VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2014) - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX:NUX) today announced its unaudited condensed consolidated interim financial results for the three and six months ended December 31, 2013.
This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.newpacificmetals.com. All figures are expressed in Canadian Dollars (CAD) unless otherwise stated.
FIRST QUARTER FINANCIAL HIGHLIGHTS
For the three months ended December 31, 2013, the Company reported net income attributable to equity holders of $11,204 or $0.00 per share compared to net loss of $297,069 or $0.00 per share in the same prior year period.
For the six months ended December 31, 2013, the Company reported net loss attributable to equity holders of $879,206 or $0.01 per share compared to net loss of $1,456,362 or $0.02 per share in the same prior year period.
Excluding effects from foreign exchange and other non-cash expenses, the Company recorded cash expenses of $457,285 and $858,464 in the three and six months, respectively, ended December 31, 2013 compared to $461,542 and $856,426 in the same prior year periods.
As at December 31, 2013, the Company had $23.4 million in cash and cash equivalents and short term investments.
APPOINTMENT OF PRESIDENT AND SENIOR VICE-PRESIDENT
The Company is pleased to announce the appointment of two officers to its management team.
Hongen Ma M.Sci. has been appointed President of the Company. He is leading the exploration and development work at the RZY project in Qinghai Province, China. Before joining the Company he worked at Silvercorp Metals Inc. for over six years assisting in the development of its properties in China. Mr. Ma has a Masters in Science and Bachelor of Science from Peking University, China.
Alex Zhang, M.Sci, M.Eng, P. Geo, has been appointed Senior Vice-President, Exploration of the Company. He is supervising exploration activities at the RZY project. Mr. Zhang has 20 years of experience and has worked with Eldorado Gold, Afcan Mining, and Sino Gold. He supervised the exploration activities of two major gold projects from exploration through development to production, and brings a full range of technical and managerial skills related to exploration project, data collection and validation, drill database setup, 3D modeling of geology bodies, block modeling, and other technical aspects of exploration projects.
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 and the RZY Project in Qinghai Province, China.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in Canada; environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended June 30, 2013 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.