ALT Alturas Minerals Corp

Alturas Minerals Corp. ("Alturas" or the "Company") (TSX VENTURE:ALT)(BVLAC:ALT)
is pleased to report that it has entered into an option agreement with Compania
de Minas Buenaventura S.A.A. ("Buenaventura") (BVLAC:BUE)(NYSE:BVN), a Peruvian
company listed on the Lima and New York Stock Exchanges, regarding its 100%
owned Ccaccapaqui gold-silver property in southern Peru (the "Property").


Under the terms of the 4-year option agreement, Buenaventura can earn a 100%
interest in the project by incurring a minimum of US$0.5 million on exploration
expenditures per year and by additionally making staged yearly cash payments to
Alturas totaling US$4.0 million. A first payment of US$100,000 was received on
January 27th, 2012 on signing of the Public Deed of the option agreement. 


The Agreement also stipulates that once Buenaventura exercises the option to
acquire the Property, Alturas becomes entitled to a royalty payment on all
minerals extracted from the Property, equivalent to 1% of the net smelting
return ("NSR") obtained for the first 250,000 ounces of gold equivalent, and
will then increase to a 2% NSR for every additional ounce of gold equivalent.


Miguel Cardozo, President and CEO of Alturas commented, "We are pleased to be
associated with Buenaventura, a major international mining house and one of
Peru's principal gold and silver producers, for continue the exploration and
development of our Ccaccapaqui gold-silver project. This agreement forms part of
Alturas's strategy of sharing exploration risk at some of our gold and
copper-gold projects, whilst focusing our own resources in our flagship
copper-gold property, Chapi Chapi-Utupara".


The transaction remains subject to regulatory approvals of both parties. 

About the Ccaccapaqui gold-silver project 

The 600 hectare Ccaccapaqui project is located 460 kilometers southeast of Lima
in the department of Ayacucho, within the same volcanic belt that hosts major
high- and low-sulfidation epithermal gold-silver deposits such as Orcapampa,
Arcata, Ares, Antapite and Poracota. Buenaventura-Newmont's Breapampa high
sulfidation gold deposit lies only 24 kilometers to the southeast of the
Ccaccapaqui project. Sampling by Alturas at Ccaccapaqui has previously returned
very encouraging gold and silver results within the upper levels of an
interpreted high-sulfidation epithermal system, as reported in a company press
release dated June 18, 2008. Gold- and silver-mineralized silicic alteration
defines a coherent anomaly of +1.50 x 0.50 kilometers in dimension and the
system is still open at both ends. Access to the project is currently restricted
as there is an illegal governmental restraint given by the Provincial
Municipality of Parinacochas-Coracora. This restraint is regional in extent and
is in no way specific to the company or the property. Alturas is considering
what actions can be taken to resolve this difficulty and will keep investors
apprised of any developments. For maps and an extended summary of exploration
results, refer to the Company's website www.alturasminerals.com.


About Compania de Minas Buenaventura 

Buenaventura is Peru's largest, publicly traded, Precious Metals Company and a
major holder of mining rights in Peru. The Company is engaged in the mining,
processing, development and exploration of gold and silver and other metals via
wholly owned mines as well as through its participation in joint exploration
projects. 


Buenaventura currently operates several mines in Peru (Orcopampa, Poracota,
Uchucchacua, Antapite, Julcani, Recuperada, El Brocal, La Zanja, Tantahuatay and
CEDIMIN). 


The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont
Mining Corporation), an important precious metal producer; 19.35% of Sociedad
Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras
del Hallazgo S.A, owner the Chucapaca project.


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.


The principal assets of Alturas are five drill-ready mineral exploration
projects located in Peru and Chile, including the Chapi Chapi-Utupara, Sombrero,
Huajoto and Ccaccapaqui projects in Peru, and La Corina property in Chile. In
addition, Alturas Peru 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.


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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