November 09, 2007 11:47 ET

eResearch Initiates Coverage on Inca Pacific Resources Inc. with Speculative Buy Rating and 1 Year/4 Year Target Price of $3.40/$9.65

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2007) - eResearch analysts, Eugene Bukovezcky, MBA, CFA and Bob Weir, B.Sc., B.Comm., CFA have written an Initiating Report on Inca Pacific Resources Inc. (TSX VENTURE:IPR). Inca Pacific Resources is a junior Canadian mineral exploration and development company that is focused on bringing its 100%-owned Magistral copper-molybdenum property in Peru into production by 2011.

In the report, the Analysts state: "Before that, the Company needs to raise around $300 million (debt and equity) to fund the capital cost of bringing the mine to the production stage. The Company could go it alone or bring in one or more JV partners. Normally, the share price of a company that is coming into production rises as the start-up date approaches. Since this is still 3-4 years away, we expect an orderly increase in share price appreciation over the period. Once in production, this open-pit mine should be highly profitable. Sprott is the largest shareholder in the Company."

The Analysts continue, "We recommend the shares of Inca Pacific Resources Inc. as a Speculative Buy with a one-year Target Price of $3.40, and four-year price objective of $9.65".

This Press Release was prepared by eResearch and was not vetted by Inca Pacific Resources Inc. Further, the Recommendation and Target Price contained in this report are strictly those of eResearch and, due to securities laws, are not endorsed by Inca Pacific Resources Inc.

eResearch is Canada's primary source for independent, quality, investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive electronic distribution network. eResearch does not engage in retail or institutional sales, trading, or corporate finance activities, nor does it conduct investment banking or investor relations services for the companies covered. Our sole business is providing quality, unbiased research.

Inca Pacific Resources Inc. paid eResearch a fee of $20,000 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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