Government of Peru Seizes $3.0 Million Deposit From Inca Pacific
04 Novembre 2009 - 10:13PM
Marketwired
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the Company's contract with the Government of Peru, has withdrawn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.
James R. Rothwell, President and Chief Executive Officer
Standard & Poor's Listed
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Inca Pacific Resources Inc. Bill Galine Investor
Relations 604-662-3922 bgaline@incapacific.com
www.incapacific.com
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