Progress at Magistral

Vancouver — The estimated size of the resource at Inca Pacific Resources‘ (IPR-V) Magistral copper-molybdenum deposit in northwestern Peru has increased by 20%.

At a cutoff of 0.5% copper, measured and indicated resources total 76 million tonnes grading 0.76% copper, 0.055% molybdenum and 2.7 grams silver per tonne. By comparison, in May 2004, AMEC pegged the measured and indicated resource at 63.2 million tonnes grading 0.78% copper, 0.54% moly and 4.1 grams silver per tonne. Again, a cutoff of 0.5% copper was used.

Meanwhile, the inferred resource has decreased by 7%, to 39.4 million tonnes at 0.71% copper, 0.039% moly and 2.9 grams silver per tonne from 42.2 million tonnes grading 0.68% copper, 0.05% moly and 3.6 grams silver.

The new estimates are based on results from 8,000 metres of infill core drilling and on 32,640 metres of drill core in 108 holes.

Inca Pacific will use the latest calculations as the basis for a bankable feasibility study, to be completed by June 2006.