses incurred in winding up certain
exploration projects and expenditures increased to enhance investor communication
and corporate governance.
As at September 30, 2008, the Company had a working capital position of
$12,968,118 (June 30, 2008 - $13,655,885). Cash and cash equivalents plus
short term investments, as at September 30, 2008, amounted to $11,260,925 (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.
At Huaiji Project, the Company will continue with
its gold exploration program to further examine the geochemical anomalies,
investigate and control of the discovered veins, and expand of the main vein
with the objective of defining high grade gold resources that lead to
applying for a mining permit. At Jinzishan Project,
the Company will continue the preliminary exploration mainly geophysical and
geochemical surveys as the first phase. The Company will continue to review
and monitor potential acquisition of high quality mineral projects throughout
China.
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
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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