Inca Pacific Notified of Cancellation of Magistral Contract

Inca Pacific Resources Inc. ("Inca Pacific" or "Company") (TSX VENTURE:IPR)
reports that Activos Mineros S.A.C ("Activos Mineros"), the Peruvian agency
responsible for administering the Magistral Contract ("Contract") between the
Company's subsidiary Minera Ancash Cobre S.A. ("Minera Ancash") and the
Government of Peru, has notified Minera Ancash that the Contract has been
cancelled. The Contract governs the Company's rights to the core mining claims
which cover the majority of the Magistral deposit. The notification was
delivered on December 1, 2009 and indicated that the Contract was cancelled as a
result of Minera Ancash not posting the second year's letter of credit of
approximately US$24 million.


The Company does not agree with the position that Activos Mineros has taken as
to the cancellation of the Contract, as well as to the seizing of the US$3
million letter of credit as reported in the Company's release on November 4,
2009. The Company will continue to work with Activos Mineros to resolve this
situation while at the same time considering all options to protect the
interests of Inca Pacific and its shareholders.


INCA PACIFIC RESOURCES INC.    
       
Michael Winn, Chief Executive Officer 

Standard & Poor's Listed

Inca Pacific Resources (TSXV:IPR)
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