New Pacific Metals Corp.

New Pacific Metals Corp.

March 19, 2007 09:00 ET

New Pacific Metals Closes $12,937,500 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 19, 2007) - New Pacific Metals Corp. (TSX VENTURE:NUX) advises that the private placement announced February 22, 2007 was over-subscribed and has now closed. A total of $12,937,500 was raised through the sale of 5,175,000 Units at $2.50 per Unit. Each Unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at $3.00 for a period of one year from closing. The proceeds will be utilized for continuing work on the Kang Dian Nickel/Copper Project and for general operating capital.

The securities issued are subject to a hold period expiring July 16, 2007.

Silvercorp Metals Inc., holder of 26% of the outstanding shares of New Pacific Metals Corp., has subscribed for 900,000 Units of the private placement. A finder's fee of six percent is being paid to registered agents in respect of the sale of up to 2,000,000 of the Units.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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