|Nov 13, 2012|
Alturas reports formal registration of the Marilin and Quispe agreements in northern Chile
Toronto, November 13, 2012 – Alturas Minerals Corp. (the “Company”) (TSX-V, BVL: ALT) is pleased to report that the two option agreements with Sociedad de Inversiones Gema Limitada (“Inversiones Gema” or the “Owner”), a Chilean mining exploration company, to acquire 100% of its Marilin and Quispe gold-(±copper) projects have been formally registered at the Mining Conservator (“Conservador de Minas”) of Copiapo and Diego de Almagro jurisdictions in northern Chile.
Miguel Cardozo, President & CEO of Alturas commented that “The Marilin and Quispe projects represent a very important development for the Company in Chile, one of Latin America’s premier mining jurisdictions. Alturas has now consolidated a high-quality project portfolio in the mineral-rich Maricunga belt, which hosts over 92 million ounces of gold and 13 billion pounds of copper in known resources, and we have completed a first successful geological and geochemical study of both projects with positive results that merit follow up work to define drill targets”.
Under the terms of previously signed letters of intent, Alturas had paid the sum of US$5,000 to Inversiones Gema upon the execution of each of the LOIs (US$10,000 in total) on May 30, 2012 and has completed a technical and legal due diligence, after which signed formal Option Agreements with Inversiones Gema to acquire 100% of the Marilin and Quispe properties and paid the sum of US$25,000 to Inversiones Gema upon the execution of each the option agreements (US$50,000 in total). Alturas has now received formal confirmation that the agreements have been validated and registered at the corresponding registries in the Mining Conservator of Copiapo and Diego de Almagro and are therefore fully in force.
If Alturas decides to execute any or both of the Option Agreements, the Company will have the option to acquire the projects over a term of four years by making staged cash payments to the Owner for a total of US$3.325 million for each of the projects (US$6.65 million in total if both option rights are exercised) over the four year period. Once Alturas exercises the option and the mining properties are transferred to Alturas, Gema will also be entitled to receive a 1.5% NSR royalty payment once commercial production starts in any of the mining properties.
The Maricunga gold-copper Belt
The Marilin Gold-(±Copper) Project
The Quispe Gold-(±Copper) Project
Both the high-grade material (>100 g/t Au, >3% Cu, >50 g/t Ag selected ore) found in the artisanal mine workings and other mineralization reported from the area correspond to the uppermost, epithermal part of a porphyry system, partially covered by volcanic and sedimentary rocks. The exposed part of the mineralized system covers a 2km2 area comprising high-grade epithermal veins, hydrothermal breccias, stockwork-veining and porphyry bodies with intense silicic-argillic alteration. Epithermal mineralization occurs within a 400m-long by 10 to50m-wide zone, and mine workings reach a depth of 60m, bottoming in mineralization.
Seven rock samples have been reported by Inversiones Gema. Three of them (M1, M2 and M3) taken from the epithermal area that was not previously uncovered by artisanal miners reported 0.46%, 1.70% and 0.23% copper and 125.9 g/t, 37.7 g/t and 9.1 g/t gold, respectively. One sample (M7) was taken by Inversiones Gema from the old mine workings and reported 6.25% copper and 32.8 g/t gold. The mineralization in these workings extends vertically for at least 40-60 meters, containing bornite, calcosite and chalcopyrite. Another sample (M6) corresponds to the altered porphyry and has reported 6.25% copper and 1.2 g/t gold and two other samples (M4 and M5) came from outcrops with copper oxide mineralization reporting 5.12% and 1.62% copper and 3.6 g/t and 9.0 g/t gold, respectively.
About Alturas Minerals Corp
The principal assets of Alturas are one project in drilling stage Chapi Chapi-Utupara, and five drill-ready mineral exploration projects located in Peru and Chile, including the Sombrero, Huajoto, Ccaccapaqui and Pampa Colorada projects in Peru, and La Corina property in Chile. Alturas entered into a revised agreement on its Pampa Colorada property with Origen Group S.A.C. and into an option agreement on its Ccaccapaqui project with Compañía de Minas Buenaventura S.A.A. (see press releases dated January 5th, 2012 and January 31st, 2012, respectively). In addition, Alturas Peru has interests in three other less-advanced exploration projects in Peru (Callejones, San Antonio and La Divina).
About Alturas’s QA/QC Procedures
As required by the National Instrument 43-101, Alturas's designated Qualified Person for the supervision of exploration of the projects is Dr. Paul Pearson, F. AUSIMM, who has reviewed the technical information reported in this News Release.
For further information, please visit the Company's website at www.alturasminerals.com
Phone: + 51-1- 372-3739 (Lima, Peru)
+ 1-416-363-4900 (Toronto, Canada)
Alturas Minerals Corp.
67 Yonge Street, Suite 1102, Toronto, ON Canada M5E 1J8
Av. Del Pinar 180, Suite 804, Chacarilla del Estanque, Lima 33, Peru
The TSX Venture Exchange and the Bolsa de Valores de Lima do not accept responsibility for the adequacy or accuracy of this release.
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.