Alturas Minerals Corp ("the Company") (TSX VENTURE:ALT)(LMA:ALT) is pleased to announce that it is continuing to maintain its interest in the La Corina copper-gold porphyry property in northern Chile.
Pursuant to the Final Option Agreement (as amended) with the owners of the property (the "Owners"), the Company has made the required staged cash payment of US$70,000 to the Owners.
Pursuant to an assignment agreement with the two individuals who had a previous right to acquire the La Corina project from the Owners (the "Original Optionors"), the Company issued 836,066 common shares at the price of $0.1195 per share to the Original Optionors. The common shares are legended and restricted from trading until August 11, 2012.
For further details regarding the Final Option Agreement, please see the Company's press release dated April 30, 2010 and subsequent press release on the amendment dated March 2, 2011.
About the La Corina Copper-Gold project
La Corina copper-gold project, located 70 kilometers northeast of La Serena in Region IV of northern Chile lies on the interpreted southerly extensions of the porphyry belt of northern Chile, the world's most productive copper province. La Corina represents an important development for the Company in Chile, one of Latin America's premier mining jurisdictions.
In La Corina district, a Paleocene volcanic complex has been intruded by Eocene intrusive rocks; strong hydrothermal alteration and mineralization are associated with the intrusive phases. The presence of abundant tourmaline-bearing breccias within the project is also encouraging, and is a geological feature common to many large porphyry deposits such as El Teniente and Los Bronces in Chile, and Toquepala and Cuajone in Peru. Targets at La Corina consist of bulk tonnage, low grade, copper-gold porphyries concealed beneath an extensive copper-gold in soils anomaly plus smaller tonnage, higher grade, gold-copper breccia pipes.
Alturas completed a 1,400 meter drilling program in September 2010, which tested high priority copper-gold targets defined by detailed geochemical and geophysical surveys previously conducted by the Company.
Encouraging drilling results from the central segment of the east-west gold trend of up to 47.8 meters grading 0.90 grams/tonne gold, including sections of 3.05 meters grading 2.33 grams/tonne and 4.0 meters grading 2.87 grams/tonne gold, were reported by the Company in a press release dated October 13, 2010.
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 six drill-ready mineral exploration projects located in Peru and Chile, including the Chapi Chapi-Utupara, Sombrero, Huajoto, Ccaccapaqui and Pampa Colorada 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.
Should you wish to receive Company news via email, please email [email protected] 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.
Alturas Minerals Corp.
+ 51-1-372-3739 (Lima, Peru)
+ 1-416-363-4900 (Toronto, Canada)[email protected]
Alturas Minerals Corp.
67 Yonge Street, Suite 1102,
Toronto, ON Canada
Alturas Minerals Corp.
Av. Del Pinar 180, Suite 804,
Chacarilla del Estanque,
Lima 33, Peru