New Pacific Metals Corp. ("New Pacific" or the "Company") today announced its unaudited consolidated financial results for the three and six months ended December 31, 2012.
This earnings 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 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 (CAD$) unless otherwise stated.
Excluding effects from foreign exchange and other non-cash expenses, the Company recorded expenses of $461,116 in the current quarter compared to $603,337 in the same prior year period. The reduction in expenses was due to a decrease in general expenses as the Tagish Lake Gold project remained in care and maintenance in the quarter; this was offset by additional general exploration expenses as the Company explored other strategic alternatives.