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News Release - Thursday, July 12, 2007
Inca Pacific Granted Key Modifications To Its Agreement With
Government Of Peru
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Vancouver, BC, July 12th, 2007 - Inca Pacific Resources Inc. (TSX-V:
IPR) (the "Company") reports that it has been granted the following
modifications from Proinversion and Activos Mineros S.A.C.
representing
the Government of Peru ("GOP") with respect to its agreements
concerning the core claims at the Magistral
Copper-Molybdenum property:
Upon execution of formal documentation of the above modifications the
Company will pay the GOP the sum of US$200,000 and upon achievement of
commercial production the Company will pay the sum of US$5,000,000 into
a trust account for the benefit of the communities in the immediate
area of influence of Magistral.
Anthony Floyd, President & CEO said, "We are pleased that the
Government of Peru recognizes that the Company is doing everything
within its control to move Magistral towards
production notwithstanding
the many constraints facing the mining industry at this time."
Juan Valdivia, Minister of Mines of Peru said, "The Government of Peru
recognizes Magistral could generate significant taxes
and royalties to
the benefit of all Peruvians if it becomes a mine therefore I agree
with the additional term granted by Proinversion to
Inca for completing
its Feasibility Studies and source financing to construct a mine. The
fact that we shall create a trust fund for the communities near
Magistral demonstrates that both the Government and
the Company
recognize the importance of fostering sustainable development around
mining projects".
Inca Pacific has invested over US$18 million on exploration and
development of the Magistral
property. It currently has over 50 local
people employed at site plus four engineering firms working to complete
the Feasibility Study.
INCA PACIFIC RESOURCES INC.
Signed: "Anthony Floyd"
President and Director
For further information contact: Bill Galine
Investor Relations
Phone: 604-662-3922
Email: bgaline@incapacific.com
CAUTION REGARDING FORWARD LOOKING STATEMENTS:
This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation. Forward-looking
statements include Inca Pacific's commitment to, and plans for
completing a final feasibility study, obtaining approval of an
Environmental Impact Assessment and developing the Magistral
Project.
Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as "plans",
"expects" or "does
not expect", "is expected", "budget", "scheduled",
"estimates",
"forecasts", "intends", "anticipates" or
"does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "can",
"could", "would",
"might" or "will be taken", "occur" or "be
achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Inca Pacific to be materially different
from those expressed or implied by such forward-looking statements,
including but not limited to: risks related to the exploration and
potential development of the Magistral Project, risks
related to
international operations, the actual results of current exploration
activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, future prices of copper,
silver and molybdenum. Although Inca Pacific has attempted to identify
important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements.
Inca Pacific does not undertake to update any forward-looking
statements that are incorporated by reference herein, except in
accordance with applicable securities laws. The Company's mineral
property is located in Peru
and thus may be exposed to various and
unpredictable levels of political, economic and other risks and
uncertainties. The Company conducts operations through Peruvian
subsidiaries which hold the rights to the mineral properties.
Operations may be affected in varying degrees by government regulations
with respect to, but not limited to, expropriation of property,
maintenance of claims, environmental legislation, land use and land
claims. Failure to comply with applicable laws, regulations and local
practices relating to mineral right applications and tenure could
result in loss, reduction or expropriation of entitlements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2007 INCA PACIFIC RESOURCES INC. (IPR) All
rights
reserved. For more information visit our website at
http://www.incapacific.com/ or send mailto:contact@incapacific.com
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