World News: 16:00 GMT Friday 11th January 2019. [New Pacific Metals Corp. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Further to its press release of July 25, 2018, New Pacific Metals Corp. (“New Pacific” or the “Company”) (TSX-V: NUAG) (OTCQX: NUPMF) is pleased to announce that the Company, through its wholly-owned subsidiary, Empresa Minera Alcira S.A. (“Alcira”), has entered into a Mining Production Contract (the “MPC”) with Corporación Minera de Bolivia (“COMIBOL”) granting the Company the right to carry out exploration, mining, and production activities in the areas adjoining the Company’s Silver Sand Project located in the Potosí Department, Bolivia. The MPC was approved by Bolivia’s Ministry of Mining and Metallurgy on January 7, 2019 and a signing ceremony is planned to be held in Potosí on January 14, 2019 where the Honourable César Navarro Miranda, the Minister of Bolivia’s Ministry of Mining and Metallurgy, Ing. Zelmar Andia, the President of COMIBOL, and Bernardo Peredo, Representative of the Embassy of Canada in Bolivia, among others, are anticipated to attend. The MPC remains subject to ratification by the Plurinational Legislative Assembly of Bolivia which the parties expect to receive in due course.
“We are very pleased to have reached this historic agreement with COMIBOL,” said Dr. Rui Feng, CEO of New Pacific. “This agreement adds significant exploration upside to our existing land holdings and raises the Silver Sand Project to a district scale operation.”
Gordon Neal, President of New Pacific said, “The MPC is a first of its kind agreement between a public resource company and the Bolivian government. I commend the Minister of Mines and Metallurgy and the President of COMIBOL for committed focus to complete this transaction. It is a benchmark achievement that shows that Bolivia is open to foreign investment.”
The Company is preparing information on the drilling program and work conducted on the Silver Sand project over the last several months and expects to announce results in stages over the next few weeks.
New Pacific is a Canadian exploration and development company which owns the Silver Sand Project in the Potosí 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 Potosí Department of Bolivia.
New Pacific Metals Corp. Gordon Neal President Phone: (604) 633-1368 Fax: (604) 669-9387 email@example.com www.newpacificmetals.com
Globe Newswire: 16:00 GMT Friday 11th January 2019
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