ALT Alturas Minerals Corp

Alturas Minerals Corp. (the "Company" or "Alturas") (TSX VENTURE:ALT)(LMA:ALT)
announced today that it has entered into a second amendment of a letter
agreement with Minera IRL Limited ("IRL"), 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 south-eastern 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 complete
its exploration commitments at the Huaquirca property block. Under the amended
agreement Alturas has the option to earn an 80% interest in the Huaquirca Joint
Venture by resuming exploration drilling no later than June 30, 2013 and
completing a further 9,502 meters of drilling on the Chapi Chapi Property and
completing a scoping study on any potential discovery before December 31, 2013.


Miguel Cardozo, 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 continue exploration drilling on this highly prospective district. Previous
drilling of 5,498 meters completed by Alturas in the Chapi Chapi area in 2012
identified strong copper-gold-silver-molybdenum mineralization in the form of
porphyry, skarn and replacement ore bodies. A second drilling program of 9,502
meters aimed to complete the 15,000 meters committed by Alturas is planned to
start on April 2013 subject to community, environmental permits and financing." 


Under the Letter Agreement and its two Amendments, 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.


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. 


About the Huaquirca copper-gold district 

The Huaquirca copper-gold district is situated in the department of Apurimac in
southern Peru, within the emerging Apurimac-Cusco porphyry-skarn belt of
southeastern Peru. The 6,903 hectare Chapi Chapi property block is immediately
adjacent to Alturas' 5,276 hectare Utupara property. Together the two projects
now comprise a larger joint venture area ("Huaquirca Joint Venture") between
Alturas and Minera IRL Limited.


The limestones in the Huaquirca District are part of the same unit (Ferrobamba
Formation) that hosts world-class skarn deposits in the Apurimac-Cusco
porphyry-skarn belt, such as the Tintaya and Las Bambas copper-gold skarn
projects of Xstrata. The quartzite sandstone unit (Hualhuani Formation) also
hosts a significant copper oxide resource at the nearby Antilla project of
Panoro Minerals, situated some 10 kilometers to the west. The Los Chancas copper
porphyry deposit (in feasibility stage by Southern Copper Corporation) is hosted
by a similar intrusive complex located 20 kilometers north of the Huaquirca
District and the Trapiche copper porphyry exploration project of Buenaventura
occurs 15 kilometers to the south.


At Utupara, previous work by Milpo and more recently by Alturas has established
the presence of a large disseminated copper-gold porphyry/breccia system, with
sulfide mineralization hosted by intrusive breccias and associated with the
potassic, phyllic and transitional propyllitic phases of the alteration system.
Alturas's completed 4.933 meters of diamond drilling, totalling 21 drill holes,
between July 2007 and February 2008. Of this, a total of 10 holes for 2,999
meters were completed within the Cachorro Corridor over some 1.0 kilometers of
strike length. All ten drill holes intersected disseminated, low grade,
copper-gold mineralization over wide intervals extending up to 410 meters, with
many reporting tens of meter intervals of higher copper and gold grades (greater
than 0.25 % copper and 0.10 grams/tonne gold) within the intrusive breccias.


At Chapi Chapi, Alturas conducted 104.7 line-km ground magnetic and 70.2 line-km
induced polarization geophysical surveys during 2011. Geophysical modeling,
complemented by surface geochemical copper-gold anomalies and extensive areas of
mapped skarn mineralization, hydrothermally altered sandstone horizons and
strong alteration within monzonitic intrusive rocks, together define a 4.5
kilometer by 2.5 kilometer zone of skarn-, replacement- and porphyry-style
mineralization.


An Initial dioritic, intrusive phase in the Chapi Chapi project area produced an
intense thermal metamorphism/metasomatism at the contact with the sedimentary
sequence, generating garnet-pyroxene skarns, marble, hornfels and quartzites.
This phase was followed by subsequent phases of dioritic porphyries and
monzodioritic intrusives. A later phase of monzonitic intrusive was emplaced
along subvertical structures and as sills following stratigraphically weaker
zones, inducing an extensive hydrothermal alteration in several successive
phases.


Alturas has completed a first drilling program at Chapi Chapi, comprising 16
diamond holes for 5,498 meters drilled over the central part of the 4.5 x 2.5
kilometers mineralized area. The strong metal values reported on a press release
dated May 10, 2012 have confirmed a large copper-gold-molybdenum system and
highlight the need of a follow-up drilling program to define possible extensions
of the intersected mineralized bodies and to explore numerous additional
untested drill targets.


For maps and an extended summary of previous exploration results, refer to the
Company's website www.alturasminerals.com/project-pdfs.html.


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.


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 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 in Chile. Alturas entered into a transfer
agreement on its Pampa Colorada property with Origen Group S.A.C. but maintains
royalty rights and a claw back clause on 60-100% of the mining rights under
certain conditions (see press release dated January 5th, 2012. Alturas also
executed an option agreement on its Ccaccapaqui project with Compania de Minas
Buenaventura S.A.A.(see press release dated January 31st, 2012). Alturas is also
advancing its two recently acquired gold-copper projects Marilin and Quispe in
the Maricunga belt of northern Chile. In addition, Alturas 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.


Alturas Minerals Corp.  



67 Yonge Street, Suite 1102, Toronto, ON Canada M5E 1J8                     
and                                                                         
Av. Del Pinar 180, Suite 804, Chacarilla del Estanque, Lima 33, Peru        



Should you wish to receive Company news via email, please email
investor@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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alturas Minerals Corp.
+ 51-1-372-3739 (Lima, Peru)
+ 1-416-363-4900 (Toronto, Canada)
investor@alturasminerals.com
www.alturasminerals.com

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