New Pacific Metals Corp
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SYMBOL: V.NUX, NUXFF Website: www.newpacificmetals.com Corporate Contact Information Phone: 604-633-1368 Email: info@newpacificmetals.com |
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Company News (May 13, 2008) New Pacific Metals Announces the Appointment of New Chairman - The Honourable Jack Austin ...Read More
Overview
New Pacific Metals Corp. is a Canadian public company listed on the TSX Venture Exchange with a trading symbol, NUX and on the OTC Pink Sheet with a trading symbol, NUXFF. The company is exploring in China for high grade gold-polymetallic metals in the Doyao mountain range located in the Guangdong province and for Permian Noril'sk Ni/Cu + PGM (Platinum Group Elements) deposits in the Paxi Rift Belt, in the Sichuan Province. The company is well financed, has a management team with operating experienced in China and a strong shareholder base. Silvercorp Metals Inc. (SVM on TSX Exchange), the largest silver producer in China, owns 23% of the company’s shares outstanding.
People
Rui Feng, PH.D., Geology
Director, President & CEO
Mr. Feng obtained his B.Sc. and M.Sc. degrees in Geology in China and his Ph.D. degree in Canada. He is a renowned expert with extensive experience in the evaluation and acquisition of mineral properties in China, and has an extensive network in China's mining and exploration industry. Mr. Feng is well-versed in China's legal framework related to the mining industry and has acquired numerous Chinese mining/exploration properties for Canadian public companies.
The Honourable Jack Austin, P.C., Q.C., B.A., LL.B., LL.M., Doc.Soc.Sci. (Hon)
Director and Chairman
Mr. Austin brings to the Company over 40 years experience in law, business, public service and politics. A graduate of the University of British Columbia in Economics and Law, and from Harvard Law School in International Trade Law, Mr. Austin has had a diversified and successful career.
After serving as legal counsel to several senior mining companies, including Placer and IMC, and to BC Hydro in the development of their Peace and Columbia projects, Mr. Austin was President and CEO of two operating mining companies based in B.C. In May 1970, he was appointed Deputy Minister of Energy, Mines and Resources in Ottawa by Prime Minister Pierre Trudeau and served until May 1974 when he was appointed Prime Minister Trudeau's Chief of Staff. In August 1975, Mr. Austin was elevated to the Senate of Canada, representing British Columbia.
In 1981, Senator Austin was brought into the Federal Cabinet by Prime Minister Trudeau as Minister for Social Development; Minister for Expo 86; Minister for the Canada Development Investment Corporation (Canadair; deHavilland; Eldorado; Nuclear; Uranium Canada; Fisheries Products; Massey Ferguson).
On the election of Prime Minister Jean Chretien in early 1993, Senator Austin became President of the Canada China Business Council, serving until 2000, and as Deputy Chairman until entering the Martin Cabinet in 2003. He organized the first Team Canada visit to Beijing in November, 1994, headed by Prime Minister Chretien and 12 of the 13 Provincial and Territorial Premiers, accompanied by over 350 business executives. Senator Austin subsequently organized Team Canada visits to Shanghai in 1996 and Beijing in 1998, and the visits of Premier Li Peng to Montreal in 1995, President Jiang Zemin to Toronto in 1997, and Premier Zhu Rongji to Toronto in 1999.
As Minister in Prime Minister Paul Martin's government, Senator Austin accompanied Mr. Martin to China on an official visit to China in 2005 and participated in the return official visit of President Hu Jintao to Ottawa and Vancouver in September 2005.
Lou Duarte, BASC, MBA, CMA
Director & Member of Audit Committee
Mr. Lou Duarte has over twenty years of management and financial experience in the mining industry in various parts of the world, including Canada, China, the Ivory Coast, West Africa and Brazil. Mr. Duarte has acted as principal, director and CEO of various public mining companies and many mineral limited partnerships involved in funding public mining companies, in which over $60 million was raised through various offerings.
Mr. Duarte holds a Bachelor of Applied Science in Civil Engineering, and a M.B.A. from the University of British Columbia. Furthermore, Mr. Duarte is a member of the Certificate Management Accountants of British Columbia.
