May 10, 2012 at 08:00 AM EDT
Alturas Completes First Phase Drilling of Large Copper-Gold-Silver-Molybdenum, Skarn-Porphyry Discovery at Chapi Chapi Project in Southeastern Peru

TORONTO, ONTARIO--(Marketwire - May 10, 2012) - Alturas Minerals Corp. (the "Company" or "Alturas") (TSX VENTURE:ALT)(LMA:ALT) is pleased to announce that it has completed the first drilling program at its emerging Chapi Chapi discovery in southeastern Peru, comprising 16 diamond holes for 5,498.45 meters drilled over the central part of the 4.5 x 2.5 kilometers mineralized area. The strong metal values intersected have confirmed a large copper-gold-molybdenum system and highlight the need of a follow-up drilling program to define possible extensions of the intersected mineralized bodies and to explore numerous additional untested drill targets.

Highlights of the mineralized intercepts include:

Copper-gold-silver-molybdenum mineralized in exoskarn

Drilling in the "Chapi Chapi" target zone aimed to test outcropping, copper and gold rich, magnetite-skarn bodies and a plutonic complex comprising dioritic, monzodioritic and monzonitic stocks, with the later displaying phyllic, stockwork-type alteration and anomalous copper and gold values at surface. Holes CHA-11-03 and CHA-12-10 are highlighted, intercepting intercalated packages of propilitically-altered dioritic to monzonitic stocks and sub-horizontal magnetite skarn zones that can be correlated with skarn bodies outcropping 250 meters west of the drillhole collar. The skarn features abundant disseminations and veinlets of sulphides reporting significant copper-gold mineralization. Drillhole CHA-11-03 was lost due to ground conditions at 221 meters, bottoming at the top of another mineralized magnetite-skarn zone.

The mineralized rock is a magnetite-rich garnet-pyroxene-wollastonite skarn affected by retrograde hydrothermal alteration including magnetite, actinolite, calcite, scapolite, albite and sulphides (pyrite, chalcopyrite, pyrrhotite, gold and molybdenite). Metal grades fluctuate between 0.57% and 1.31% copper equivalent (see table below).

/T/

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From To Length Cu Au Ag Mo % Cu

Drill Hole (m) (m) (m) (%) (g/t) (g/t) (%) eq

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CHA-11-03 35.50 58.10 22.60 0.35 0.25 1.30 0.01 0.57

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" 80.60 95.30 14.70 0.52 0.27 1.81 0.01 0.76

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including 80.60 85.40 4.80 0.93 0.44 3.00 0.02 1.31

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CHA-12-10 74.00 114.50 40.50 0.30 0.30 1.63 0.03 0.60

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including 86.00 114.50 28.50 0.39 0.39 2.08 0.04 0.80

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90.00 109.10 19.10 0.53 0.53 2.08 0.05 1.06

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(i) Copper Equivalent assumptions: Based on metal prices as of closing May

4, 2012, US$3.75/lb Cu, US$1642.10/oz Au, US$30.34/oz Ag and US$13.00/lb Mo.

The formula used is as follows: Cu eq= Cu% + (Au g/t x 0.639) + (Ag g/t x

0.012) + (Mo% x 3.47)

/T/

Copper-molybdenum-gold-silver mineralization in endoskarn

Approximately 180 meters northeast of the holes described above, garnet-pyroxene skarns occur on surface at the contact with a large dioritic to monzonitic plutonic intrusive complex. In the proximity of the monzonitic intrusive, which shows porphyry-style alteration, the skarn bodies are affected by retrograde alteration and mineralization. Hole CHA-11-08 is highlighted, intersecting 178 meters of endoskarn intercalated with monzonitic porphyry intrusives, where the mineralization is associated with phyllic and propylitic alteration, including quartz-sericite, calcite, chlorite, magnetite, pyrite and chalcopyrite. The molybdenite content is unusually high, reporting an intercept of 36.80 meters averaging 0.21% molybdenum. Metal grades are 0.52% to 0.95% copper equivalent (see table below).

/T/

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From To Length Cu Au Ag Mo % Cu

Drill Hole (m) (m) (m) (%) (g/t) (g/t) (%) eq

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CHA-11-08 93.75 177.70 83.95 0.15 0.05 0.83 0.10 0.52

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including 100.50 137.30 36.80 0.16 0.07 0.33 0.21 0.95

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(i) Copper Equivalent assumptions: Based on metal prices as of closing May

4, 2012, US$3.75/lb Cu, US$1642.10/oz Au, US$30.34/oz Ag and US$13.00/lb Mo.

