|May 29, 2009|
Toronto, Canada and Lima, Peru, May 29, 2009 – Alturas Minerals Corp. (“Alturas” or the “Company”) (TSX-V and BVL: “ALT”) is pleased to announce the resolution of the contract dispute between the Company and Inversiones Sol y C S.A.C (“Inversiones”) regarding the Huilacollo gold project in Southern Peru.
As disclosed in a previous press release dated October 30, 2008, Inversiones was claiming an entitlement to a US$1.2 million payment under the terms of the original agreement. Alturas disputed Inversiones’ claim and negotiations continued between the parties, and have resulted in a formal resolution of the contract dispute.
Under the terms of the resolution, Alturas has paid an out-of-court compensation of US$ 300,000 to Inversiones. Both companies now represent that, as a result of this settlement, all disputes, discrepancies, claims and/or conflicts between them, as well as all actions, rights and, in general, any claims derived there from which are directly or indirectly related to the negotiation, execution, performance and/or construction of the Agreement, without any reserves or limitations whatsoever, have been satisfactorily and finally settled.
Paul Pearson, President and CEO commented, “This resolution of the Huilacollo contract dispute with Inversiones is a favorable outcome for Alturas. With approximately US$ 1.1 million in treasury, Alturas is now well positioned to add shareholder value through the exploration and development of its portfolio of eleven high quality gold and copper-gold projects in Peru. To this end, the Company is actively seeking strategic partnering arrangements on some of its key projects.
About Alturas Minerals Corp
Alturas is a Canadian corporation, and is the parent of Alturas Minerals S.A. (“Alturas Peru”). 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 seven other exploration projects in Peru. Alturas’ exploration strategy is focused on the discovery of large epithermal gold mineralized deposits and copper-gold porphyry/skarn deposits. For further information, please visit the Company's website at www.alturasminerals.com
For further information please contact Alturas at:
Phone: + 1-877-471-1376 (North America Toll Free) / + 51-1- 475-1700 (Peru)
Alturas Minerals Corp.
- Suite 3100, Scotia Plaza, 40 King St. W., Toronto, ON Canada M5H 3Y2
- Manuel de Falla 297, Floor 5th, San Borja, Lima 41, Peru
The TSX Venture Exchange (TSXV)and the Bolsa de Valores de Lima (BVL) 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.