New Pacific Metals Corp. (TSE:NUX) Tagish Lake Gold Project Receives Five Year Permit

New Pacific Metals Corp. (TSE:NUX) is pleased to announce that it's solely owned subsidiary Tagish Lake Gold Corp. has received a five year exploration permit for its Tagish Lake Gold Project (the "Project") valid from February 23, 2012 to February 22, 2017 known as a "Mining Land Use Approval," under the Quartz Mining Act, Yukon, Canada. The approval is subject to adhering to Mining Land Use Operational Guidelines, Quartz Mining Act Operating Conditions, as well as the determination and account of security for reclamation.

The exploration permits allows the following activities:
- up to 60,000 metres of surface and underground drilling;
- up to 9,600m3 of sampling and trenching;
- up to the 200,000 tonnes of rock excavation during the period, of which 100,000 tonnes may be mined in any single year;
- construction of 10 kilometres of new single lane surface roads and an additional nine kilometres of drill trails; and
- up to a 50 person camp operating year round.

The Project is currently on winter shutdown; however the Company has plans to activate the Project site this spring. For 2012, the Company plans surface drilling to "step-out" and "step-down" the known resource zones in the inferred and indicated categories to get a better understanding of the overall resource.
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 and silver poly-metallic properties in the Yukon, Canada. The Company's current project is the Tagish Lake Gold Property in Yukon Territory. With experienced management and sufficient technical and financial resources, the Company is well positioned to build shareholder value through discovery, exploration and resource development.

About New Pacific Metals Corp.:

New Pacific Metals Corp. is a Canadian-based near-term gold and silver production & resource expansion opportunity in Yukon, Canada. Silvercorp Metals Inc. (NYSE/TSX : SVM), the largest primary silver producer in China, is the major shareholder. New Pacific Metals recently acquired the Tagish Lake Gold Project in the Yukon. With a strong balance sheet, no debt, and experienced management, the company is well positioned to build shareholder value through discovery and resource development.

Contact:
New Pacific Metals Corp.
Jason Nickel
Vice President Engineering
Phone: (604) 669-9397
Fax: (604) 669-9387
 


Source:

New Pacific Metals Corp.

Copyright (C) 2012 ABN Newswire. All rights reserved.

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