The formula used is as follows: Cu eq= Cu% + (Au g/t x 0.639) + (Ag g/t x

0.012) + (Mo% x 3.47)

/T/

Gold-silver mineralization in altered and brecciated sandstones

In the central part of the Huarajo target area a combination of high chargeable-low resistive geophysical anomalies underlying a magnetic anomaly was drill tested by drill holes CHA-11-02 and CHA-11-02A. Outcrops in this area include altered and brecciated sandstones and intrusive fingers, both showing phyllic, stockwork-type alteration and moderate copper and gold rock chip anomalies. The holes intercepted a thick sedimentary sequence including feldspathic- and quartz-rich sandstones intercalated with shales and siltstones, all displaying intense phyllic alteration with abundant pyrite throughout. Gold mineralization is associated with shallow-dipping hydrothermal breccias with silica, sericite and pyrite in the matrix (sphalerite and tetrahedrite have also been reported), replacing selected sandstone units that can be correlated for the 200 meters between drill holes CHA-11-02 and CHA-11-02A (see table below).

/T/

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From To Length Cu Au Ag Mo g/t

Drill Hole (m) (m) (m) (%) (g/t) (g/t) (%) Au eq

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CHA-11-02 14.50 17.50 3.00 - 0.16 - - 0.16

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" 45.30 70.20 24.90 - 0.12 0.57 - 0.13

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including 45.30 47.00 1.70 - 0.40 2.10 - 0.44

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" 151.50 157.00 5.50 - 0.14 3.50 - 0.21

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" 181.00 209.00 28.00 - 0.27 0.35 - 0.27

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" 269.30 285.80 11.30 - 0.23 1.18 - 0.25

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" 311.40 313.40 2.00 - 0.22 3.30 - 0.28

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" 325.40 334.30 8.90 - 0.22 1.06 - 0.24

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CHA-11-02A 13.20 43.20 30.00 - 0.37 0.67 - 0.38

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including 13.20 28.00 14.80 - 0.67 1.30 - 0.69

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" 121.20 147.90 26.70 - 0.39 1.45 - 0.42

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including 137.60 147.90 10.30 - 0.66 2.75 - 0.71

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" 182.80 193.60 10.80 - 0.17 1.10 - 0.19

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" 275.15 276.40 1.25 - 0.16 0.95 - 0.17

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" 285.40 287.60 2.20 - 0.25 0.62 - 0.26

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" 291.40 292.90 1.50 - 0.20 0.90 - 0.21

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" 317.50 318.10 0.60 - 0.35 7.90 - 0.50

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Gold Equivalent assumptions: Based on metal prices as of closing May 4,

2012, US$1642.10/oz Au and US$30.34/oz Ag. The formula used is as follows:

Au eq= Au g/t + (Ag g/t x 0.018).

/T/

Copper-gold-molybdenum porphyry-style mineralization

Porphyry-style mineralization occurs in the monzonitic and monzodioritic intrusives and in sandstone/siltstone sediments. Drill holes CHA-11-04, CHA-11-06, CHA-11-07, CHA-12-09, CHA-12-11, CHA-12-13 and CHA-12-15 intersected moderate potassic alteration with disseminations and discontinuous veinlets of chalcopyrite and molybdenite, plus superimposed phyllic and propylitic alteration containing chalcopyrite, molybdenite, pyrite and pyrrhotite. Low-grade, copper-gold-molybdenum mineralization has been reported over broad intervals from several of the above mentioned drill holes:

/T/

-- Hole CHA-11-06 reported 245 meters of porphyry-style mineralization,

corresponding with copper grades of between 0.01 and 0.12% copper, and

intermittent strongly anomalous values of gold and molybdenum.

-- Hole CHA-12-09 reported 117 meters averaging 0.05% Cu, 0.005% Mo and

0.02 g/t Au

-- Hole CHA-12-11 intercepted 35.5 meters averaging 0.16% Cu, 0.030% Mo and

0.07 g/t Au

-- Hole CHA-12-13 highlighted 11 meters averaging 0.40 g/t Au, and 96

meters averaging 0.06% Cu, 0.03 g/t Au and 0.002% Mo

-- Hole CHA-12-15 reported 47 meters averaging 0.03% Cu and 0.05 g/t Au,

and 43 meters averaging 0.05% Cu, 0.05 g/t Au and 0.005% Mo

/T/

Miguel Cardozo, President and CEO of Alturas commented: "We are excited and intrigued by the results of this initial drilling program at Chapi Chapi; it confirms that the Company has uncovered a very large and strong copper-gold-molybdenum mineralized system in this prolific porphyry-skarn belt where several large economic deposits are located nearby. The program has successfully highlighted the existence of varied mineralization styles, and the geological complexity, present at Chapi Chapi. Subsequent drilling campaigns will target hidden high grade skarn and porphyry bodies, potentially similar to the various examples nearby in the Apurimac belt, where apparently poorly outcropping mineralized occurrences have in some cases later grown into very large economic deposits through detailed exploration drilling. In addition, the Company will target potentially economic gold-silver replacement bodies in hydrothermally altered and brecciated sandstones in the aureoles of monzonitic intrusive stocks".

