| Government of Peru Seizes $3.0 Million Deposit From Inca Pacific |
|
|
|
|
Inca Pacific Resources Inc. (TSX VENTURE:IPR) announces that Activos Mineros, the Peruvian agency responsible for administering the Company's contract with the Government of Peru, has withdrawn US $3 million that the Company had on deposit as security for its investment commitments in connection with the Company's Magistral Project. Activos Mineros claims that the Company did not satisfy its obligation to make certain investments and minimum levels of expenditure for the 2008 fiscal year which ended in February 2009. The company disputes the interpretation Activos Mineros has taken.
"Following a year of good faith negotiations to make changes to our contract due to the impact of the global financial crisis, we are very disappointed that Activos Mineros has taken this step. We believe this action is unreasonable and we will be considering all options to protect the interests of Inca Pacific and its shareholders," said James Rothwell, President and CEO. INCA PACIFIC RESOURCES INC. Signed: "James R. Rothwell" Standard & Poor's Listed The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
