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New Pacific Metals Corp Acquires 80% Interest In Fortress Mining Inc


Monday, 8 Apr 2013 07:41pm EDT 

New Pacific Metals Corp announced that it has paid USD3.5 million (Initial Payment) for an 80% interest in Fortress Mining Inc., a subsidiary of Silvercorp Metals Corp., pursuant to the terms of an agreement dated December 14, 2012 (the Agreement). Please refer to the Company's news releases dated December 21, 2012 and February 21, 2013 for further information in regards of the Agreement and its contemplated transactions. Pursuant to the terms of the Agreement, the Company has an option to acquire the remaining 20% within two years for an additional USD5 million (the Second Payment). 

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