Buenaventura Acquires 100% Of Ccaccapaqui Project

LIMA, PERU - Alturas Minerals Corp. reported an update on its decision to sell the Ccaccapaqui project to Compa Ea de Minas Buenaventura (Buenaventura) and the termination of its option agreement with Minera IRL (IRL) on the Chapi Chapi project.

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.

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."