Inca Pacific reports 20% increase in Magistral resource

An independent study estimates a 20% increase in measured and indicated resources at Vancouver-based Inca Pacific Resources' (TSX-V: IPR) Magistral copper-molybdenum project in central-west Peru's Ancash department, Inca Pacific said in a statement. The study, by Peruvian consultants Amec, calculated 76Mt grading 0.76% copper, 0.05% molybdenum and 3.7ppm silver, using a copper cut-off of 0.5%, in the measured and indicated category. The previous estimate, conducted by NCL Ingeniera y Construcción in 2002, pegged Magistral's measured and indicated resource at 63.2Mt grading 0.78% copper, 0.05% molybdenum and 4.1g/t silver, using the same cut-off. Inferred resources have dropped by 7% to 39.4Mt grading 0.71% copper, 0.04% molybdenum and 2.9ppm silver, said Inca Pacific. Amec's calculation takes into account an 8,000m infill program conducted in 2004 and is based on a total of 32,640m in 108 holes. The resource estimate is part of the first of a three-stage plan to complete a bankable feasibility study at Magistral by June 2006. It is anticipated an updated scoping study, also part of the first stage, will be released in February 2005. Inca Pacific president Anthony Floyd previously told BNamericas that it hoped to announce a new joint venture partner for the project this January. Inca Pacific acquired 100% of the project in March 2004 after buying the remaining 51% from London-based Antofagasta plc (LSE: ANTO) for US$2.1mn.