Magistral resource increases by 20%

Vancouver – An independent resource estimate by AMEC for Inca Pacific Resources‘ (IPR-V) Magistral copper-molybdenum deposit situated in Ancash, Peru has outlined 20% more resources in the measured and indicated categories and 7% less in the inferred resources.

The estimate follows an 8,000 metre infill core drilling program.

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. Inferred resources total 39.4 million tonnes at 0.71% copper, 0.039% molybdenum and 2.9 grams silver per tonne.

AMEC’s estimate is based on results from 32,640 metres of drillcore in 108 holes.

The previous resource estimate published in May 2004, stated measured and indicated resources, at a 0.5% copper cutoff, totaling 63.2 million tonnes grading 0.78% copper, 0.54% molybdenum and 4.1 grams silver per tonne while the inferred resources totaled 42.2 million tonnes grading 0.68% copper, 0.05% molybdenum and 3.6 grams silver per tonne.

The new resource will form the basis of AMEC’s bankable feasibility study which should be completed by June 2006.

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