Inca Pacific Resources Inc.
TSX VENTURE : IPR

Inca Pacific Resources Inc.

January 14, 2008 14:59 ET

Inca Pacific Closes $2.57 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) - Inca Pacific Resources Inc. (TSX VENTURE:IPR) has closed its non-brokered private placement of 1,515,600 common shares at a price of $1.70 per share (the "Offering") with Sprott Asset Management on behalf of certain managed accounts ("Sprott") for total proceeds of $2,576,520. As a result of the Offering, Sprott owns approximately 49.47% of the issued and outstanding shares of Inca Pacific on a non-diluted basis.

Prior to the completion of the private placement, Sprott sold 1,515,600 common shares at a price of $1.80 per share through the facilities of the TSX Venture Exchange. For its role in facilitating this sale, a fee was paid to Credibolsa SAB S.A. consisting of $136,404 and warrants to purchase a total of 75,780 shares of Inca Pacific exercisable at a price of $2.50 per share on or before July 14, 2009.

The Sprott shares and any shares issued on exercise of Credibolsa's warrants are subject to a hold period expiring May 14, 2008.

Proceeds from the Offering will be used to advance Inca Pacific's 100% owned Magistral Copper-Molybdenum Property in Peru and for general working capital purposes.

CAUTION REGARDING FORWARD LOOKING STATEMENTS: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address future production or resource potential, exploration drilling, exploitation activities and events or developments that Inca Pacific expects to occur, are forward-looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include fluctuations in commodity prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

INCA PACIFIC RESOURCES INC.

Anthony Floyd, President and Director

Standard & Poor's Listed

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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