IPR Inca Pacific Resources

Inca Pacific Resources Inc. (TSX VENTURE:IPR) is pleased to announce that it has
received formal approval of its Magistral Final Feasibility Study ("FFS") from
the Government of Peru ("GOP"). In connection with this approval Inca Pacific
has provided a bank guarantee for the sum of US$3 million in favour of the GOP.
The purpose of the guarantee is to assure performance of the first year
investment commitment for mine construction as defined in the FFS.


Anthony Floyd, President & CEO said, "This is another important milestone in the
development of Magistral. It will allow us to place orders for long lead time
equipment, negotiate surface rights agreements with our local communities and
accelerate the permitting process including ESIA approval."


Magistral, as defined by the FFS, involves the development of a 20,000 tonnes
per day open-pit mine and concentrator operation that will produce separate
copper and molybdenum concentrates over a 15-year period. Magistral is located
in northern Peru approximately 260 kilometers east of the city of Trujillo.
Concentrates will be trucked from the mine to the port of Salaverry, near
Trujillo, and then shipped to smelters and refineries overseas. Plant tailings
will be impounded in tailings storage facilities located near the mining
operation. The project also includes major improvements to the site access
roads, construction of site support facilities and a 50-kilometer electrical
transmission line.


INCA PACIFIC RESOURCES INC.

Anthony Floyd, President and Director

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