VANCOUVER, Feb. 14, 2012 /CNW/ - INCA ONE RESOURCES CORP. (TSX VENTURE: IO) ("the Company" or "Inca One") is pleased to announce
that it has completed its Socioeconomic Baseline Study for the local
communities surrounding its Las Huaquillas Gold-Copper project in Peru.
Completion of the study is required by local Peruvian authorities for
all mineral resource exploration and development projects. It entails
extensive surveys, compilation and analysis of the current
socioeconomic conditions in the communities surrounding Peruvian
natural resource projects.
The study is a reference tool to gauge the economic benefits of Inca
One's investments and activities in the region.
Inca One previously announced that its socioeconomic study was underway
on October 19, 2011 with an estimated completion time in Q1 2012. The
study was completed by Elizabeth Sánchez Machicao B.A. and Dennis
Ramirez Sánchez B.A., and it will now be submitted to all requisite
Edward Kelly, Inca One CEO says, "The completion of this study is a
major milestone in completing all the requirements for final
exploration permitting. The information obtained from socioeconomic
baseline study will be included in our Environmental Impact Statement
required for the drilling permit. We have a solid team of community
relation experts and this demonstrates the valued relationships we are
building with the local community. This is all in line with our
projected exploration and permitting timeline."
About Inca One Resources Corp.:
Inca One Resources Corp. is a publicly listed (TSX VENTURE: IO) mineral
resource company focused on acquiring and advancing properties in the
South American country of Peru.
Led by successful entrepreneur and business owner, Edward Kelly, the
team has built multiple successful business ventures in a number of
different business sectors. The Company has the option to acquire a
100% interest in the Las Huaquillas Gold-Copper project in Peru.
Previous exploration on the Project was executed by Cooperacion Minero
Peruano - Alemana (1988-1992) and Sulliden Gold Corporation Ltd. (TSX:
SUE, "Sulliden") (1996 - 1999). The exploration consisted of surface
geological, geochemical, and geophysical studies, 26 drill holes and
1200 meters of underground workings.
In 1998, Sulliden estimated a 500 meter section of the 2.2 km long Los
Socavones Zone hosted an estimated geological resource of 6.57 million tonnes grading 2.09 g/t Au
and 25.2 g/t Ag (equivalent to 443,000 ounces of gold and 5.3 million
ounces of silver). The resource estimate is based on historical findings and is not NI
43-101 compliant. The historical estimate used a cut-off of 1.5 g/t
gold and remains open at depth and along strike. The historical
resource estimate was based on data retrieved from 10 drill holes and
20 mineralized intercepts to a depth of 200 meters.
Inca One's management believes that the Company can obtain its social
and drilling permits in a timely and efficient manner based on the
community support received to date and support from its property
vendors. After receiving the social and drilling permits, the Company's
objective will be to develop shareholder value by upgrading the Las
Huaquillas Gold-Copper Project's historical resource into an NI 43-101
compliant resource estimate.
The completion of an NI 43-101 compliant resource estimate will be
followed by additional drilling to develop the project's full
Note: The historic resource was calculated in 1998 and the Company has
not completed the work necessary to have the historical estimate
verified by a Qualified Person. The Company is not treating the
estimate as a current NI 43-101 defined resource and the historical
estimate should not be relied upon. The Project will require
considerable future exploration which the Company intends to carry out
in due course.
More information on the project and Inca one can be found on its web
site at www.incaone.com.
On behalf of the Board,
INCA ONE RESOURCES CORP.
Statements in this press release regarding the Company which are not
historical facts are "forward-looking statements" that involve risks
and uncertainties. Such information can generally be identified by the
use of forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. Since forward-looking statements address
future events and conditions, by their very nature, they involve
inherent risks and uncertainties such as the risk that the closing may
not occur for any reason. Actual results in each case could differ
materially from those currently anticipated in such statements due to
factors such as: (i) the inability of the parties to consummate the
definitive letter agreement; (ii) fluctuation of mineral prices; (iii)
a change in market conditions; (iv) the inability to produce the
technical report for any reason whatsoever; and (v) the refusal of the
Exchange to accept the proposed transaction for any reason whatsoever.
Except as required by law, the Company does not intend to update any
changes to such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
For further information:
contact the Company at:
Telephone: (604) 669-9788 Facsimile: (604) 669-9768