Alturas Minerals Corp.
TSX VENTURE : ALT

Alturas Minerals Corp.

May 16, 2008 15:00 ET

Alturas Reports Drill Results From Banos del Indio Gold-Silver Project, Southern Peru

TORONTO, ONTARIO--(Marketwire - May 16, 2008) - Alturas Minerals Corp. (the "Company") (TSX VENTURE:ALT) today reported assay results from a 4,709 meter reverse circulation drilling program recently completed at its 100% owned Banos del Indio in southern Peru. The program comprised 18 widely spaced holes drilled to depths of between 169 and 350 meters, targeting multiple combinations of geochemical, geophysical (high resistivity) and structural anomalies in the Honguitos, Llaurimorco and San Benedicto epithermal centers.

The program successfully intersected extensive zones of siliceous alteration in most drill holes as predicted from the geological model developed by Alturas, with scattered anomalous intervals of gold (up to 0.16 grams/tonne), epithermal pathfinder elements (arsenic, antimony, barium, bismuth, mercury, molybdenum, silver) and base metals.

Miguel Cardozo, President of Alturas commented: "Although our first phase drilling of the northern sector of the Banos del Indio project did not intersect economic mineralization, this is a very large high sulfidation epithermal system and we have explored only 30% of its total area in this campaign. Drill holes have been spaced widely and most of the targets drilled were blind and conceptual in nature. Nonetheless, we are encouraged by the wide intervals of the prospective siliceous alteration intersected. In several cases, the siliceous alteration has returned anomalous values in gold, silver and other important epithermal pathfinder elements, confirming that we are in the upper levels of a potentially productive system. Alturas is now evaluating the data from the drill program with the aim of refining the target model and developing a second phase drilling program."

The 6,536 hectare Banos del Indio Gold Project is located approximately 20 kilometres north-northwest of Alturas's Huilacollo Gold-Silver Project in the Department of Tacna in southern Peru. Alturas has acquired 100% of the mining rights of the property through an option contract that the company previously exercised. The project comprises a very large (greater than 6 x 5 kilometers) zone of high sulfidation alteration associated with surface gold-silver mineralization. Seven known high-sulfidation epithermal centres are present, each containing extensive areas of prospective siliceous alteration and breccias. To date, only three of these centers has been explored by drilling.

For maps and a summary of exploration results, refer to the Company website www.alturasminerals.com/banosmaps.htm.

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. The principal assets of Alturas are four mineral exploration projects located in southern Peru, being the Huilacollo Gold Project, the Banos del Indio Gold Project, the Utupara/Chapi Chapi Copper-Gold Project and the Huajoto Gold-Silver-Zinc Project. In addition, Alturas Peru has interests in eight 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.

As required by the National Instrument 43-101, Alturas's designated Qualified Person for the supervision of exploration of the projects is Dr. Paul Pearson, F. AUSIMM, Vice President-Exploration of the Company, who has verified the technical information reported in this News Release.

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 does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alturas Minerals Corp.
    Miguel Cardozo
    President & Chief Executive Officer
    (416) 366-5555 (Toronto) or +51-1-475-1700 (Peru)
    Email: mcardozo@alturasminerals.com
    or
    Alturas Minerals Corp.
    Suite 820, 330 Bay Street
    Toronto, Ontario M5H 2S8
    Website: www.alturasminerals.com