Alturas Minerals Update on its Resguardo Project and announces Grants Incentive Stock Options
Toronto, July 15, 2024 - Alturas Minerals Corp. (the "Company") (TSX-V, BVL: ALT) is pleased to provide an update on the Lease agreement with Sociedad Contractual Minera Resguardo ("Minera Resguardo" or the "Optionor"), a Chilean mining exploration company, to lease and acquire 100% of its Resguardo Copper-Gold Project (the "Concessions" or "Resguardo"), located about 95 km northeast of Copiapo, in Region III of northern Chile, referred to as "Región de Atacama". The transaction remains subject to regulatory and TSX-V approvals, which is in the process of reviewing all the required documentation. The principal elements for the Company to fulfill are:
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Securing sufficient funds to initiate the recommended exploration campaign indicated in its 43-101 report dated June 29, 2022. Alturas is reviewing different alternatives, including a private placement 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 of the transaction.
The Company intents to enter production within six to nine months after generating sufficient cash flows to fund Alturas Resguardo project in as well as cover general and administration expenses.
The Company has delineated target areas and defined its exploitation and production approach at the Resguardo project and has obtained a resolution of the Environmental Evaluation Service of the Atacama Region, indicating that the "Exploration Project Minera Resguardo does not require mandatory entry into the SEIA (Environmental Impact Assessment System) prior to its execution ".
Miguel Cardozo, President & CEO of Alturas commented, "The Resguardo project represents a key strategic development for the Company in Chile, one of Latin America's premier mining jurisdictions. The agreement includes a 4-year mining lease agreement that allows the Company to explore and commercially mine eighteen contiguous mining concessions covering a total of 3,891 hectares. Alturas will also resume its exploration activities in Chile's mineral-rich Andes Mountain chain and intends to establish a firm presence in the copper-gold Paleocene-Eocene Metallogenic Belt of northern Chile, immediately west of the Miocene age Maricunga Metallogenic Belt."
The Company is also please to announce the granting of an aggregate of 5,350,000 incentive stock options to directors, officers and key employees, pursuant to the Company's Stock Option Plan, at an exercise price of $0.05 per common share, exercisable on or before May 2, 2029. The options have a term of five years and vest on granting.
About Alturas Minerals
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 had been exploring various mineral projects in Peru between January 2004 and 2020 and between 2012 and 2014 in Chile through its subsidiaries. After interrupting its exploration activities in Chile and Peru due to financial constraints, Alturas is now focusing on new business opportunities, including the initiation of mining operations in Chile.
Qualified Person
Scott Jobin-Bevans (PhD, PMP, P.Geo.), an independent qualified person ("QP") as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company. The QP as part of his involvement as Principal Geoscientist with Caracle Creek International Consulting Inc. has visited the Resguardo Copper Project and has completed sufficient work to verify the historic information on the Concessions, particularly regarding historical exploration, neighboring companies, and government geological work.
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 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
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