New Pacific Metals Corp.

New Pacific Metals Corp.

February 22, 2007 18:42 ET

New Pacific Metals Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 22, 2007) - New Pacific Metals Corp. ("NUX") (TSX VENTURE:NUX) is pleased to announce that it has arranged a non-brokered private placement of 5,000,000 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 $12,500,000 proceeds will be utilized for continuing work on the Kang Dian Nickel/Copper Project and for general operating capital.

Silvercorp Metals Inc., holder of 26.7% of the outstanding shares of New Pacific Metals Corp., will subscribe for 1,000,000 Units of the private placement. A finder's fee of six percent will be paid to registered agents for 2,000,000 Units. The placement is subject to regulatory approval.

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

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