VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2012) - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX:NUX) today announced its audited consolidated financial results for year ended June 30, 2012. All figures are expressed in Canadian Dollars unless otherwise stated.
FISCAL 2012 FINANCIAL HIGHLIGHTS
For the year ended June 30, 2012 ("F2012"), the Company recorded a loss of $1,243,496 or $0.02 per share compared to net income of $13,460,557 or $0.25 per share for the year ended June 30, 2011 ("F2011").
Significant highlights are as follows:
- Excluding a foreign exchange gain, the Company incurred total operating expenses of $2,313,917, a decrease of $1,549,506 or 40 percent compared to $3,863,423 in F2011.
- Incurred capitalized exploration and development expenditures of $6,319,527 at the Tagish Lake Gold Property in F2012.
As at June 30, 2012, the Company had $30,872,465 in cash, cash equivalents and short-term investments compared to $39,134,894 as at June 30, 2011. Net working capital as at June 30, 2012 was $29,997,684 compared to $37,232,868 as at June 30, 2011.
With its current working capital, the Company is well positioned financially to continue exploration and development of the Tagish Lake Gold Property once the Company and the government regulatory authorities in the Yukon have finalized the determination and account of security for reclamation (please review the news release of September 17, 2012 for further details on this matter).
FOURTH QUARTER FINANCIAL HIGHLIGHTS
For the quarter ended June 30, 2012, the Company incurred a net loss of $169,378 or $0.003 per share compared to a net loss of $160,349 or $0.011 per share for the quarter ended June 30, 2011. During the quarter, the Company recorded total expenses of $14,583, a decrease of $839,432 compared to $824,849 in the same period last year. The reduction in expenses was due to a foreign exchange gain of $416,030 and a reduction in salaries and general expenses following the Company's decision to put the project on care and maintenance until the determination and account of security for reclamation has been finalized and the Company can resume exploration and development activities.
The Company's Audited 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
New Pacific is a Canadian gold and silver exploration and development company which owns the Tagish Lake gold project in Yukon, Canada.
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; 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, 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.
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.