New Pacific Metals Corp. Announces Results for the 1st Quarter Ended September 30, 2007
Nov 9, 2007
VANCOUVER, BRITISH COLUMBIA - (November 9, 2007) - New Pacific Metals Corp. (TSX-V:NUX) (the "Company") announces its unaudited consolidated financial results for the first quarter ended September 30, 2007. All figures are expressed in Canadian dollars, other than share data.
HIGHLIGHTS
For three months ended September 30, 2007, the Company incurred a loss of $252,724 equating to $0.01 per share (three months ended September 30, 2006 - loss $133,308 or $0.01 per share). The loss increase of $119,416 over the prior year is mainly attributed to the development and enhancements to the Company's infrastructure that are related to its increased exploration, development, and investor communication activities.
As at September 30, 2007, the Company had a working capital position of $15,504,104. Cash and cash equivalents plus short term investments, as at September 30, 2007, amounted to $14,743,001 (June 30, 2007 - $14,988,483) and are unencumbered. Short term investments are invested in high quality money market instruments. The Company does not invest in any asset backed commercial paper and therefore does not consider that it has any exposure to the current uncertainties in the marketplace.
OUTLOOK
The Company's overall focus is to strengthen and grow through the exploration and development of its current portfolio of China based projects, in conjunction with seeking the acquisition of high quality mineral projects throughout China, to deliver, within a reasonable period of time, enhanced shareholder value.
Currently, the Company's exploration programs are focusing on drilling the HNK gold-polymetallic project in Guangdong province and on tunneling the Bingdihong and Jinhe projects in Sichuan province.
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 exploring for gold-polymetallic and base metals in the provinces of Guangdong and Sichuan, China.
For Further Information:
New Pacific Metals Corp.
Lou Duarte, Director
Phone: +1 (604) 633-1368
Fax: +1 (604) 669-9387
Email: [email protected]
Website: www.newpacificmetals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.
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