Inca Pacific Disagrees With the Government of Peru's Sale of Magistral
19 4월 2011 - 6:52AM
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 awarded the
Magistral Project to Compania Minera Milpo S.A.A. ("MILPO"), a
Peruvian mining company controlled by Votorantim Metais Ltd, a
large private Brazilian company. MILPO will have an option to
develop and exploit the mining concessions comprising the core of
the Magistral Project and is planning to invest over US$ 400
million.
MILPO, was the only bidder in the process and according to its
awarded offer, has a period of 48 months to exercise the option to
acquire the Magistral mining concessions registered under the name
of Activos Mineros S.A.C. (a state-owned Peruvian company) by
committing to develop the project in no more than 36 months from
the exercise of the option with an initial payment of US$8.02
million for the right. Minimum price under the terms of the bidding
was US$8 million. Ownership on the mineral titles held by Activos
Mineros S.A.C. are under litigation with Minera Ancash Cobre S.A.
("MACSA"), Inca Pacific's wholly owned subsidiary.
According to ProInversion, MILPO offered to pay during the
entire period of the mine life 2% of the net smelter return on the
sales of the concentrates extracted from the transferred
concessions in addition to the royalties that are part of the
Peruvian mining law with rates between 1% and 3% of the sales of
the concentrates depending on the value of production. This 2%
royalty is to be shared equally between the Government of Peru and
a social fund created for the benefit of the CONCHUCOS and PAMPAS
communities. An agreement with the community of CONCHUCOS for the
use of their land for the Magistral mine is still pending.
According to the last version of the bid basis and option contract
to be signed as published on the Pro-Inversion website, the
obligations associated with the proposed option agreement with
MILPO will only be in force if Activos Mineros prevails in the
existing arbitration procedure.
Inca Pacific is extremely disappointed with the Government of
Peru's decision to initiate and now award the Magistral deposit to
a third party prior to a conclusion of the ongoing arbitration
proceedings between the MACSA and Activos Mineros. (for additional
information see news releases dated October 1, 2010 and March 3,
2011). The Company is considering additional legal remedies
available to protect its rights under the Magistral Transfer
Agreement including initiating international arbitration
proceedings against the Government of Peru before the International
Centre for Settlement of Investment Dispute (ICSID) in Washington
DC, requesting the guarantee and protections under the Free Trade
Agreement between Peru and Canada.
The decision to award Magistral to MILPO prior to the
arbitration proceeding casts an ugly light on mining tenure in
Peru. Inca Pacific has invested over $40 million in Magistral and
will pursue all available remedies to protect its investment. The
Company continues with exploration plans to explore the 12,750
hectares of mining concession surrounding the five core claims.
Even though the claims in dispute constitute the core of the known
mineralization, they represent less than 2% of the entire property
area which remains highly prospective for a variety of mineralized
systems.
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. Kim Casswell 604-687-3727
www.incapacific.com
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