New Pacific Announces Leadership Transition

VANCOUVER, British Columbia, April 27, 2020 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V: NUAG) (OTCQX: NUPMF) (“New Pacific” or the “Company”) announces that Dr. Rui Feng, New Pacific’s founder and Chief Executive Officer (”CEO”), has stepped down as CEO.  Dr. Mark Cruise, New Pacific’s Chief Operating Officer (“COO”), is appointed CEO, effective immediately.

Dr. Feng will remain as a director of the Company and will continue to be involved with the direction, strategy and governance of New Pacific.

“After incubating New Pacific from a grassroots exploration company to a successful explorer and developer following the discovery of the Silver Sand Deposit in Bolivia, it is a time for transition,” said Dr. Feng.  “As part of the Company’s succession planning, Dr. Cruise joined the Company six months ago as COO.  Over this time, he has shown great capacity in leadership and extensive expertise in advancing projects.  Under his leadership, I am confident that the Company will make more discoveries and be successful in advancing the Silver Sand Project from current state to development and in enhancing shareholder value as the Company quickly evolves into its next level of growth.”

Since the acquisition of Silver Sand in July 2017, New Pacific has drilled over 90,000 metres in one of the largest greenfield exploration campaigns in Latin America during the period.  This culminated in the inaugural Silver Sand Mineral Resource estimate on April 14, 2020 which defined the following silver resources (the Company’s first independent National Instrument 43-101 (“NI 43-101”) Mineral Resource estimate was prepared by AMC Mining Consultants (Canada) Ltd. (“AMC”); please see April 14, 2020 news release for further details):

• Measured & Indicated tonnage of 35.4 Mt @ 137 g/t Ag for 155.9 Moz contained Ag.
• Inferred tonnage of 9.8 Mt @ 112 g/t Ag for 35.6 Moz contained Ag.

The Silver Sand Deposit remains open for expansion.

The rapid development of the project in less than three years has led to strong returns for shareholders and established New Pacific as a premier silver development company.

Jack Austin, Chairman, commented, “On behalf of the Board, I want to recognize the immense contribution Rui has made to New Pacific by identifying and acquiring the Silver Sand Project, providing his visionary leadership and exploration expertise that led to this world-class discovery and, ultimately, the achievement of an inaugural resource, showcasing a new globally significant silver deposit.  The Board is fortunate to have Rui remain as a Director, and looks forward to Mark steering the Company along the path of success that Rui has set.  Mark’s track record of leadership and successfully developing discoveries into mines in Latin America will serve the Company well as he takes the reins.”