VANCOUVER, BRITISH COLUMBIA — MAY 11, 2012: New Pacific Metals Corp. (the “Company”) announces its unaudited consolidated financial results for the third quarter ended March 31, 2012.  All figures are expressed in Canadian Dollars (CAD$) unless otherwise stated.

THIRD QUARTER FINANCIAL HIGHLIGHTS

For the quarter ended March 31, 2012 (“Q3 2012”), the Company recorded loss of $922,170 or $0.014 per share compared to net income of $15,437,565 or $0.235 per share for the quarter ended March 31, 2011 (“Q3 2011”).Â

Significant highlights of the quarter are as follows:

• Excluding foreign exchange loss, the Company incurred total operating expenses of $584,293, a decrease of $81,201 or 12% compared to $665,494 in Q3 2011.Â

• Incurred capitalized exploration and development expenditures of $441,435 at the Tagish Lake Gold Property as the project was on care and maintenance in the winter.

As of March 31, 2012, the Company has a working capital position of $30,290,259 (June 30, 2011 – $37,232,868). Cash and cash equivalents amounted to $21,738,175 (June 30, 2011 – $20,625,672). With a strong working capital, the Company is well positioned financially to continue development of the Tagish Lake Gold Property.

The Company’s unaudited Condensed Consolidated Interim 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 a Canadian near-term gold and silver production mining company engaged in the exploration and development of gold poly-metallic properties in Yukon, Canada. The Company’s current project is the Tagish Lake Gold Property in Yukon. With experienced management and sufficient technical and financial resources, the Company is well positioned to build shareholder value through discovery, exploration and resource development.

For more information about New Pacific Metals Corp., see www.newpacificmetals.com or contact Jason Nickel, Vice President, Mining, New Pacific Metals Corp., Phone: (604) 669-9397, Fax: (604) 669-9387, or New Pacific Investor Relations at 604-633-1368 or send inquires to info@newpacificmetals.com.

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;Â 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;Â competition;Â operations and political conditions; regulatory environment in Canada;Â 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, 2011 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.Â

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.