New Pacific Announces Results for the Period Ended September 30, 2012
VANCOUVER, BRITISH COLUMBIA, Nov 14, 2012 (Menafn - MARKETWIRE via COMTEX) --New Pacific Metals Corp. ("New Pacific" or the"Company") today announced its unaudited consolidated financialresults for the three months ended September 30, 2012. All figuresare expressed in Canadian Dollars (CAD) unless otherwise stated.
FIRST QUARTER FINANCIAL HIGHLIGHTS
For the quarter ended September 30, 2012, the Company incurred a netloss of 1,159,293 or 0.02 per share compared to a net income of884,175 or 0.01 per share in the same prior year period.
The net loss is mainly due to effect of foreign exchange loss of736,782 in the current quarter compared to foreign exchange gain of1,556,985 in the same prior year period. Excluding effects fromforeign exchange, the Company recorded total expenses of 456,675 inthe current quarter compared to 678,375 in the same prior yearperiod. The reduction in expenses was due to less general expenses asthe project remained in care and maintenance in the quarter.
The Company's Unaudited Condensed Consolidated Financial Statementsand Management's Discussion and Analysis are available for review onour website at www.newpacificmetals.com and through SEDAR atwww.sedar.com.
About New Pacific
New Pacific is a Canadian gold and silver exploration and developmentcompany which owns the Tagish Lake gold project in Yukon, Canada.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press releaseconstitute "forward-looking information" within the meaning ofapplicable Canadian provincial securities laws. Any statements orinformation that express or involve discussions with respect topredictions, 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 variationsthereof 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) arenot statements of historical fact and may be forward-lookingstatements or information. Forward-looking statements or informationrelate to, among other things: the price of silver and other metals;the accuracy of mineral resource and mineral reserve estimates at theCompany's material properties; the sufficiency of the Company'scapital to finance the Company's operations; estimates of theCompany's revenues and capital expenditures; timing of receipt ofpermits and regulatory approvals; availability of funds fromproduction to finance the Company's operations; and access to andavailability of funding for future construction, use of proceeds fromany financing and development of the Company's properties.
Forward-looking statements or information are subject to a variety ofknown and unknown risks, uncertainties and other factors that couldcause actual events or results to differ from those reflected in theforward-looking statements or information, including, withoutlimitation, risks relating to: fluctuating commodity prices;calculation of resources, reserves and mineralization and preciousand base metal recovery; interpretations and assumptions of mineralresource and mineral reserve estimates; exploration and developmentprograms; feasibility and engineering reports; permits and licences;title to properties; First Nations title claims and rights; propertyinterests; joint venture partners; acquisition of commerciallymineable mineral rights; financing; recent market events andconditions; economic factors affecting the Company; timing, estimatedamount, capital and operating expenditures and economic returns offuture production; integration of future acquisitions into theCompany's existing operations; competition; operations and politicalconditions; 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 theCompany's forward-looking statements or information. Forward-lookingstatements or information are statements about the future and areinherently uncertain, and actual achievements of the Company or otherfuture events or conditions may differ materially from thosereflected in the forward-looking statements or information due to avariety of risks, uncertainties and other factors, including, withoutlimitation, those referred to in the Company's Annual InformationForm for the year ended June 30, 2012 under the heading "RiskFactors". Although the Company has attempted to identify importantfactors that could cause actual results to differ materially, theremay be other factors that cause results not to be as anticipated,estimated, described or intended. Accordingly, readers should notplace undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based onthe assumptions, beliefs, expectations and opinions of management asof the date of this press release, and other than as required byapplicable securities laws, the Company does not assume anyobligation to update forward-looking statements and information ifcircumstances or management's assumptions, beliefs, expectations oropinions should change, or changes in any other events affecting suchstatements or information. For the reasons set forth above, investorsshould not place undue reliance on forward-looking statements andinformation.
New Pacific Metals Corp.
(604) 669-9387 (FAX)
SOURCE: New Pacific Metals Corp.
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