Vancouver, British Columbia (October 7, 2010) â€” New Pacific Metals Corp. (TSXV: “NUX.V”) (“New Pacific”), announces that, pursuant to its recently expired take-over bid (the “Share Offer”) for all of the outstanding common shares (“Tagish Shares”) and the offer to purchase all of the secured debt and the unsecured debt of Tagish Lake Gold Corp. (“Tagish Lake”), New Pacific, in total, took up (or already owned) 114,101,236 Tagish Shares, representing approximately 79.8% of the issued and outstanding Tagish Shares. The final take up figures have varied slightly from New Pacific’s news release of September 30, 2010 as there were irregularities to a few deposited Notices of Guaranteed Delivery.
New Pacific has issued an aggregate of 15,252,657 New Pacific shares to the former Tagish Lake shareholders who tendered to the Share Offer and elected to receive all or part of the consideration in common shares of New Pacific. New Pacific now has a total of 45,282,488 outstanding common shares, of which approximately 29.4% are held by former Tagish Lake shareholders.
About New Pacific Metals
New Pacific is engaged in the exploration and development of mineral resources and gold-poly-metallic projects in China and other jurisdictions. New Pacific has extensive experience in implementing high grade resource development projects. For more information about New Pacific, visit the company’s website at www.newpacificmetals.com.
Forward Looking Information
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, discussion of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based on a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. New Pacific Metals disclaims any intention or obligations to revise or update such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.