ALT Alturas Minerals Corp

Alturas Minerals Corp ("the Company") (TSX VENTURE:ALT)(BVLAC:ALT) is pleased to
announce that its 100% Peruvian subsidiary Alturas Minerals S.A. ("Alturas") has
entered into a revised agreement dated December 29, 2011 ("the Agreement") with
Origen Group S.A.C ("Origen"), on its 100% owned 900 hectare Pampa Colorada
mining concession ("the Concession") located in northern Peru. 


Under the Agreement, Alturas will transfer ownership of the Concession to Origen
in consideration of a cash payment of US$1.2 million. In addition, Origen will
be required to make royalty payments to Alturas based on the tonnes of iron ore
extracted. The Agreement also stipulates that starting 10 years after signing of
the agreement, a minimum annual royalty of US$250,000 will be paid to Alturas
for each year regardless of iron ore production. The Agreement also provides
Alturas with an option right ("the Option") to acquire back either 60% majority
interest or 100% of its interest in the Concession after Origen decides to
terminate its iron ore operation on certain conditions. 


Miguel Cardozo, President and CEO of Alturas commented: "The Company welcomes
this revised agreement with Origen. It is consistent with our ongoing strategy
to share exploration and development expense and risk at some of our key
projects, whilst the Company focuses its resources on its flagship properties.
Additionally, the agreement with Origen brings in additional cash that will help
Alturas to continue its exploration investments in a period of market
uncertainty". 


Mr. Cardozo added that: "The Pampa Colorada property contains massive
magnetite-hematite mineralization outcropping over extensive areas, which
constitutes the primary exploration and development target for Origen. In
addition to the significant iron ore mineralization, there is also the potential
for semi-concealed iron oxide copper-gold (IOCG) mineralization signalized by
the existence of strong copper and gold rock anomalism within the mining
concession. The Option granted to Alturas pursuant to the Agreement allows
Alturas the ability to explore and develop the copper-gold potential of its
Pampa Colorada mining concession in future".


About Most Relevant Deal Terms of the Agreement 

Cash Payments: Alturas has received from Origen US$400,000 on signing of the
agreement and will receive a second payment of US$800,000 due on February 27,
2012 or 60 days after the execution of the Agreement. The transfer of the
Concession to Origen will be effective on the date on which the US$800,000 is
received.


Royalty Payments: Alturas will also receive from Origen a royalty of US$0.60 per
ton of iron ore extracted from Pampa Colorada. However, Origen has the right to
declare a resource/reserve estimate at any time either before or within the
12-month period after the first ton of iron ore has been extracted, in which
case Origen will be entitled to reduce the royalty payment on such declared iron
ore resources/reserves to US$0.30 per ton. In order to rely on the lower price,
Origen will be required to pay Alturas the total amount resulting of the
multiplication of the declared resource/reserved iron ore tons by the agreed
price per ton (US$0.30) within 15 days after the formal submission to Alturas of
the resource/reserve estimate. Any iron ore extracted in excess of this initial
resource/reserve calculation will carry a royalty at the original price of
US$0.60 per ton.


Option: The Option will commence on the earlier of the date on which Origen
communicates to Alturas its decision to terminate its mining activities in the
"Concession" or 30 days after Origen does not comply with its obligation to make
the minimum annual royalty payment for a particular year and will have a term of
six months. Alturas will then have the right to acquire back either 60% or 100%
of the Pampa Colorada mining rights for nominal consideration. Alturas will be
entitled to acquire 100% of the mining rights if Origen expresses in writing its
intention to abandon all of its interest in the Concession or if Origen has not
complied with any of the following obligations: a) fulfilling all of its
obligations under the Agreement; b) drilling at least 1,000 meters within the
Concession as part of its iron ore exploration program; c) identifying through
drilling or any other development or mine workings the existence of any kind of
mineralization other than iron ore; or d) expressly committing to execute at
least 1,000 meters of drilling in the mining concession as part of an
exploration program duly coordinated and agreed on with Alturas. If Origen
complies with all four above obligations, Alturas will have the right to buy 60%
of the mining rights. If Alturas acquires 60% of the mining rights, both parties
would contribute proportionally towards the development of the project. If
Origen elects not to contribute, it would have the right to receive a 1% NSR
royalty. 


About the Pampa Colorada Iron-Copper-Gold project 

The 900 hectare Pampa Colorada project is located 730 kilometers northwest of
Lima in the department of Cajamarca in northern Peru, next to a major highway
that connects to the coastal city of Chiclayo. The project is 15km north of the
copper-gold-molybdenum Canariaco porphyry deposit, forming part of the same belt
that hosts other major copper-gold-molybdenum porphyry deposits such as La
Granja, Galeno, Minas Conga and Michiquillay. Alturas acquired 100% of the
property through staking in 2005. At Pampa Colorada, Late Jurassic volcanic
rocks have been intruded by andesitic, dioritic and dacitic stocks of probable
Tertiary age. Strong hydrothermal alteration occurs over an area of approx. 2.5
x 1.0 kilometers and, within this broader area, a north-south corridor of more
intense silicic, pyrrhotitic, magnetitic and hematitic alteration, brecciation
and stockworking covers an area of at least 1.50 x 0.25 kilometers. Alteration
and mineralization correlate with a distinct ferruginous colour anomaly. Strong
copper (max. 0.12%), gold (max. 1.20 grams/tonne), silver (max. 22.3
grams/tonne) and zinc (max. 0.31%) anomalies have been confirmed in
reconnaissance outcrop sampling by Alturas, corresponding to zones of massive
hematite, magnetite and pyrrhotite alteration, and/ or quartz-sulfide
stockworking. The Company believes that the features described are consistent
with the upper levels of a mineralized Iron Oxide Copper-Gold (IOCG) system. No
reportable resource or reserve has yet been defined on the property.


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).


About Origen Group 

Origen Group S.A.C. is a wholly-owned subsidiary of Beijing Limawei Metal Trade
Co. Ltd. incorporated in Peru to acquire and develop high-quality mineral
resources, thus ensuring to obtain high quality raw materials in the long-term
and stable manner. The controlling shareholder of Beijing Limawei Metal Trade
Co., Ltd. Is the company Jiaqi Steel and Iron Industry Co., Ltd. which is
located in Beijing. And Jiaqi Steel and Iron Industry Co., Ltd. is the
controlling shareholder. Jiaqi Steel and Iron Industry Co., Ltd. has two large
iron and steel processing facilities in China: Tangshan Jiaqi Steel and Iron
Industry Co., Ltd. and Chifeng Yuanlian Steel and Iron Industry Co. Ltd. with
total assets valued at 4 billion RMB (0.6 billion CAD) and annual revenues
amounting 10 billion RMB (1.5 billion CAD).


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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