Joanne Yan
Director & Member of Audit Committee
Ms. Yan has been a senior corporate executive with a number of publicly traded companies in Canada. She has also played a significant role in the financing and business development strategies between several North American and Chinese companies. This, in addition to her fluency in both English and Mandarin, has made her an invaluable asset to the Company team. Ms. Yan has been responsible for the financing and business development strategies of the company, in addition to corporate administration.
Shating Shen, MBA
Director
Mr. Shating Shen, a former investment director of a well-known Chinese venture capital investment corporation, graduated from JiNan University with Master of Business Administration degree and an engineering degree. Mr. Shen is a prominent member of the Chinese Investment Community in the large industrial city of Guangzhou in Guangdong Province, China; the province where the Company's gold properties are located. Mr. Shen has been one of the earliest explorers in the Chinese venture capital investment community. As a fund manager who supervised an extensive capital pool of RMB he has been exposed to many developing Chinese companies. He has participated in the incubation of over 60 companies and in the Initial Public Offering of various companies such as ZhuHai Vitop (HK listed), FengHua High Tech (China listed, 000636), GuangDong Techpool (HK reverse merger listed). He has been a director of more than 10 companies, and he held the chairman position in 5 companies. To date Mr. Shen has been involved directly and indirectly in supervising an investment capital amount of close to 1 billion RMB. Through his involvement and experience he has developed many relationships with government officials, listed companies, high-level executives and notable overseas investment institutes.
Xianda (Sander) Wang, PH.D., Geology
Vice President of Operations
Dr. Wang will be responsible for all of New Pacific Metals' exploration and development activities in China.
Dr. Wang has extensive experience in managing exploration and mining development projects in China as a Vice President of Exploration for Canadian public traded companies and for Chinese controlled private companies.
Prior to becoming a Vice President, Dr. Wang worked as a consultant for exploration companies in China and was Vice Dean for the Faculty of Earth Sciences, China University of Geosciences located in Wuhan City, Hubei Province, China. Dr. Wang obtained a PhD in Structural Geology and Petrology from the University of Salzburg (Salzburg, Austria) having obtained a Bachelor of Sciences in Geology and Masters of Sciences in Structural Geology from the China University of Geosciences located in Wuhan City, Hubei Province, China.
Grace Soo, C.G.A.
Chief Financial Officer
Ms. Soo has 18 years of progressively senior and practical work experience in the financial management of publicly traded companies. Between 1987 and 2004, Ms. Soo led in her varying capacities of Director of Finance and Treasurer, Vice President of Finance and Administration, and Vice President of Internal Audit and Business Risk Management for the Great Canadian Gaming Corporation. During this period, Ms. Soo, as a team member, played a key role in the organization's growth from 5 to over 3,000 employees and ten operations. Her achievements contributed to the Company's transition from a private company to a public company trading on the Toronto Stock Exchange with a market capitalization in excess of $1.5 billion and annual gross revenues in excess of $450 million. Ms. Soo has been a Certified General Accountant since 1987.
Flora Lo, B.A., LL.M.
Corporate Secretary
Ms Flora Lo has over nine years of legal and corporate experience. Ms Lo has focused on legal and compliance matters for publicly listed companies and was in-house legal counsel for a leading global software company listed on Nasdaq. Ms Lo holds a Bachelor of Arts in Geography and Economics, and a Master of Laws specialized in commercial and corporate law from the University of London in England. Ms Lo is a non-practising member of the Law Society of Hong Kong and England & Wales.
Property
Project Location and Strategy
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- New Pacific Metals Corp. (TSX-V: NUX) has the advantage to tap into the experienced operating team of its major shareholder (23.8%), Silvercorp Metals Inc. (TSX: SVM).
- NUX's focus in China will be to explore, develop and mine gold-polymetallic metals and base metals.
- NUX's mandate is to become a self-sufficient metals producer utilizing its operating experience in China.
- NUX is actively drilling on the Huaiji gold-polymetallic Project to identify and define high grade gold mineral resources.
- The company is well financed with $14.5 million in working capital and has a strong shareholder base to attract additional financing when needed.
Huaiji Gold-Polymetallic Project in Guangdong Province
- Two Gold -Polymetallic exploration permits: HNK and XSK (total area of 160 square kilometers)
- Located 180 km NW of Guangzhou, the capital city of Guangdong province. Highway and inter-township paved road access to the permits.
