Inca Pacific Disagrees With the Government of Peru's Intention to Sell Magistral
2010年10月13日 - 7:05AM
Marketwired
Inca Pacific Resources Inc. (TSX VENTURE: IPR) ("Inca Pacific" or
the "Company") reports that the Government of Peru's Agency for the
Promotion of Private Investment ("ProInversion") has run an
advertisement in several newspapers in Peru calling for
international bids for private investment in the development and
exploitation of the mining concessions comprising the core of the
Magistral Project.
The Company is extremely disappointed that the Government of
Peru has taken the action to sell Magistral prior to a decision by
the arbitration panel with respect to the ongoing dispute between
the Company's subsidiary Minera Ancash Cobre S.A. ("MACSA") and
Activos Mineros S.A. (for additional information see news release
dated October 1, 2010). ProInversion's action shows complete
disregard for the contractually agreed process of solving disputes
between parties and for what the arbitration panel, comprised of
Dr. Cesar Luna Victoria Leon, Dr. Cantuarias Fernando Salaverry,
and Dr. Gonzalo Garcia Calderon Moreyra, may think of the
dispute.
For the past ten months, the Company, through its subsidiary
MACSA, has attempted to maintain a dialogue with the Peruvian
Government, including representatives of Activos Mineros S.A. and
ProInversion, in an attempt to find a commercial resolution to the
dispute. While progress has been slow, we believed that the parties
were acting in good faith and were willing to find a solution. The
actions today leave little doubt as to the intentions of the
Government of Peru.
The Company is in the process of requesting ProInversion to
cease all efforts to sell or seek a third party to develop and
exploit the Magistral Project prior to a final decision having been
reached by the arbitration panel. The Company is considering all
legal remedies available to protect its rights under the terminated
Magistral Transfer Agreement which govern the five core claims that
hold the Magistral copper deposit. The Company will provide
additional information as it becomes available.
INCA PACIFIC RESOURCES INC.
Michael D. Winn, CEO & Director
Forward-Looking Statement - Some of the statements in this news
release contain forward-looking information that involves inherent
risk and uncertainty affecting the business of Inca Pacific
Resources Inc. Actual results may differ materially from those
currently anticipated in such statements.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Inca Pacific Resources Inc. Julia Maxwell Investor
Relations 604 687-3727 Jmaxwell@incapacific.com
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