Inca Pacific Resources Inc.

Inca Pacific Resources Inc.

April 05, 2007 16:22 ET

Inca Pacific Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2007) -


Inca Pacific Resources Inc. (the "Company") (TSX VENTURE:IPR) is pleased to announce that today it closed the brokered portion of the private placement originally announced on February 15th, 2007 (the "Offering"). The Company placed 11,800,000 common shares at a price of $0.75 per common share for gross proceeds of $8,850,000. Raymond James Ltd. ("Raymond James") acted as agent on the Offering and received a 6% commission and 708,000 compensation options in connection therewith. Each compensation option entitles Raymond James to purchase one common share at an exercise price of $1.00 for 18 months from closing, subject to certain conditions. The Company also closed a non-brokered offering of an additional 200,000 common shares on the same terms for additional proceeds of $150,000. All securities issued in the brokered and non-brokered offerings are subject to hold periods expiring four months from their respective closings. The net proceeds from the offerings will be used to fund the completion of a bankable feasibility study on the Company's Magistral Property in Peru, and for general working capital.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.


Anthony Floyd, President and Director


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.

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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