Alturas Provides Update on Ccaccapaqui and Chapi Chapi Projects
March 25 2014 - 7:00AM
Marketwired
Alturas Provides Update on Ccaccapaqui and Chapi Chapi Projects
TORONTO, CANADA and LIMA, PERU--(Marketwired - Mar 25, 2014) -
Alturas Minerals Corp. (the "Company" or "Alturas")
(TSX-VENTURE:ALT)(LMA:ALT) wishes to provide an update on its
decision to sell the Ccaccapaqui project to Compañía de Minas
Buenaventura ("Buenaventura") and the termination of its option
agreement with Minera IRL ("IRL") on the Chapi Chapi project.
Ccaccapaqui
The Company was advised by Buenaventura that it did not intend
to make the next payment required under its option agreement in
respect of the Ccaccapaqui property. Alturas and Buenaventura did
enter into further negotiations and the parties have entered into a
definitive agreement dated March 21, 2014, pursuant to which
Alturas will transfer to Buenaventura 100% of its rights in the
Ccaccapaqui property for a $100,000 upfront payment and a 1% SMR on
all minerals produced from the property. An advanced royalty
payment of US$1,000,000 will be paid to Alturas on commencement of
commercial production in the property.
Chapi Chapi
As announced in a press release dated October 15, 2013, the
Company signed an amended agreement with IRL, pursuant to which
Alturas was required to pay IRL the sum of US$1,000,000 by December
31, 2013 in order to earn an interest in the Chapi Chapi property,
of which $50,000 was paid on signing of the amendment of the
agreement. As the Company was unable to raise sufficient funds to
pay the balance owing, the parties have formally terminated the
agreement in a document dated March 14, 2014. Alturas therefore has
no further commitments of any nature or payment obligations on this
property. The Utupara concession block remains in the Company's
portfolio.
Miguel Cardozo, President and CEO of the Company said, "While a
positive agreement was reached with Buenaventura for the transfer
of the Ccaccapaqui property, we are disappointed to drop the option
to acquire the Chapi Chapi property. However the continued lack of
financing able for junior exploration companies in the equity
markets left us no choice."
Mr. Cardozo added, "As with many junior mining companies,
Alturas is currently going through a tight cash position and does
not have sufficient funds to continue its exploration operations in
the normal course. However it maintains positive expectations and
is in the process of seeking to secure sufficient additional
capital to maintain its existing property holdings until the
industry downward cycle recovers. Alturas also remains very
optimistic with respect to the mineral potential of its projects
and is evaluating alternative plans for exploration. We are
currently having conversations with various mining companies and
private investors that are strongly interested in a joint venture
partnership to develop these and other projects from our
high-quality property portfolio in Peru and Chile."
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.
Alturas has four drill-ready mineral exploration projects
located in Peru and Chile, including the Utupara, Sombrero and
Huajoto 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 is also
advancing its two optioned 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.
Should you wish to receive Company news via email, please
email investor@alturasminerals.com and specify "Alturas News" in
the subject line.
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
Alturas Minerals Corp.+51-1-372-3739 (Lima, Peru)+1-416-363-4900
(Toronto,
Canada)investor@alturasminerals.comwww.alturasminerals.com
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