TORONTO, ONTARIO and LIMA, PERU--(Marketwire - Jan. 30, 2012) - Alturas Minerals Corp. ("Alturas" or the "Company") (TSX VENTURE:ALT)(BVLAC:ALT) is pleased to report that it has entered into an option agreement with Compania de Minas Buenaventura S.A.A. ("Buenaventura") (BVLAC:BUE)(NYSE:BVN), a Peruvian company listed on the Lima and New York Stock Exchanges, regarding its 100% owned Ccaccapaqui gold-silver property in southern Peru (the "Property").
Under the terms of the 4-year option agreement, Buenaventura can earn a 100% interest in the project by incurring a minimum of US$0.5 million on exploration expenditures per year and by additionally making staged yearly cash payments to Alturas totaling US$4.0 million. A first payment of US$100,000 was received on January 27th, 2012 on signing of the Public Deed of the option agreement.
The Agreement also stipulates that once Buenaventura exercises the option to acquire the Property, Alturas becomes entitled to a royalty payment on all minerals extracted from the Property, equivalent to 1% of the net smelting return ("NSR") obtained for the first 250,000 ounces of gold equivalent, and will then increase to a 2% NSR for every additional ounce of gold equivalent.
Miguel Cardozo, President and CEO of Alturas commented, "We are pleased to be associated with Buenaventura, a major international mining house and one of Peru's principal gold and silver producers, for continue the exploration and development of our Ccaccapaqui gold-silver project. This agreement forms part of Alturas's strategy of sharing exploration risk at some of our gold and copper-gold projects, whilst focusing our own resources in our flagship copper-gold property, Chapi Chapi-Utupara".
The transaction remains subject to regulatory approvals of both parties.
About the Ccaccapaqui gold-silver project
The 600 hectare Ccaccapaqui project is located 460 kilometers southeast of Lima in the department of Ayacucho, within the same volcanic belt that hosts major high- and low-sulfidation epithermal gold-silver deposits such as Orcapampa, Arcata, Ares, Antapite and Poracota. Buenaventura-Newmont's Breapampa high sulfidation gold deposit lies only 24 kilometers to the southeast of the Ccaccapaqui project. Sampling by Alturas at Ccaccapaqui has previously returned very encouraging gold and silver results within the upper levels of an interpreted high-sulfidation epithermal system, as reported in a company press release dated June 18, 2008. Gold- and silver-mineralized silicic alteration defines a coherent anomaly of +1.50 x 0.50 kilometers in dimension and the system is still open at both ends. Access to the project is currently restricted as there is an illegal governmental restraint given by the Provincial Municipality of Parinacochas-Coracora. This restraint is regional in extent and is in no way specific to the company or the property. Alturas is considering what actions can be taken to resolve this difficulty and will keep investors apprised of any developments. For maps and an extended summary of exploration results, refer to the Company's website www.alturasminerals.com.
About Compania de Minas Buenaventura
Buenaventura is Peru's largest, publicly traded, Precious Metals Company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.
Buenaventura currently operates several mines in Peru (Orcopampa, Poracota, Uchucchacua, Antapite, Julcani, Recuperada, El Brocal, La Zanja, Tantahuatay and CEDIMIN).
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.35% of Sociedad Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca project.
About Alturas Minerals Corp.
Alturas is a Canadian corporation, and is the indirect parent of the Peruvian company, Alturas Minerals S.A. ("Alturas Peru") and of the Chilean company, Alturas Chile Limitada ("Alturas Chile"). Alturas Peru has been exploring various mineral projects in Peru since January 2004. Alturas Chile initiated exploration activities during the second quarter of fiscal 2010. Alturas' exploration strategy is focused on the discovery of large copper-gold porphyry/skarn deposits and epithermal gold mineralized deposits.
The principal assets of Alturas are five drill-ready mineral exploration projects located in Peru and Chile, including the Chapi Chapi-Utupara, Sombrero, Huajoto and Ccaccapaqui projects in Peru, and La Corina property in Chile. In addition, Alturas Peru has interests in three other less-advanced exploration projects in Peru (Callejones, San Antonio and La Divina).
For further information, please visit the Company's website at www.alturasminerals.com.
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Cautionary Language and Forward Looking Statements
This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities.The TSX Venture Exchange and the Bolsa de Valores de Lima do not accept responsibility for the adequacy or accuracy of this release.