Inca Pacific Notified of Cancellation of Magistral Contract
02 December 2009 - 2:43PM
Marketwired
Inca Pacific Resources Inc. ("Inca Pacific" or "Company") (TSX
VENTURE: IPR) reports that Activos Mineros S.A.C ("Activos
Mineros"), the Peruvian agency responsible for administering the
Magistral Contract ("Contract") between the Company's subsidiary
Minera Ancash Cobre S.A. ("Minera Ancash") and the Government of
Peru, has notified Minera Ancash that the Contract has been
cancelled. The Contract governs the Company's rights to the core
mining claims which cover the majority of the Magistral deposit.
The notification was delivered on December 1, 2009 and indicated
that the Contract was cancelled as a result of Minera Ancash not
posting the second year's letter of credit of approximately US$24
million.
The Company does not agree with the position that Activos
Mineros has taken as to the cancellation of the Contract, as well
as to the seizing of the US$3 million letter of credit as reported
in the Company's release on November 4, 2009. The Company will
continue to work with Activos Mineros to resolve this situation
while at the same time considering all options to protect the
interests of Inca Pacific and its shareholders.
INCA PACIFIC RESOURCES INC.
Michael Winn, Chief Executive Officer
Standard & Poor's Listed
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Inca Pacific Resources Inc. Bill Galine Investor
Relations 604-662-3922 bgaline@incapacific.com
www.incapacific.com
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