Alturas Minerals Corp announce that its 100% Peruvian subsidiary Alturas Minerals SA has entered into a revised agreement dated December 29, 2011 with Origen Group SAC on its 100% owned 900 hectare Pampa Colorada mining concession located in northern Peru.

Under the Agreement, Alturas will transfer ownership of the Concession to Origen in consideration of a cash payment of USD 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 USD 250,000 will be paid to Alturas for each year regardless of iron ore production.

The Agreement also provides Alturas with an option right 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.

Mr Miguel Cardozo President and CEO of Alturas said "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 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."