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TORONTO, ONTARIO and LIMA, PERU--(Marketwire -
May 29, 2009) - Alturas Minerals Corp. ("Alturas" or the
"Company") (TSX VENTURE:ALT)(BVLAC:ALT) is pleased to
announce the resolution of the contract dispute between the Company and
Inversiones Sol y C S.A.C ("Inversiones") regarding the
Huilacollo gold project in Southern Peru.
As disclosed in a previous press release dated October 30, 2008,
Inversiones was claiming an entitlement to a US$1.2 million payment
under the terms of the original agreement. Alturas disputed
Inversiones' claim and negotiations continued between the parties, and
have resulted in a formal resolution of the contract dispute.
Under the terms of the resolution, Alturas has paid an out-of-court
compensation of US$ 300,000 to Inversiones. Both companies now
represent that, as a result of this settlement, all disputes,
discrepancies, claims and/or conflicts between them, as well as all
actions, rights and, in general, any claims derived there from which
are directly or indirectly related to the negotiation, execution,
performance and/or construction of the Agreement, without any reserves
or limitations whatsoever, have been satisfactorily and finally
settled.
Paul Pearson, President and CEO commented, "This resolution of the
Huilacollo contract dispute with Inversiones is a favorable outcome for
Alturas. With approximately US$ 1.1 million in treasury, Alturas is now
well positioned to add shareholder value through the exploration and
development of its portfolio of eleven high quality gold and
copper-gold projects in Peru. To this end, the Company is actively
seeking strategic partnering arrangements on some of its key
projects."
About Alturas Minerals Corp.
Alturas is a Canadian corporation, and is the parent of Alturas
Minerals S.A. ("Alturas Peru"). Alturas Peru has been
actively exploring various mineral projects in Peru since January 2004.
Alturas' properties include four drill-ready mineral exploration
projects located in central and southern Peru, which includes the Chapi
Chapi-Utupara Copper-Gold Project, the Sombrero Copper-Gold Project,
the Ccaccapaqui Gold-Silver Project and the Huajoto Gold-Silver-Zinc
Project. In addition, Alturas Peru has interests in seven other
exploration projects in Peru. Alturas' exploration strategy is focused
on the discovery of large epithermal gold mineralized deposits and
copper-gold porphyry/skarn deposits. For further information, please
visit the Company's website at www.alturasminerals.com.
Should you wish to receive Company news via email, please email contact@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.
The TSX Venture Exchange (TSXV) and the Bolsa de Valores de Lima (BVL)
do not accept responsibility for the adequacy or accuracy of this
release.
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