Alturas Minerals Corp.

Transcription

1 TSX-V & BVL: US Pink Sheets: ALT ALTSF Alturas Minerals Corp. Exploration and Mining Development in Peru Value creation and Business A Discussion on Alturas Experience November 2011

2 Forward Looking Statements This presentation includes certain "forward-looking statements" under applicable Canadian securities legislation. All statements other than statements of historical fact included in this presentation, including, without limitation, statements regarding potential exploration results, future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Alturas Minerals expectations include exploration and other risks detailed from time to time in the filings made by the Company with securities regulators. 2

3 Mining and Investment Several Latin American economies depend and will continue depending on mining Development of the mining sector depends on private investment An increasing number of new regions and countries in the world are now open to mining investment. Mining companies have numerous investment options but limited budgets Attracting mining investment becomes essential, but mining has to contribute to local economic and social development 3

4 Attracting Investment Key factors to attract investment are determined by investors Only some of these factors can be controlled or influenced by governments Optimizing mining contribution to local sustainable development and at the same time maintaining country competitiveness is a real challenge 4

5 Exploration Investment 10 top decision factors Geological potential Profitability of potential operations Tenure and permits reliability Profit expatriation Consistency of mining policy Realistic currency exchange control Stable exploration rules Reliable environmental rules Reliable tax regulations Stability of tax regime 5

6 Exploration Investment What do exploration companies need? Geological potential Reliable tenure and exploration rules Attractive and stable financial and tax regimes Predictable mining and environmental policies 6

7 Mining in Latin America Geological Potential Unexplored terrains in general Current regional predominance of gold exploration Five Latin American countries in the 10 top investment destinations in 2003: Mexico, Peru, Chile, Brazil, Argentina After Canada, Australia, USA and South Africa Variable quality of available geological information (significant room for improvement) Lack of comprehensive public geological databases (local or regional) No legislation to enforce public availability of geological information generated by mining exploration companies Private investment in the acquisition of geological information is equivalent to hundreds of times the annual budgets of the local geological surveys 7

8 Mining in Latin America Geological Potential Geological information from the oil industry is available in several countries, but it has had very limited use in mining exploration Geological surveys require far more support; some are in a critical situation Geological education and research need urgent financial support and quality upgrade Adopting of standard, regulated reporting rules for resourcereserve estimates and exploration results, and the creation of a register for Qualified Persons is key for obtaining financing of exploration 8

9 Mining in Latin America Tenure and exploration rules Historically complex systems; frequently subject to corruption practices Peru showed the way in 1992 creating a simple, transparent, high-tech, efficient system. Some countries are following the example Still expensive tenure payments for early stage projects Turn around of exploration ground still far from ideal Obligatory partial relinquishment of exploration ground, staggered tenure fees to incentive prospecting and early stage exploration are potential regulatory options 9

10 Financial and tax regimes Mining in Latin America Stable and predictable regimes needed Frequent public discussions on tax related issues by politicians generate negative impact on investors, i.e. royalty introduction in Peru and Chile Mining has to contribute to the sustainable development of the society as a whole, and companies require a reasonable return on their investment: win-win situation Tax reforms should not: consider individual taxes in isolation without evaluating their impact on the competitiveness of the mining sector reduce country competitiveness, make mineral deposits economically marginal reduce minable reserves by increasing cut-off grade of existing mines 10

11 Mining in Latin America Financial and tax regimes Tax incentives to high-risk exploration activities would help to accelerate discoveries, like in Canada The creation of junior segments in Latin American stock exchanges could be an important financing source for exploration juniors, considering the decline of the exploration budgets by most international companies. The Lima Stock Exchange has given the example. 11

12 Mining in Latin America Mining and environmental policies Stable and predictable permitting rules, using international standards are required Environmental evaluation of projects must be technically driven, avoiding political interferences Social and community issues are not necessarily related to environmental problems Strong governmental support must be given to viable projects, even against local political interests Educational programs of the population must be a priority for governments and companies Auto-regulation as a mechanism to ensure clean and safe operations must be adopted by the industry. This will: reduce work load on the authorities that have to supervise mining operations improve the industry image and the public trust on mining companies in respect to their management of safety and environmental issues 12

