Alturas Minerals Corp. (the "Company" or "Alturas") (TSX VENTURE:
ALT)(BVLAC: ALT) announced today that it has entered into an
amendment of a letter agreement with Minera IRL Limited, a
Jersey-registered company listed on the Toronto Stock Exchange, the
London AIM market and the Lima Stock Exchange ("IRL"), regarding
the adjacent Utupara and Chapi Chapi properties within the
Huaquirca copper-gold district in southern Peru ("Huaquirca Joint
Venture). The amendment modifies an earlier letter agreement
announced by the Company on June 2, 2010 and grants Alturas
extensions of the terms within which to execute drilling at
Huaquirca.
Miguel Cardozo, Chairman and President and CEO of Alturas
commented: "We are pleased to have renegotiated the terms of the
Huaquirca Joint Venture with IRL, and look forward to advancing
drill exploration on this highly prospective district. Previous
surface exploration completed by Alturas in the Chapi Chapi area
identified a number of large and strong copper-gold geochemical
anomalies that require drill testing. The Company also has recently
signed a new 2-year agreement with the Huaquirca community that
gives Alturas access to community land for its planned exploration
program. We will therefore be able to start field work
immediately".
Mr. Cardozo added that: "After the completion of a $4.04 million
private placement in late November, Alturas is well positioned to
increase value to our shareholders by drilling our two best
copper-gold projects, Huaquirca and Sombrero, during 2011."
Under the Letter Agreement and its Amendment, the two parties
propose a Joint Venture ("Huaquirca Joint Venture") covering the
combined Chapi Chapi-Utupara properties, with IRL contributing the
Chapi Chapi property and Alturas contributing the adjacent Utupara
property.
Alturas now has the option to gain an 80% interest in the
Huaquirca Joint Venture by starting drilling on the joint venture
property no later than June 30, 2011 and must complete at least
15,000 meters of drilling on the Chapi-Chapi Property and
completing a scoping study on any potential discovery before
December 31, 2012. In consideration for IRL granting Alturas the
terms extensions, Alturas will pay IRL US$ 200,000. This payment is
being made by paying US$100,000 in cash and issuing 398,224 common
shares priced at $0.2477 per share. The shares will be legended and
restricted from trading until May 14, 2010.
Once Alturas has fulfilled its obligations and have earned an
80% interest in the Joint Venture, both parties would contribute
pro-rata according to their percentage interests, subject to usual
dilution. If IRL were to dilute below 20% interest it could convert
that part of its interest to a 2% NSR. If IRL were to further
dilute its interest to below 10%, it would be entitled to an
additional 1% NSR (for a total 3% NSR in consideration of its 20%
interest). The NSR is subject to a total buyout for US$ 5 million
at Alturas's option.
Alturas will be operator during the Drilling and Scoping Study
phases.
About the Huaquirca copper-gold district
The 6,903 hectare Chapi Chapi project occurs in the department
of Apurimac in southern Peru. The Chapi Chapi property block is
immediately adjacent to 5,276 hectare Alturas's Utupara property,
both within the copper-gold Huaquirca district. Together the two
projects now comprise a larger joint venture area ("Huaquirca Joint
Venture") of Alturas with Minera IRL Limited.
In Utupara, alteration and mineralization occur over +4.0 x 4.0
kilometers. Alteration is dominately a potassic style
kfeldspar-biotite-magnetite) with widespread phyllic and propylitic
alteration overprints and bodies of fault-controlled skarns
occurring along the eastern contact of the intrusive complex with
the sedimentary rocks.
The Chapi Chapi property hosts a large copper-gold-molybdenum
skarn system (the +3 km long "Chapi Chapi Corridor") hosted by
Cretaceous limestones and cut by dioritic to monzonitic stocks. In
addition, the property hosts a large gold-in-soils geochemical
anomaly ("Huarajo" anomaly) located within fractured and
limonitized Cretaceous sandstones.
The limestones in the Huaquirca District are part of the same
unit that hosts large skarn deposits in the Apurimac-Cusco
porphyry-skarn belt, such as the Tintaya and Las Bambas copper-gold
skarn projects of XStrata. The quartzite unit also hosts a
significant copper oxide resource at the nearby Antilla project of
Panoro Minerals, situated some 20 kilometers to the west.
For maps and an extended summary of exploration results, refer
to the Company's website
www.alturasminerals.com/project-pdfs.html
About Minera IRL
Minera IRL Limited together with its subsidiaries (the "Group")
is a Latin American precious metals mining, development and
exploration company. Managed by a team of experienced mining
executives, the Group's business was privately funded from
inception in 2000 until listing on the London AIM Market in April
2007. Minera IRL Limited is currently quoted on the Toronto Stock
Exchange (TSX: IRL), AIM London (AIM: MIRL) and the BVL, Lima, Peru
(BVLAC: MIRL) stock exchanges.
The Group operates the Corihuarmi Gold Mine, is exploring the
Ollachea Project, both of which are in Peru, and is also
undertaking a feasibility study at the Don Nicolas gold project in
Patagonia, Argentina.
About Alturas Minerals Corp.
Alturas is a Canadian corporation, and is the parent of Alturas
Minerals S.A. ("Alturas Peru") and Alturas Minerals Chile Ltda
("Alturas Chile"). Alturas' exploration strategy is focused on the
discovery of large epithermal gold mineralized deposits and
copper-gold porphyry/skarn deposits in Peru and Chile.
Alturas Peru has been actively exploring various mineral
projects in Peru since January 2004. Alturas' properties include
four drill-ready mineral exploration projects located in central
and southern Peru, which includes the Chapi Chapi-Utupara
Copper-Gold Project, the Sombrero Copper-Gold Project, the
Ccaccapaqui Gold-Silver Project and the Huajoto Gold-Silver-Zinc
Project. In addition, Alturas Peru has interests in four other
exploration projects in Peru.
Alturas Chile has recently entered into a Final Option Agreement
to acquire 100% of the La Corina copper-gold porphyry property in
northern Chile. Drilling of the property is programmed for the
second quarter of 2010.
For further information, please visit the Company's website at
www.alturasminerals.com.
Alturas Minerals Corp.
Suite 3100, Scotia Plaza, 40 King St. W., Toronto, ON Canada M5H
3Y2
and
Calle Francisco de Zela # 2579, Int. D, Lince, Lima 14, Peru
Should you wish to receive Company news via email, please email
contact@alturasminerals.com and specify "Alturas News" in the
subject line
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.
Contacts: Alturas Minerals Corp. + 51-1- 652 4691 (Peru)
investor@alturasminerals.com
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