News: ICG Inca Minerals Says To Cease Operations In Peru

March 8 (Reuters) - Inca Minerals Ltd (ICG) :

• INCA TO CEASE OPERATIONS IN PERU
• TO CEASE OPERATIONS IN PERU AND TO FOCUS ON OPERATIONS IN AUSTRALIA
• RIQUEZA PROJECT WILL BE PUT UP FOR SALE
• ALL EXISTING ASSETS OF PERU OPERATIONS WILL BE SOLD
• IN TALKS WITH AN OVERSEAS GROUP FOR FUNDING BY EARN-IN- PARTNER AND POTENTIAL JV PARTNERS FOR PERUVIAN PROJECTS
• BEEN IN DISCUSSIONS WITH OVERSEAS GROUP FOR FUNDING BY EARN-IN- PARTNER & POTENTIAL JV PARTNERS FOR ITS PERUVIAN PROJECTS
• COST OF MAINTAINING PERUVIAN OPERATIONS CONSIDERED TOO HIGH AND UNSUSTAINABLE
• COST OF MAINTAINING PERUVIAN OPERATIONS CONSIDERED TOO HIGH AND UNSUSTAINABLE BY INCA BOARD
• AS PART OF CESSATION OF PERUVIAN OPERATIONS, CO WILL PUT RIQUEZA PROJECT ASSET UP FOR POTENTIAL SALE
• DISCUSSIONS WITH POTENTIALLY INTERESTED PARTIES FOR SALE OF RIQUEZA PROJECT HAVE BEEN INITIATED