TORONTO, ONTARIO, Apr 30, 2010 (MARKETWIRE via COMTEX) — Alturas Minerals Corp. (the “Company”) /quotes/comstock/11v!e:alt (CA:ALT 0.16, 0.00, 0.00%) (BVLAC: ALT) announced today that it had executed the Final Option Agreement (“the Agreement”) with the owners of the property (“the Owners”) to acquire 100% of the La Corina copper-gold porphyry property in northern Chile. The Agreement follows the previous announcement of a Letter Agreement over the property dated November 25, 2009.
Paul Pearson, President and CEO of Alturas commented, “We are very pleased that the due diligence at La Corina has yielded positive results and that the Company has been able to enter into this Agreement with the Owners. As part of our technical due diligence, the Company commissioned Quantec Geoscience Chile Limitada (Quantec) to complete a pole-dipole induced polarization geophysical survey totaling 20.7 line kilometers, with lines separated by a distance of 200 meters. The results of the survey are consistent with our model of a concealed copper-gold porphyry target under shallow cover and, given the encouraging geochemistry results from historical drilling, we are optimistic that the project will be an important copper-gold play for the Company. The Company is now calling tenders for the drilling contract to a number of Chile-based companies and drilling is programmed to start within 60 days.”
Under the terms of the revised Agreement agreed to by both the Company and the Owners, the Company has the option to acquire 100% of the La Corina project over a term of five years by making staged cash payments to the Owners. The staged cash payments to the Owner would total US$ 4.05 million over the five years. The sum of US$ 25,000 had previously been advanced to the Owners in partial payment of the first option payment of US$ 50,000, the balance of which ($US 25,000) has been paid on execution of the Agreement. The next payment of US$200,000 will come due on March 31, 2011.
Two individuals had a previous right to acquire the La Corina project from the Owners (the “Original Optionors”). In consideration for the Original Optionors ceding all of their rights in the La Corina project to the Company, Alturas has entered into an agreement with the Original Optionors pursuant to which the Company will issue common shares to the Original Optionors. Upon the execution of the Agreement, the Company have agreed to issue 327,612 common shares to the Original Optionors. If the Company continues to maintain its interest in the La Corina project, further share issuances will be made up to US$450,000 in common shares or cash. These share issuances will only occur if the Company makes the corresponding payments under the Agreement. The 327,612 common shares will be legended and restricted from trading until August 29, 2010.
The transactions described herein are subject to the approval of the TSX Venture Exchange.
About the La Corina Copper-Gold project
The 859 hectare La Corina project is located 70 kilometers northeast of the city of La Serena in Region IV of northern Chile. In the La Corina area, a Paleocene volcanic complex has been intruded by Eocene intrusive rocks; strong hydrothermal alteration and mineralization are associated with the intrusive phases.
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. The property has received limited historical drilling in campaigns by Phelps Dodge in 1985 (11 holes for 556 metres) and by the Chilean national agency ENAMI in 2006 (10 holes for 997 meters).
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 four 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 in Peru and Chile. For further information, please visit the Company’s website at www.alturasminerals.com.
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, President and CEO of the Company, who has reviewed the technical information reported in this News Release.
Should you wish to receive Company news via email, please email email@example.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 does not accept responsibility for the adequacy or accuracy of this release.
Alturas Minerals Corp.
+ 51-1-475-1700 (Peru)
Alturas Minerals Corp.
Suite 3100, Scotia Plaza, 40 King St. W.
Toronto, ON Canada M5H 3Y2
Alturas Minerals Corp.
Manuel de Falla 297, Floor 5th
San Borja, Lima 41, Peru
SOURCE: Alturas Minerals Corp.
Copyright 2010 Marketwire, Inc., All rights reserved.