Inca Pacific private placement


    TSX Venture Symbol: IPR
    Standard & Poor's Listed

    VANCOUVER, BC, March 22 /CNW/ - Inca Pacific Resources Inc. ("Inca
Pacific") is pleased to announce that it has set terms for the brokered
private placement (the "Issue") of common shares of up to $8,000,000 announced
on February 15, 2007. The common shares will be priced at $0.75 per common
share. The proposed private placement will be subject to a four-month hold
    Raymond James Ltd. ("Raymond James") is acting as agent on the Issue and
will receive a 6% commission and agent warrants equal to 6% of the number of
common shares sold pursuant to the Issue. Each agent warrant will entitle
Raymond James to purchase one common share at an exercise price of $1.00 for
18 months from closing, subject to certain conditions.
    The proceeds of the financing will be used to fund completion of a final
feasibility study on Inca Pacific's 100% owned Magistral copper-molybdenum
project in Peru. The Issue is scheduled to close on or about April 5th, 2007,
unless otherwise agreed between Inca Pacific and Raymond James, and remains
subject to certain conditions, including satisfactory due diligence and the
receipt of all required regulatory and other approvals, including the
acceptance of the TSX Venture Exchange.

    The securities offered have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.


SOURCES INC. Signed: "Anthony Floyd" President and Director CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include Inca Pacific's commitment to, and plans for completing a final feasibility study, obtaining approval of an Environmental Impact Assessment and developing the Magistral Project. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Inca Pacific to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Magistral Project, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of copper, silver and molybdenum. Although Inca Pacific has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Inca Pacific does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Bill Galine, Investor Relations, Phone: (604)
662-3922, Email:

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