Date Closed

October 26, 2011

Lead Office

Toronto

Value

35.00 Million CAD

On October 26, 2011, Compañía Minera Milpo S.A.A. and Inca Pacific Resources Inc. completed the C$35 million acquisition by MILPO of all of the issued and outstanding common shares of Inca Pacific, by way of a statutory arrangement under the provisions of the Business Corporations Act (British Columbia). Shareholders of Inca Pacific received C$0.61 in cash for each common share of Inca Pacific held, and holders of Inca Pacific options received a cash payment equal to the in-the-money amount of their options. The shares of Inca Pacific were thereafter delisted from the TSX Venture Exchange and the Lima stock exchange.

MILPO is a producing Peruvian mining company listed on the Lima stock exchange, with projects in Peru and Chile. The acquisition will pave the way for the development by MILPO of the Magistral copper/molybdenum project in Peru, which had previously been slowed by arbitration proceedings between Inca Pacific and the Government of Peru.

McCarthy Tétrault LLP represented Compania Minera Milpo S.A.A, the acquiror, and its controlling shareholder, Votorantim Metais Ltda., with a team led by Brian Graves.