Alturas Minerals Corp. (the “Company”) (TSX-V, BVL: ALT) wishes to announce that as a result of the difficulty in generating cash flow in 2014, Alturas may not be able to complete its financial statements and accompanying management discussion and analysis and annual information form for the year ended December 31, 2014 (the “Financial Disclosure”) which are due to be filed on or before March 31, 2015 pursuant to relevant securities laws. The Company delayed engaging its auditors until it was sure it would have sufficient resources to complete the audit. While the audit is only expected to take a couple of weeks, this may result in Alturas being unable to file the Financial Disclosure by March 31, 2015.
The Company intends to work diligently to file the Financial Disclosure as soon as possible and it has applied for a Management Cease Trade Order (“MCTO”) under National Policy 12-203 (the “Policy”) pending the filing of the Financial Disclosure on SEDAR. The Company is confident that the Financial
Disclosure will be filed by no later than April 10, 2015. The granting of an MCTO is at the discretion of the Ontario Securities Commission and there can be no guarantee that an MCTO will be granted.
If an MCTO is granted under the Policy, it will be imposed against some or all of the persons who have been directors, officers or insiders of the Company instead of a cease trade order being imposed against all securities of the Company. An MCTO would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company pending the filing of the Financial Disclosure on SEDAR.
If the MCTO is granted, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in the Policy for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a press release.
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 or contact Alturas at:
Phone: + 51-1- 372-3739 (Lima, Peru)
+ 1-416-363-4900 (Toronto, Canada)
Alturas Minerals Corp.