New Pacific Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 28, 2017) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX VENTURE:NUAG) is pleased to announce that it has closed its previously announced private placement (the "Private Placement") of 1,250,000 common shares (the "Shares") at a price of US$0.80 per Share for gross proceeds of US$1,000,000. The proceeds from the Private Placement will be used by the Company for payments to be made in connection with its previously announced acquisition of Empresa Minera Alcira SA.

The Shares will have a hold period expiring four months and a day from today's date.

About New Pacific

New Pacific Metals Corp. is a Canadian investment company with investment focus on mineral resource industry. Silvercorp Metals Inc. (TSX:SVM), the largest primary silver producer in China, is the major shareholder.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

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 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. Forward-looking statements or information relate to, among other things the use of the net proceeds of the Private Placement.

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: current global financial conditions; 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; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; competition; operations and political conditions; environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; and dependence on management.