New Pacific Announces Appointment of Dr. Rui Feng as Chairman of the Board
New Pacific Metals Corp. (TSX: NUAG, NYSE American: NEWP) has appointed Dr. Rui Feng as Chairman of the Board following the annual general meeting on December 3, 2021. Dr. Feng, who previously served as CEO from 2010 to April 2020, is the largest shareholder with a 28.3% stake. His leadership is expected to enhance the development of the flagship Silver Sand Project and the Carangas silver discovery in Bolivia. This move is positioned to leverage his experience and insights gained from previous projects, particularly in mineral exploration and resource acquisition.
- Dr. Rui Feng's return as Chairman may strengthen leadership and strategic direction.
- Experience in successfully identifying and acquiring new projects can drive company growth.
- Focus on advancing high-potential projects like Silver Sand and Carangas may enhance shareholder value.
- Potential concerns about management continuity since Dr. Feng stepped down as CEO in April 2020.
- Heavy reliance on Dr. Feng's leadership raises questions about the Board's overall experience.
VANCOUVER, BC, Dec. 9, 2021 /PRNewswire/ - New Pacific Metals Corp. ("New Pacific" or the "Company") (TSX: NUAG) (NYSE American: NEWP) is pleased to announce that, following the annual general meeting of shareholders held on December 3, 2021, the newly elected board of directors (the "Board") of the Company appointed Dr. Rui Feng as the Chairman of the Board. Dr. Feng is the CEO and Chairman of Silvercorp Metals Inc. ("Silvercorp"), the largest shareholder of the Company with ownership of
As CEO of New Pacific from 2010 to April 2020 and founder of the Company, Dr. Feng identified, financed and acquired the Silver Sand Project in 2017 in Bolivia. Under his leadership, the Company made a significant discovery at the Silver Sand Project after over 100,000 m drilling which culminated in the inaugural Silver Sand Resource estimate on April 14, 2020. With the knowledge gained from the Silver Sand Project and first mover advantage in Bolivia, he led the Company to acquire the Silverstrike project and identify the Carangas project in 2019 and 2020. Recently, the first phase of drilling at Carangas has shown broad zones of silver mineralization starting at surface.
With his experience in company building and discovery, Dr. Feng's appointment as Chairman of the Company will provide direct leadership in advancing the flagship Silver Sand Project and Carangas silver discovery.
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
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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 the anticipated timing, amount and completion of exploration, drilling, development, construction, and other activities or achievements of the Company; the Phase II Drill Program and anticipated outcomes therefrom; future economics of the Company's projects; timing of receipt of permits and regulatory approvals; estimates of the Company's revenues and capital expenditures; and other future plans, objectives or expectations of the Company.
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 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.
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