Inca Pacific Resources Inc.

Inca Pacific Resources Inc.

May 07, 2007 08:30 ET

Inca Pacific Reports Continued Progress on Final Feasibility Study For Magistral Copper-Molybdenum Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - Inca Pacific Resources Inc. (TSX VENTURE:IPR) reports continued progress with the preparation of a Final Feasibility Study (FFS) for its Magistral Copper-Molybdenum project in Ancash, Peru. The drilling program (infill, condemnation and geotechnical) has been completed. The program consisted of 11,167.00 meters in 66 new holes. Drilling at Magistral since discovery now totals 65,214.28 meters in 286 holes.

Mine Development Associates are currently updating the geological model in preparation for completing a new resource estimate. This will be followed by open pit design work and an estimate of proven and probable reserves in accordance with NI 43-101 requirements. Vector Engineering is continuing work on facility design, tailings dam configuration, waste dump, topsoil storage facility and haul roads. G&T Metallurgical Services, under the supervision of Samuel Engineering, is nearing completion of the Phase 2 metallurgical work and Phase 3 (pilot testing) is under way. In addition the first regulatory public workshops were held in the neighboring towns of Conchucos and Pampas.

MTB Project Management Professionals, of Denver, who are managing the FFS, have advised the company that the FFS is estimated to be complete by October 30th 2007. In parallel the Environmental Impact Assessment is estimated to be complete by November 26th, 2007. The process to select a strategic partner to assist in the development of the project continues. To date confidentiality agreements have been signed with eleven different parties. Four groups have made site visits and more are planned for May.

The Magistral deposit contains Measured and Indicated Resources estimated at 189 million tonnes grading 0.51% Cu and 0.05% Mo containing 2.14 billion lbs of Copper and 216 million lbs of Molybdenum. The Inferred Resources were estimated at 56 million tonnes grading 0.56% Cu and 0.02% Mo containing 688 million lbs of Copper and 29 million lbs of Molybdenum. This Mineral Resource estimate was filed on SEDAR on December 22, 2005. The qualified persons were Steven Ristorcelli, C.P.G., and George Sivertz, PGeo.


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.

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