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| Date: |
10-Mar-10 |
| Time: |
11:32 AM |
| Last: |
$0.22 |
| Volume: |
5000 |
| Change: |
+0.01 |
15-20 min delay
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| Corporate Update |
Dec 1 - 2009: Activos Mineros S.A.C. ("AM") notified Inca Pacific Resources ("Inca") that the Magistral Contract has been cancelled. The Magistral Contract governs Inca's rights to the core mining concessions which cover the majority of the Magistral deposit. The notification stated that the Magistral Contract was cancelled as a result of a failure by Inca to post the second year's letter of credit of approx US$24 million.
Inca does not agree with the position that AM has taken in cancelling the Magistral Contract as well as seizing the US$ 3 million letter of credit.
Inca continues to work with AM to resolve this situation, while at the same time considering all options to protect the interests of the Company.
Inca continues to own a 100% interest in 21 concessions that are contiguous to the core mining concession. The Company believes that it would be very difficult for a third party to develop the Magistral deposit in the manner described in our Feasibility Study without ownership of the contiguous claims. |
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Dec 01, 2009
News Releases
Inca Pacific Notified Of Cancellation Of Magistral... (more...) | Nov 30, 2009
News Releases
Inca Pacific Grants Options (more...) | Nov 23, 2009
News Releases
Inca Pacific Appoints Andre Gauthier as President (more...) |
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