VANCOUVER, BRITISH COLUMBIA – (MAY 17, 2010) – New Pacific Metals Corp. (TSX-V: NUX) (the “Company”) announces its unaudited consolidated financial results for the three months ended March 31, 2010. All figures are expressed in Canadian Dollars, other than share data.
During the three months ended March 31, 2010, the Company received $233,850 (CNYÂ�1,500,000) in cash from sales of tunneling exploration by-products.
For the three months ended March 31, 2010, the Company incurred a loss of $443,752, or $0.01 per share (three months ended March 31, 2009 – income $63,760 or $0.002 per share). Compared to the same period last year, the loss increased by $507,512 mainly due to:
> Foreign exchange loss of $3,665 was recorded during the quarter, while a foreign exchange gain of $474,714 was recorded in the same period last year.
> Interest income decreased by $64,831 due to lower interest rate.
> General explorations increased by $46,613 to $71,862 for property investigations.
As at March 31, 2010, the Company had a working capital position of $9,862,178 (June 30, 2009 – $11,003,475). Cash and cash equivalents plus short term investments, as at March 31, 2010, amounted to $9,847,590 (June 30, 2009 – $11,357,917) and are unencumbered. Short term investments are invested in high quality money market instruments.
The Company’s Unaudited Interim Consolidated Financial Statements and Management’s Discussion and Analysis are available for review on our website at www.newpacificmetals.com and through SEDAR at www.sedar.com.
About New Pacific Metals Corp.
New Pacific Metals Corp. is an exploration stage company engaged in the acquisition and exploration of mineral properties. The Company is actively seeking out acquisition projects in China and other jurisdictions, while exploring for gold-poly-metallic projects in China.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.