VANCOUVER, BC, Aug. 12, 2021
/PRNewswire/ - New Pacific Metals Corp. ("New Pacific" or the
"Company") (TSX: NUAG) (NYSE American: NEWP) is pleased to announce
that Bolivia's Jurisdictional
Mining Administrative Authority (Autoridad Jurisdiccional
Administrativa Minera or "AJAM") has granted an Administrative
Mining Contract (Contrato Administrativo Minero or "AMC")
for the Company's Silver Sand Project. All required registration,
notarization and publication steps to perfect the title of the AMC
in favour of Empresa Minera Alcira S.A., the Company's wholly-owned
Bolivian subsidiary, are complete.
The AMC establishes a clear title to the Silver Sand Project
mineral rights. In accordance with Bolivia's Mining Laws, as summarized below,
New Pacific submitted all required documents for the consolidation
and conversion of the original seventeen ATEs that comprised the
Silver Sand Project to cuadriculas and an AMC to AJAM. The
AMC for the Silver Sand Project was signed with AJAM in 2020,
registered and notarized before Bolivia's National Mining Registry on
June 17, 2021, and published in
AJAM's Mining Gazette on July 15,
2021.
The AMC for the Silver Sand Project, which hosts the Silver Sand
deposit, covers an area of 3.17 km2. The total area
under full control of the Company will be 5.42 km2 after
completing the consolidation and conversion procedures for the
North Block, which is comprised of three ATEs (Jisas, Jardan and El
Bronce).
Dr. Mark Cruise, CEO of New
Pacific said, "We are very pleased by the receipt of the AMC and
mineral rights for the Silver Sand Project. In addition to our 2021
drill program and the advancement of the PEA work, the AMC
unequivocally establishes title for the Project."
About Bolivian Mining Law
Exploration and mining rights in Bolivia are granted by the Ministry of Mines
and Metallurgy through AJAM. A new and complete Mining and
Metallurgy Law No. 535 was introduced in May, 2014 (the "2014
Mining Law"). The 2014 Mining Law was modified by Law No. 845 in
October, 2016 (the "2016 Mining Law" and together with 2014 Mining
Law, the "Mining Law"). Under the Mining Law, tenure is granted as
either an exploration license for early-stage projects or an AMC
for development-stage project. Tenure held under the previous
"historic" legislation was converted to Temporary Special
Authorizations or ATEs, formerly known as "mining concessions",
under the Mining Law. These ATEs are required to be consolidated to
new 25-hectare sized cuadriculas and then converted to AMCs.
AMCs created by conversion recognize existing rights of exploration
and exploitation and development, including treatment, foundry
refining/smelting, and trading. AMCs have a fixed term of 30 years
and can be extended for a further 30 years if certain conditions
are met. Each AMC requires ongoing work and the submission of
technical work plans to AJAM.
ABOUT NEW PACIFIC
New Pacific is a Canadian exploration and development company
with precious metal projects, including the flagship Silver Sand
Project, the Silverstrike Project and the Carangas Project,
all of which are located in Bolivia. The Company is focused on progressing
the development of the Silver Sand Project, while growing its
Mineral Resources through the exploration and acquisition of
properties in the Americas.
For further information, please contact:
Stacey Pavlova, CFA
VP, Investor Relations and Corporate Communications
New Pacific Metals Corp.
Phone: (604) 633-1368
U.S. & Canada toll-free:
1-877-631-0593
E-mail: info@newpacificmetals.com
www.newpacificmetals.com
To receive company news by e-mail, please register using New
Pacific's website at www.newpacificmetals.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this news
release constitute "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and "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
expected", "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. Such statements
include, but are not limited to: statements regarding anticipated
exploration, drilling, development, construction, and other
activities or achievements of the Company; timing of receipt of
permits and regulatory approvals; and estimates of the Company's
revenues and capital expenditures.
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: global economic
and social impact of COVID-19; fluctuating equity prices, bond
prices, commodity prices; calculation of resources, reserves and
mineralization, general economic conditions, foreign exchange
risks, interest rate risk, foreign investment risk; loss of key
personnel; conflicts of interest; dependence on management,
uncertainties relating to the availability and costs of financing
needed in the future, environmental risks, operations and political
conditions, the regulatory environment in Bolivia and Canada, risks associated with community
relations and corporate social responsibility, and other factors
described under the heading "Risk Factors" in the Company's Annual
Information Form for the year ended June 30,
2020 and its other public filings.
This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements or
information.
The forward-looking statements are necessarily based on a
number of estimates, assumptions, beliefs, expectations and
opinions of management as of the date of this news release that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. These estimates, assumptions, beliefs,
expectations and options include, but are not limited to, those
related to the Company's ability to carry on current and future
operations, including: the duration and effects of COVID-19 on our
operations and workforce; development and exploration activities;
the timing, extent, duration and economic viability of such
operations; the accuracy and reliability of estimates, projections,
forecasts, studies and assessments; the Company's ability to meet
or achieve estimates, projections and forecasts; the stabilization
of the political climate in Bolivia; the Company's ability to obtain and
maintain social license at its mineral properties; the availability
and cost of inputs; the price and market for outputs; foreign
exchange rates; taxation levels; the timely receipt of necessary
approvals or permits, including the ratification and approval of
the Mining Production Contract with COMIBOL by the Plurinational
Legislative Assembly of Bolivia;
the ability to meet current and future obligations; the ability to
obtain timely financing on reasonable terms when required; the
current and future social, economic and political conditions; and
other assumptions and factors generally associated with the mining
industry.
Although the forward-looking statements contained in this
news release are based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. All
forward-looking statements in this news release are qualified by
these cautionary statements. Accordingly, readers should not
place undue reliance on such statements. Other than specifically
required by applicable laws, the Company is under no obligation and
expressly disclaims any such obligation to update or alter the
forward-looking statements whether as a result of new information,
future events or otherwise except as may be required by law.
These forward-looking statements are made as of the date of this
news release.
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SOURCE New Pacific Metals Corp.