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Inca Pacific Closes $2.57 Million Private Placement
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Vancouver, British Columbia, January 14, 2008 - Inca Pacific Resources
Inc. (TSX-V: IPR) has closed its non-brokered private placement of
1,515,600 common shares at a price of $1.70 per share (the "Offering")
with Sprott Asset Management on behalf of certain managed accounts
("Sprott") for total proceeds of $2,576,520. As a result of the
Offering, Sprott owns approximately 49.47% of the issued and
outstanding shares of Inca Pacific on a non-diluted basis.

Prior to the completion of the private placement, Sprott sold 1,515,600
common shares at a price of $1.80 per share through the facilities of
the TSX Venture Exchange. For its role in facilitating this sale, a
fee was paid to Credibolsa SAB S.A. consisting of $136,404 and warrants
to purchase a total of 75,780 shares of Inca Pacific exercisable at a
price of $2.50 per share on or before July 14, 2009.

The Sprott shares and any shares issued on exercise of Credibolsa's
warrants are subject to a hold period expiring May 14, 2008.

Proceeds from the Offering will be used to advance Inca Pacific's 100%
owned Magistral Copper-Molybdenum Property in Peru and for general
working capital purposes.

CAUTION REGARDING FORWARD LOOKING STATEMENTS: This release includes
certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts
that address future production or resource potential, exploration
drilling, exploitation activities and events or developments that Inca
Pacific expects to occur, are forward-looking statements. Although the
company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward looking statements include fluctuations in commodity prices,
exploration successes, and continued availability of capital and
financing and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of
future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. The
Company does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.


INCA PACIFIC RESOURCES INC.

Signed: "Anthony Floyd"
President and Director

For further information contact: Bill Galine
Investor Relations
Phone 604-662-3922
or Email: bgaline@incapacific.com

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

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Copyright (c) 2008 INCA PACIFIC RESOURCES INC. (IPR) All rights
reserved. For more information visit our website at
http://www.incapacific.com/ or send mailto:contact@incapacific.com
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