Inca Pacific Resources Inc.

Inca Pacific Resources Inc.

February 24, 2005 19:11 ET

Inca Pacific Resources Inc.: Update On Transaction With Quadra Mining Ltd.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INCA PACIFIC RESOURCES INC.

TSX VENTURE SYMBOL: IPR

FEBRUARY 24, 2005 - 19:11 ET

Inca Pacific Resources Inc.: Update On Transaction
With Quadra Mining Ltd.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 24, 2005) - Inca
Pacific Resources Inc. (TSX VENTURE:IPR) today reported that it is
continuing to work with Quadra Mining Ltd. (TSX: QUA) to give effect to
the transaction in respect of the Magistral property previously
announced on January 12, 2005. Since announcing the letter of intent,
the parties have undertaken significant effort including site visits,
legal and technical due diligence. As a result, and in order to allow
for the orderly completion of legal documentation, the parties have
agreed to extend the exclusivity period to March 3, 2005.

Inca Pacific is a resource exploration company with a focus on copper,
gold and molybdenum projects in Peru. Visit our website at
www.incapacific.com for the latest corporate information.

INCA PACIFIC RESOURCES INC.

Signed: "Anthony Floyd"

President and Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Inca Pacific Resources Inc.
    Clive Massey
    Investor Relations
    (604) 662-3902
    cmassey@incapacific.com
    www.incapacific.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.