TORONTO, ON / ACCESS Newswire / July 21, 2025 / Alturas Minerals Corp. (the "Company") (TSX-V) 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".
As disclosed in its January 17, 2025 Press Release, the Company did not fulfill its May 31, 2024, payment obligation with the Optionor, and the original Agreement has lapsed. The parties have reviewed the different alternatives to renew the agreement and concluded that it was not feasible to do so. Deposits initially made to Resguardo totaling $25,000 have been redirected to other general and administrative expenses related to other Alturas operating expenses in Chile.
Alturas is currently in discussions with certain arms-length parties, to acquire interests in properties located in areas nearby the Resguardo property, at more advantageous terms.
Conversion of Alturas debt with Officers and Directors
The Company is in the final stages of negotiations that would settle the outstanding debt Alturas has with officers and directors. The amount accrued as of March 31, 2025 is approximately $3.2 million (USD 2.2 million) out of which approximately $660,000 would be converted into shares of the Company and the remaining ($2.5 million) written off the books of Alturas. The transaction is subject to the approval of the TSXV.
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)
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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.
SOURCE: Alturas Minerals Corp.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/alturas-minerals-update-on-the-exploration-projects-and-announces-management-debt-1051043
