New Pacific Provides Update for Acquisition of RZY Silver-Lead-Zinc Project in Qinghai Province, China

New Pacific Provides Update for Acquisition of RZY Silver-Lead-Zinc Project in 
Qinghai Province, China 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- New
Pacific Metals Corp. ("New Pacific" or the "Company") (TSX:NUX) is
pleased to announce that the TSX has conditionally approved the
Company's acquisition of an interest in the RZY Silver-Lead-Zinc
project as set out in the Company's news release dated December 21,
2012 (the "Acquisition"). The Acquisition will involve the Company
acquiring a majority interest in Silvercorp Metals Inc.'s wholly
owned subsidiary, Fortress Mining Inc. ("FMI") pursuant to the terms
of an agreement dated December 14, 2012 (the "Agreement"). The
Acquisition is a related party transaction. 
Pursuant to the terms of the Agreement, the Company will pay US$3.5
million to acquire an 80% interest of FMI (the "Initial Payment"),
with an option to acquire the remaining 20% within two years for an
additional US$5 million (the "Second Payment"). 
The TSX has approved the Agreement subject to certain conditions
including the following: (1) the TSX pre-clearing the information
circular disclosure pertaining to the Agreement including the form of
applicable shareholders' resolution approving the Second Payment; (2)
the Second Payment being approved by the disinterested shareholders
of the Company before it is paid since the sum of the Initial Payment
and Second Payment is greater than 10% of the current market value of
the Company's listed common shares. 
The Company will seek disinterested shareholders' approval of the
Second Payment at its next AGM which is planned to be held in
November 2013. 
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.  
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
"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 licenses;
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, 2012 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
New Pacific Metals Corp.
Investor Relations
(604) 633-1368
(604) 669-9387 (FAX)
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