Inca Pacific Orders Ball Mill for Magistral
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 19, 2008) – Inca Pacific Resources Inc. (TSX VENTURE:IPR) is pleased to announce that a letter of award has been issued to Bateman Engineered Technologies for the supply of one ball mill for the Magistral Copper-Molybdenum Project (the “Magistral Project”), situated in Ancash, Peru. This critical order has been placed now so that the equipment can be delivered to site no later than September 2010.
Inca Pacific is currently evaluating the purchase of either a Semi Autogenous Grinding (“SAG”) mill or a High Pressure Grinding Roll mill (“HPGR”) for the Magistral Project. Early indications from test work suggest that HPGR technology will work well at Magistral. Operating costs and delivery times for HPGR mills are currently better than SAG mills. In addition, the HPGR technology may offer advantages in plant capacity and process recoveries. Inca Pacific expects to decide which grinding technology is most appropriate for the Magistral Project, and finalize negotiations with a vendor of the selected technology within 45 days.
Anthony Floyd, President and CEO said, “We are very pleased to be placing this long lead-time order while we wait to receive approval of our Environmental and Social Impact Assessment as well as many other key permits. We believe that working on multiple critical path matters at the same time is essential to keep the Magistral Project on schedule.”
Magistral 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. Please see Inca Pacific’s technical report on the property for a detailed discussion of the project including critical assumptions, risks and sensitivities. The report is available on the Company’s website and on SEDAR at www.sedar.com.
CAUTION REGARDING FORWARD LOOKING STATEMENTS:
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of copper, molybdenum and silver, the timing of exploration activities, the mine life of the Magistral Project, the economic viability and estimated internal rate of return of the Magistral Project, the estimation of mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Inca Pacific’s commitment to, and plans for developing, the Magistral Project. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “can”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Inca Pacific to be materially different from those expressed or implied by such forward-looking statements. The FFS includes a detailed discussion of the risks and assumptions underlying such forward-looking statements including but not limited to: risks related to the exploration and potential development of the Magistral Project, the risk that project financing may not be available on acceptable terms or at all, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of copper, silver and molybdenum. Although Inca Pacific has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Inca Pacific does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
INCA PACIFIC RESOURCES INC.
Anthony Floyd, President and Director
Standard & Poor’s Listed
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