ALT Alturas Minerals Corp

Alturas Minerals Corp. (the "Company") (TSX VENTURE:ALT)(LMA:ALT) is pleased to
announce that its 100% Peruvian subsidiary Alturas Minerals S.A. ("Alturas") has
entered into an agreement (the "Option Agreement") on its 100% owned 2,000
hectare Callejones mining concessions (the "Concessions") located in northern
Peru and into an agreement for a US$100,000 convertible loan ("Loan Contract")
with the Peruvian company Andes Generating Corporation S.A.C. ("Ancorp"). 


Miguel Cardozo, President & CEO of Alturas commented that "The Callejones deal
is a positive development for Alturas and together with the convertible loan
contract secures the disposition of sufficient cash to maintain the validity of
its mining licenses in Peru and Chile. At the same time, creates a strategic
relationship with a prestigious investment company in Peru that has expressed
its interest in supporting the company in its corporative and financial
development. Alturas remains very optimistic with respect to the mineral
potential of its projects and is evaluating alternative plans for exploration. 


Alturas is currently having conversations with various mining companies and
private investors that are strongly interested in a joint venture partnership to
develop these and other projects from our high-quality property portfolio in
Peru and Chile."


Option Agreement

Under the 5-year Option Agreement, Ancorp can earn a 100% interest in the
project by incurring a minimum of US$ 200,000 on exploration expenditures in the
first 3 years and by additionally making staged yearly cash payments to Alturas
totaling up to US$ 0.5 million. A first payment of US$50,000 was received on May
16th, 2014 on signing of the Public Deed of the option agreement. The Option
Agreement also stipulates that once Ancorp exercises the option to acquire the
Property, Alturas becomes entitled to a royalty payment on all minerals
extracted from the Property, equivalent to 0.3% of the net smelting return
("NSR"). Furthermore, if Ancorp decide to transfer the property to a third
party, Alturas will be entitled to 30% of all the net benefits obtained by
Ancorp from that transaction.


Loan Contract

On May 16th, 2014, simultaneously with the execution of the Option Agreement, a
loan agreement ("Loan Contract") was also signed by the parties whereby Alturas
received a US$100,000 loan, payable any time before 12 months. The loan is
convertible into Alturas common shares at the option of Ancorp and carries an
annual interest rate of 15%. The conversion price for the principal amount of
the loan has been set at $0.02 per share. In addition, Ancorp has been granted
2,000,000 warrants exercisable at $0.02 per share for a period of one year. The
conversion price and the exercise price on the warrants are being granted based
on a waiver from the pricing rules of the TSX Venture Exchange. The loan cannot
be converted or the warrants exercised until the Company has completed a
consolidation unless the conversion price and warrant exercise price are
increased to $0.05. At its annual meeting on May 14, 2014, shareholders
overwhelmingly granted approval to consolidate the common shares. Alturas is in
the process of implementing the consolidation subject to finalizing the
consolidation ratio which will be between 1 post consolidated share for each 10
pre-consolidation shares and 1 post-consolidation share for each 3
pre-consolidation shares. 


In addition, the Loan Contract provides that if Alturas is unable to repay the
loan and Ancorp elects not to convert the loan, Ancorp can reduce its option
payments above by US$2 for every $US1 not repaid. Ancorp has no other recourse
under the Loan Contract other than to convert or reduce its obligations under
the Option Agreement.


This transaction remains subject to regulatory and TSX-V approvals. 

About the Callejones Project

The Callejones Property consist of two mining concessions totaling 2,000
hectares, located 400 kilometers NNW of Lima in the Department of La Libertad,
northern Peru, and lying in the coastal hills at around 500 meters altitude
above sea level. The Callejones Project is located within the coastal
volcanogenic massive sulphide (VMS) belt of northern Peru, which can be traced
for over 1,500 kilometers in a NNW-SSE direction. The belt is characterized by a
marine volcano-sedimentary sequence of mid-Cretaceous age, hosting a number of
clustered, and in some cases very large mineral deposits, like the Tambogrande
project.


Prior to Alturas, the Australian company Pasminco (formerly Savage) completed
extensive exploration work there, completing geological mapping, stream sediment
sampling, trench sampling and diamond drilling in 1997-98. During 2001, the
Canadian junior company Bear Creek Mining later carried out a limited RC
drilling program on the property, targeted on the earlier work completed by
Pasminco. Total historical expenditure is estimated to be approximately US$1.5. 


Pasminco collected 3,384 rock geochemical samples within Alturas' present tenure
and the results confirmed significantly elevated values of gold, silver, copper,
zinc, lead and molybdenum, as well as iron. In particular, gold and silver are
elevated to potentially economic values in a large number of samples (reporting
values of several g/t, and tens of g/t, respectively). Gold and silver values
are enriched over the entire project area, whereas copper, zinc, lead and
molybdenum tend to be more concentrated in the eastern sector.


The property has received a total of 3,552.86 meters of historical drilling in
three campaigns, targeting a narrow gold-silver "horizon" within the mixed
volcano-sedimentary package immediately beneath a hanging wall andesite lava
sequence, using the detachment fault model. The drilling showed that gold and
silver were the two main economic elements present in the near surface and
significantly anomalous values were intercepted over intervals of meters to tens
of meters. Base metals such as copper, lead and zinc were intercepted in
significantly anomalous amounts in a few drill holes (0.1-1.0%), over intervals
of meters.


However, Alturas considers that a gold-rich VMS model is instead applicable, by
analogy with other gold-rich VMS deposits in the belt such as Tambogrande some
480 kilometres to the NNW, it is conceivable that lenses of massive sulphide
mineralization in the order of hundreds of meters in size, could be concealed
beneath the gold-silver rich horizon, which may represent a regional "exhalite"
horizon. No systematic exploration for blind VMS targets has yet taken place in
the district.


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 Ancorp

Ancorp is a Peruvian private group with diversified investment interests
developed in more than 30 years of business history from its partners. Their
investments focus has been in the identification, development and promotion of
hydropower projects in Peru, with a portfolio successfully developed to date,
with an estimated construction investment of over USD$ 8 billion. In addition,
Ancorp' main partner founded and directed a renown Peruvian engineering company
in 1978, which primary focus has been the identification, design and development
of hydroelectric and thermal plants, transmission and distribution lines in
Latin America and was merged in 2012 with Dessau International. Other past and
current investments includes participation in real estate investment,
non-metallic mining, medical services, transport, electro-mechanic industry
among others. 


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 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.


Besides Callejones, Alturas has three drill-ready mineral exploration projects
located in Peru, including the Utupara, Sombrero and Huajoto projects. Alturas
also entered into a transfer agreement on its Pampa Colorada property in
northern Peru with Origen Group S.A.C. but maintains royalty rights and a claw
back clause on 60-100% of the mining rights under certain conditions (see press
release dated January 5th, 2012). Alturas is also advancing its two optioned
gold-copper projects Marilin and Quispe in the Maricunga belt of northern Chile.



For further information, please visit the Company's website at
www.alturasminerals.com. 




Alturas Minerals Corp.                                                      
1 Toronto Street, Suite 201, Toronto, ON, Canada, M5C 2V6, and              
Av. Del Pinar 180, Suite 804, Chacarilla del Estanque, Lima 33, Peru        



Should you wish to receive Company news via email, please email
investor@alturasminerals.com and specify "Alturas News" in the subject line.


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


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alturas Minerals Corp.
+ 51-1- 372-3739 (Lima, Peru)
+ 1-416-363-4900 (Toronto, Canada)
investor@alturasminerals.com
www.alturasminerals.com

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