- Numerous old adits and tunnels exist.
- Over 15 gold bearing veins identified
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HNK Permit Drill Program
The Company's drill program on the HNK Permit (56.5 square kilometers) has focused on defining and delineating a number of veins (including the V9, V18 and V11) within the extensive soil geochemical anomaly extending more than 2 kilometers by 2 kilometres wide. The V9 vein in particular has been traced on surface by more than 26 old mining tunnels for over 1,500 metres (m). To date, 19 holes have been drilled for a total of 5,523m. Assay results have been reported in previous News Releases
The most significant results are from drill hole ZK0003, which not only intercepted V9 vein at 278m, but also intersected a new zone – the R1 vein - at 92.07m down hole. The V9 intercept returned a 1.94 m interval grading 46.06 gram per tonne (g/t) gold, with visible gold grains observed in the core sample.
Of further significance, ZK0003 also intersected a new vein, the R1 vein, returning a weighted average grade of 55.05 g/t over 8.13m (from 92.07m to 100.2m), within which are higher grade zones grading 99.91 g/t over 4.43m from 92.07m to 96.5m, and 161.95 g/t over 2.68m from 92.37 to 95.05m with visible gold grains observed in core sample.
The map below indicates the location of the drill holes:
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V9 Vein
Nine drill holes have intercepted V9 vein over 500 m along its strike from the southwest (drill hole ZK1501) to northeast (drill hole ZK3001), and approximately 280 m down dip as indicated by drill hole ZK0003. The most noted drill cross section, Line Zero Section (indicated below), has demonstrated V9 vein's continuity down dip: drill hole ZK0002 intercepted 10.5 g/t gold over 1.23 m at elevation 250 m, drill hole ZK0001 intercepted 13.5 g/t gold over 3.1 m at elevation 180 m and the drill hole ZK0003 intercepted 46.06 g/t gold over 1.94 m at elevation 80 m; with grades being progressively higher with depth. The mineralization of V9 occurs in thick bedded sandstone and quartz sandstone of the upper part of 2nd section of Cambrian Shuishi Formation.
R1 Vein
The newly discovered R1 vein is located adjacent to a small granodioritic stock with a northeast extension and is located at about 120 m to the southeast of V9 vein. The extension and dipping direction of the R1 vein is not yet determined. R1 vein has shown different features of alteration and gold mineralization from those of the V9 vein.
Other Veins
In addition to V9 and R1 veins, many new veins have been discovered by these nine drill holes (see Table 1). However, at this early stage of the drilling program, their sizes, extensions and dipping directions are unclear.
Major drill hole intersections are indicated on the Cross Section below:
Hole ZK0001, Hole ZK0002 and Hole ZK0003
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East and West Areas of the HNK Permit.
Gold, lead and silver soil anomalies extending, outside the area presently being explored (the East Area) into the West Area. These anomalies offer the potential for further exploration and possible additional gold discoveries.
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HNK Permit: Proposed Work Program
On East Area
- New program consists of an additional 5,000 meters of drilling, 4000 meters of underground tunneling, and 300 meters of shafting.
- Continue drilling on the V9 further down dip and along the strike, aimed at defining continuous gold mineralization.
- Drilling on the newly discovered, much wider and higher grade R1 in the same general area.
- The underground tunneling program is oriented to explore V9 vein and the high grade R1 vein with the objective of defining mineral resources.
On West Area
- define drill targets from tunnel sampling and the large geochemical anomalies as outlined in the geochemical survey
- commence drill program
XSK Permit: Geology and Prospecting
The XSK Permit covers and area of 105 square kilometers and also has:
- Large Gold soil geochemical anomalies
- Gold mineralization in the NW and close to EW trending silicified fracture zones
- Gold grades from old adit sampling vary from 0.5-14.72 g/t
- Exploration drilling of the known structures proposed.
Politics
- China has been the fastest-growing major nation for the past quarter of a century with an average annual GDP growth rate above 10%, with the stable exchange rate.
- Preferential tax policies to foreign investors.
- Stable political and economic environment.
- Adequate mineral resource
Source: wikipedia
Paper
Share Structure at Jun 26, 2008 |
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31,640,011 |
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1,608,333 |
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30,031,678 |
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3.15 |
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1.41 |
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