VANCOUVER, BRITISH COLUMBIA – March 11, 2013: New Pacific Metals Corp. (“New Pacific” or the “Company”) is pleased to announce that the Company’s subsidiary, Tagish Lake Gold Corp.’s (“Tagish Lake”) plea bargain in regards to three safety violations was accepted by the courts on March 4, 2013 in Whitehorse, Yukon and that Tagish Lake will pay a total fine of $24,150 (“Fine”). All remaining charges were stayed.
While the Company and Tagish Lake are pleased to have the Fine resolved, Tagish Lake is still proceeding with litigation against its former general manager Mark Greasley, as set out in the notice of claim filed in Vancouver court on May 28, 2012 (“Notice of Claim”). Mr. Greasley represented to Tagish Lake that he was a Professional Engineer in several provinces and territories and had many years project management experience; these representations were entirely fraudulent. Mr. Greasley was never a Professional Engineer at any time or place.
Tagish Lake is suing Mark Greasley for damages of $1 million stemming from Mr. Greasley’s theft of Tagish Lake property, safety violations, fraudulent misrepresentation, and breach of contract, amongst other issues. To date neither Tagish Lake nor the Company has been able to find Mark Greasley and Mark Greasley has not responded to the Notice of Claim.
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.
For further information, contact:
New Pacific Metals Corp.,
Phone: (604) 633-1368
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 licenses; 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, 2012 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.
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