New Pacific Signs Memorandum of Understanding and Acquisition Option Agreement to Expand Land Package for Silver Sands Project
TSX VENTURE: NUAG
VANCOUVER, British Columbia, July 25, 2018 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V:NUAG) (OTCQX:NUPMF) (“New Pacific” or the “Company”) is pleased to announce that the Company and its wholly-owned subsidiary, Empresa Minera Alcira S.A. (“Alcira”), signed a memorandum of understanding (the “MOU”) with Corporación Minera de Bolivia (“COMIBOL”), allowing Alcira to explore and develop 38 mineral concessions adjoining south and west to Alcira’s Silver Sands project in the Potosi Department of Bolivia.
The MOU established a process for the parties to negotiate and complete definitive agreements on the mineral concessions. The signing of the MOU occurred at the Silver Sands project site attended by the Honourable, César Navarro Miranda, the Minister of Bolivia’s Ministry of Mining and Metallurgy, the Honourable, Hianny Romero, the Vice Minister of Bolivia’s Ministry of Development and Planning, José Pimentel, President of COMIBOL, Fernando Leyton, the Director of Land of Autoridad Jurisdiccional Administrativa Minera (“AJAM”), and representatives of the local communities.
The Company has also entered into an acquisition option agreement with private owners to acquire their 100% interest in certain mineral concessions located adjacent to the Silver Sands project. The owners are currently mining silver at a small scale on the concessions. The Company expects to enter into additional acquisition option agreements with other private concession owners to further expand mineral concession area for the Silver Sand project.
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company which owns the Silver Sand Project in the Potosi Department of Bolivia, the Tagish Lake gold project in Yukon, Canada and the RZY Project in Qinghai Province, China. Its largest shareholders are Silvercorp Metals Inc. (TSX/NYSE American:SVM), and Pan American Silver Corp. (TSX/NASDAQ:PAAS), one of the world's largest primary silver producers, which operates six mines, including the San Vicente mine located in the Potosi Department of Bolivia.
For further information, contact:
New Pacific Metals Corp.,
Phone: (604) 633-1368
Fax: (604) 669-9387
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Cautionary note regarding forward looking statements
This news release contains forward-looking statements regarding future events and the Company’s future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. These statements are based on current expectations, estimates, forecasts, and projections about the Company’s exploration projects, the industry in which the Company operates and the beliefs and assumptions of the Company's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in our Annual Information Form for the fiscal year ended June 30, 2017, and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.