VANCOUVER, Feb. 22, 2012 /CNW/ - INCA ONE RESOURCE CORP. (TSXV:IO) ("the Company" or "Inca One") is pleased to announce that it has commenced its Sustainability Program for the communities surrounding its Las Huaquillas Gold-Copper project in Peru.
The current Peruvian government promised a Social Inclusion Program during the most recent election cycle. As a result, the government of Peru now requires a Sustainability Program to be designed and implemented by the company exploring and developing natural resource assets prior to the issuance of social and drilling permits.
In order to meet these requirements and stay on track with the Company's established development timeline and goals, Inca One has partnered with Cooperative Agraria Santuario de la Frontera Ltd. located in Peru. The primary goal of the Sustainability Program is to provide education and training with four main components. The components include increasing coffee production, quality improvement, certification, and education.
The Sustainability Program Inca One has committed to will positively impact 800 families who own and operate a combined 1,237 hectares of coffee-growing farms in the area surrounding the Company's mineral resource project for the next three years. It will also train more than 1,200 individuals on maximizing coffee yield from their current operations, which will triple their current yield by the third year. The total increase in economic benefit due to higher coffee yields will be approximately US$1.5 million per year once the Sustainability Program has been fully implemented.
Furthermore, Inca One's Sustainability Program is focused on creating a high-impact socioeconomic program while mitigating direct costs to the Company. The Company has engaged local and national government organizations to both increase the impact of the initiative and defray the costs.
The local community relies heavily on coffee production as its primary economic activity. Inca One's President and CEO's past experience as a coffee industry executive will be helpful in completing the Sustainability Program and keeping direct costs incurred by Inca One at a minimum.
Edward Kelly, Inca One CEO, says, "The start of the Sustainability Program is another positive step forward for Inca One. The program is critical to maintaining the strong relationship we have with the local community and our future success in Peru. This program offers tremendous benefits to the Company and both direct and indirect stakeholders of our project."
With the implementation of the Sustainability Program now underway, Inca One believes that it has met the requirements of the government.
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 Cooperation 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 management believes 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 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 potential.
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.
CEO & President
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:
For more information contact the Company at:
Telephone: (604) 669-9788
Facsimile: (604) 669-9768