New Pacific Metals Corp. Announces Results for the First Quarter Ended September 30, 2010

New Pacific Metals Corp. (TSX VENTURE:NUX) (the "Company") announces its
unaudited consolidated financial results for the first quarter ended September
30, 2010. All references to dollars or monies are expressed in Canadian Dollars.


FIRST QUARTER HIGHLIGHTS

The Company:



--  successfully acquired 79.2% of issued and outstanding shares of Tagish
    Lake Gold Corp. ("TLG"), a Canadian publicly traded company involved in
    the exploration and development of gold-silver mineral deposits in Yukon
    Territory, Canada. TLG's main assets consist of three identified gold
    and gold-silver mineral deposits: Skukum Creek, Goddell Gully, and Mount
    Skukum; and 

--  entered into a share transfer agreement with a Chinese third party to
    sell Yunnan Jin Chang Jiang Mining Co. Ltd. ("JCJM"), which holds Huaiji
    Project, for a total of $30.5 million (CNYyen 200 million). The first
    deposit of $3.08 million (CNYyen 20 million) has been received by the
    Company as of September 30, 2010. 



Due to increased administration activities to support the acquisition and
disposition transactions, loss from continuing operations increased by $97,091
to $470,433, compared to the three months ended September 30, 2009 ("Q1 2010")
of $373,342.


Operation results of JCJM was recorded as loss from discontinued operations,
which increased by $75,291 to $133,535 (Q1 2010 - $58,244), mainly due to loss
on disposal of equipment.


Total loss for the period was $603,968 or $0.018 per shares, an increase of
172,382 compared to $431,586 or $0.014 per shares in Q1 2010. 


Gain on disposal of mineral property interest was $14,443 (Q1 2010 -$nil),
resulted from disposal of two exploration permits respectively of the Kang Dian
Project and the Sichuan Project.


During the quarter, the Company entered into a $15 million credit facility to
fund the acquisition of TLG. As of September 30, 2010, the Company had a working
capital deficit of $250,985 (June 30, 2010 - positive $8,964,681).  Cash and
cash equivalents plus short term investments amounted to $11,124,753 (June 30,
2010 - $9,334,948) and are unencumbered. 


OUTLOOK

The Company is planning to increase its interest in TLG to 100% by acquiring
remaining shares currently not held by the Company, and to develop the Tagish
Lake Gold Project to production while exploring the resource potential in this
area.


The Company's Unaudited Interim Consolidated Financial Statements and
Management's Discussion and Analysis are available for review on our website at
www.newpacificmetals.com and through SEDAR at www.sedar.com.


About New Pacific Metals Corp.

New Pacific is engaged in the exploration and development of mineral resources
in Canada and China. The Company's strategy is to focus on projects which it
believes can be developed in a relatively short time frame into high-margin
operations with reasonable development capital profiles. Its goal is to get a
project into production, well before the full resource potential of the property
is defined, so that further exploration expenses to grow in resources and
capital costs to increase production can be funded from the cash flows generated
from early operations.