Inca One Gold Corp (IO)

[CansoSpaceMan]

Inca One extends Las Huaquillas payment date

2012-03-01 12:18 ET - News Release



Mr. Edward Kelly reports

INCA ONE EXTENDS PROPERTY PAYMENT TIMELINE

Inca One Resources Corp. has signed an amended agreement in connection with the property purchase agreement with Rial Minera SAC and its shareholders, with respect to the Las Huaquillas gold-copper project in Peru.

Pursuant to the terms of the original agreement, Inca One was granted the right to earn a 100-per-cent interest in the project by making quarterly payments for a period of four years. Pursuant to the amended agreement, it was agreed that the company will defer its quarterly payments until the drilling permits have been obtained.

Edward Kelly, Inca One's chief executive officer, says: "This revised agreement shows our strong relationship with the property vendors and the local communities in Peru. It also allows us to effectively deploy our working capital as we advance through the final stages of the drill permitting process."

Inca One has established an estimated timeline to receive its drilling permits by late second quarter to early third quarter of 2012.

The revised structure of the property payments and effective deployment of capital gives the company an opportunity to complete the permitting and drilling application process without having to raise additional capital.

We seek Safe Harbor.