(TheNewswire)
Toronto, Canada and Lima, Peru – TheNewswire - July 15, 2024 – Alturas Minerals Corp. (the “Company”) (TSX-V, BVL: ALT) is pleased to provide an update on the Leaseagreement with Sociedad Contractual Minera Resguardo (“MineraResguardo” or the “Optionor”), a Chilean mining explorationcompany, to lease and acquire 100% of its Resguardo Copper-GoldProject (the “Concessions” or “Resguardo”), located about 95km northeast of Copiapo, in Region III of northern Chile, referred toas “Región de Atacama”.
The transaction remains subject to regulatory and TSX-Vapprovals, which is in the process of reviewing all the requireddocumentation. The principal elements for the Company to fulfillare:
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Securing sufficient funds to initiate the recommendedexploration campaign indicated in its 43-101 report dated June 29,2022. Alturas is reviewing different alternatives, including a privateplacement to secure the USD 450,000 required in such report.
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Reissue an independent title opinion, within 30 days of the closing ofthe transaction.
The Company intents to enter production within six tonine months after generating sufficient cash flows to fund AlturasResguardo project in as well as cover general and administrationexpenses.
The Company has delineated target areas and defined itsexploitation and production approach at the Resguardo project and hasobtained a resolution of the Environmental Evaluation Service of theAtacama Region, indicating that the “ Exploration Project Minera Resguardo does not requiremandatory entry into the SEIA (Environmental Impact AssessmentSystem) prior to its execution “.
Miguel Cardozo, President & CEO of Alturascommented, “The Resguardo project represents a key strategicdevelopment for the Company in Chile, one of Latin America’s premiermining jurisdictions. The agreement includes a 4-year mining leaseagreement that allows the Company to explore and commercially mineeighteen contiguous mining concessions covering a total of 3,891hectares. Alturas will also resume its exploration activities inChile’s mineral-rich Andes Mountain chain and intends to establish afirm presence in the copper-gold Paleocene-Eocene Metallogenic Belt ofnorthern Chile, immediately west of the Miocene age MaricungaMetallogenic Belt.”
The Company is also please to announce the granting of an aggregate of 5,350,000 incentive stockoptions to directors, officers and key employees, pursuant to theCompany’s Stock Option Plan, at an exercise price of $0.05 percommon share, exercisable on or before May 2, 2029. The options have aterm of five years and vest on granting.
About Alturas Minerals
Alturas is aCanadian corporation, and is the indirect parent of the Peruviancompany, Alturas Minerals S.A. (“Alturas Peru”) and of the Chileancompany, Alturas Chile Limitada (“Alturas Chile”). Alturas hadbeen exploring various mineral projects in Peru between January 2004and 2020 and between 2012 and 2014 in Chile through its subsidiaries.After interrupting its exploration activities in Chile and Peru due tofinancial constraints, Alturas is now focusing on new businessopportunities, including the initiation of mining operations in Chile.
Qualified Person
Scott Jobin-Bevans(PhD, PMP, P.Geo.), an independent qualified person (“QP”) asdefined in National Instrument 43-101, has reviewed, and approved thetechnical contents of this news release on behalf of the Company. TheQP as part of his involvement as Principal Geoscientist with CaracleCreek International Consulting Inc. has visited the Resguardo CopperProject and has completed sufficient work to verify the historicinformation on the Concessions, particularly regarding historicalexploration, neighboring companies, and government geologicalwork.
ALTURAS MINERALS CORP.
“Miguel Cardozo” Chief Executive Officer
Contact: Mario Miranda
Phone: (416) 363-4900
Alturas Minerals Corp. (TSX-V: ALT)
372 Bay Street, Suite 301 Toronto, Ontario M5H 2W9
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Cautionary Language andForward-Looking Statements
This press release may contain “forward-lookingstatements”, which are subject to various risks and uncertaintiesthat could cause actual results and future events to differ materiallyfrom those expressed or implied by such statements. Investors arecautioned that such statements are not guarantees of futureperformance and results. Risks and uncertainties about theCompany’s business are more fully discussed in the Company’sdisclosure documents filed from time to time with the Canadiansecurities authorities
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