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New Pacific Reports Financial Results for the Year Ended June 30, 2019
VANCOUVER, British Columbia, Sept. 10, 2019 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) today ann
About this update from New Pacific Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 10, 2019 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) today announced its audited consolidated financial results for the year ended June 30, 2019. This news release should be read in conjunction with the Company's management discussion & analysis, financial statements and notes to financial statements for the corresponding period, which have been posted under the Company’s profile on SEDAR at www.sedar.com and are also available on the Company's website at www.newpacificmetals.com. All figures are expressed in Canadian dollars unless otherwise stated. FISCAL 2019 HIGHLIGHTS Successfully completed the 2018 drill program on the Silver Sand Property. A total of 55,010 metres in 195 HQ size diamond core drill holes had been completed. For details of the 2018 drill program, please review the Company’s news releases dated January 22, 2019 and February 20, 2019; Expanded the Silver Sand Property by acquiring 100% interest of certain mineral concessions in the adjacent area; and Entered into a mining production contract (the “MPC”) with La Corporación Minera de Bolivia (“COMIBOL”) to explore and mine the area adjoining the Silver Sand Property. COMIBOL is Bolivia’s state owned mining company in charge of managing certain mineral properties and mining production in Bolivia. The MPC remains subject to ratification by the Plurinational Legislative Assembly of Bolivia. FINANCIALS Net loss attributable to equity holders of the Company for the year ended June 30, 2019 was $2,420,904 or $0.02 per share (year ended June 30, 2018 - net loss of $4,106,450 or $0.03 per share). The Company’s financial results were mainly impacted by the following: (i) income from investments of $1,532,391 compared to loss of $1,539,759 in the prior year; (ii) operating expenses of $3,267,707 compared to $3,103,712 in the prior year; (iii) impairment of mineral property interests of $779,823 on the RZY Project compared to $nil in the prior year; and (iv) foreign exchange loss of $64,491 compared to foreign exchange gain of $470,966 in the prior year. Income from investments for the year ended June 30, 2019 was $1,532,391 (year ended June 30, 2018 - loss of $1,539,759). Within the income from investments, $77,173 wa...