Dr. Cardozo added that "Alturas has outlined a large, potentially economic, copper-gold-molybdenum mineralized system: a second phase drilling program of 10,000 meters is planned for the second half of 2012 and it will start as soon as the environmental permit is obtained. The second phase program will aim to more precisely define the extent and quality of the widespread copper-gold-molybdenum mineralization."

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 one project in drilling stage Chapi Chapi-Utupara and five drill-ready mineral exploration projects located in Peru and Chile, including the Sombrero, Huajoto, Ccaccapaqui and Pampa Colorada projects in Peru, and La Corina property in Chile. Alturas entered into a revised agreement on its Pampa Colorada property with Origen Group S.A.C. and into an option agreement on its Ccaccapaqui project with Compania de Minas Buenaventura S.A.A. (see press releases dated January 5th, 2012 and January 31st, 2012, respectively). In addition, Alturas Peru has interests in three other less-advanced exploration projects in Peru (Callejones, San Antonio and La Divina).

About Alturas's QA/QC Procedures

Strict sample integrity is maintained throughout the geochemical sampling program. The bagged samples are transported by Alturas staff to the city of Abancay in South Peru where they are shipped directly to Inspectorate Services Peru SAC Labs in Lima. Inspectorate is an ISO 9001:2000 certified laboratory that is preparing for ISO 17025 accreditation. At the Inspectorate's Lima facility, all samples are dried then crushed to 90% -10 mesh (less than 2mm) size; then riffle split to obtain an approximately 200 gram subsample. The subsample is further crushed to 95% -200 mesh (less than 75 microns) to obtain a 100 gram split ready for analysis. All samples are routinely assayed for gold by conventional fire-assay methods at Inspectorate's Lima facility, and for 34 additional elements (including silver, copper, lead, zinc) using aqua regia acid digestion followed by Inductively Coupled Plasma-Atomic Emission Spectroscopy ("ICP-AES") analysis. Alturas follows a rigorous QC/QA program, including routine insertion of standards and blanks as well as assay of duplicate samples at other independent laboratories. Certified standards, of known gold grade are inserted "blind" every 20th sample as an independent check on assay accuracy.

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, who has reviewed the technical information reported in this News Release.

About the Huaquirca copper-gold district

The Huaquirca copper-gold district is situated in the department of Apurimac in southern Peru, within the emerging Apurimac-Cusco porphyry-skarn belt of southeastern Peru. The 6,903 hectare Chapi Chapi property block is immediately adjacent to Alturas' 5,276 hectare Utupara property. Together the two projects now comprise a larger joint venture area ("Huaquirca Joint Venture") between Alturas and Minera IRL Limited.

At Chapi Chapi, Alturas conducted 104.7 line-km ground magnetic and 70.2 line-km induced polarization geophysical surveys during 2011. Geophysical modeling, complemented by surface geochemical copper-gold anomalies and extensive areas of mapped skarn mineralization, hydrothermally altered sandstone horizons and strong alteration within monzonitic intrusive rocks, together define a 4.5 kilometer by 2.5 kilometer zone of skarn-, replacement- and porphyry-style mineralization.

The limestones in the Huaquirca District are part of the same unit (Ferrobamba Formation) that hosts world-class skarn deposits in the Apurimac-Cusco porphyry-skarn belt, such as the Tintaya and Las Bambas copper-gold skarn projects of Xstrata. The quartzite sandstone unit (Hualhuani Formation) also hosts a significant copper oxide resource at the nearby Antilla project of Panoro Minerals, situated some 10 kilometers to the west. The Los Chancas copper porphyry deposit (in feasibility stage by Southern Copper Corporation) is hosted by a similar intrusive complex located 20 kilometers north of the Huaquirca District and the Trapiche copper porphyry exploration project of Buenaventura occurs 15 kilometers to the south.

An Initial dioritic, intrusive phase in the Chapi Chapi project area produced an intense thermal metamorphism/metasomatism at the contact with the sedimentary sequence, generating garnet-pyroxene skarns, marble, hornfels and quartzites. This phase was followed by subsequent phases of dioritic porphyries and monzodioritic intrusives. A later phase of monzonitic intrusive was emplaced along subvertical structures and as sills following stratigraphically weaker zones, inducing an extensive hydrothermal alteration in several successive phases.

For maps and an extended summary of previous exploration results, refer to the Company's website http://www.alturasminerals.com/press-release-maps.html.

About the Agreement with Minera IRL Limited

Under an amended agreement signed with Minera IRL Limited ("IRL") in January 2011, the parties agreed that the Chapi-Chapi and Utupara properties would be combined as the "Huaquirca Joint Venture" and IRL would hold a 20% and Alturas an 80% interest in the Huaquirca Joint Venture upon Alturas completing at least 15,000 additional meters of drilling on the Chapi-Chapi Property and a scoping study by December 31, 2012. For further details, please refer to Alturas' press release dated January 13th, 2012.

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.

The TSX Venture Exchange and the Bolsa de Valores de Lima do not accept responsibility for the adequacy or accuracy of this release.
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