13 Mining in Latin America Other factor controlling mining Corporate developments Exploration budgets have considerably increased in recent years, but consolidation of the mining industry will continue negatively affecting exploration budgets : merger and take-over processes In the long term, metal prices will continue their cyclic variation, affecting investment returns, accelerating or delaying the development of new projects and impacting on the exploration investment 13

14 Mining in Latin America Other factor controlling mining Technological developments Improved mining methods and more intensive use of heavy equipment in underground operations Biotechnological developments, i.e. new leaching plant announced by the Escondida mine in Chile will allow for the treatment of low-grade copper sulfides Efficiency- and cost-conscious management will be reinforced in new public companies as a result of corporate changes High-tech exploration technologies will be more intensively used, while exploration maturity of the different terrains increases 14

15 Summing up Mining development in Latin America will continue as an economic need, but it will increasingly require social acceptance, which will depend on: Mining contributing to sustainable development through clean and safe operations and social commitment of the operating companies Sustained education efforts by governments and companies to get people to understand the benefits of a modern mining industry that supports and promotes other long-term economic activities Attracting mining investment by maintaining stable rules and eliminating country-risk factors is an obligation of governments and local politicians Strong support of governments to the mining industry will be needed for a trouble-less development of viable and sustainable mining projects Auto-regulation as a mechanism to ensure clean and safe operations must be adopted by the industry. Tax incentives to exploration investment will help to increase the discovery rate and improve the resource base required for expanding the mining industry Tenure and exploration regulations should provide low-cost access to prospecting and early stage exploration ground, and guarantee rapid turn around of exploration claims 15

16 Summing up Public geological databases should be created to host and distribute quality information from different sources, including exploration companies Delivery of exploration information from private companies to public files must be enforced by law Geoscientific education and research must be reinforced through generous financing and international technical cooperation Financing of local and international exploration juniors should be organized and promoted through local stock exchanges Standard reporting practices should be enforced, and QPs trained and registered Geological surveys will need much stronger financial and scientific support to deliver quality geological information that allows for the identification of new and less obvious exploration targets 16

17 Mining exploration is key for the future of Peru Mining in Peru has reached a high level of development Important rate of extraction and processing of minerals creates need to replace and expand mineral resources through new discoveries New mineral discoveries will expand the life of existing mines, allow to the expansion of current operations and the development of new projects Mining exploration becomes a fundamental factor for the long term sustainability and growth of the mining sector and plays a key role in the economic development of the country and its different regions Similarly to Canada and Australia, a business related to exploration has emerged 17

18 Mining exploration is key for the future of Peru Junior companies are part of this emerging business It s estimated that there are more than 150 junior companies operating in Peru Most of them are foreign companies attracted by the great geological potential of the Peruvian territory and the sound business environment The interest of the financial sector in the exploration business allowed the creation of the Segmento de Capital de Riesgo in the Bolsa de Valores de Lima First in Latin America. Ratifies the global leadership of Peru in the mining industry 18

19 Mining exploration is key for the future of Peru Up to 15 junior companies are registered at the Bolsa de Valores de Lima. All were initially trading in other markets like the TSXV of Canada and the AIM of London. An important sector of services companies have also been created to serve the exploration activity: geology, geophysics, drilling, social and environmental consultancy, logistic support, legal, accounting among others Institutional activity is also reflecting the increasing importance of mining exploration. 19

20 Alturas Minerals Corp: A valuable experience Opening new ways Primera empresa minera junior peruana formada como entidad privada en 2004, para luego convertirse en una empresa pública a través de su listado en la TSXV de Canadá en abril 2007 y en la BVL en junio Esta valiosa experiencia aún no ha sido replicada y todavía estamos a la espera de una segunda generación de empresas mineras junior que sean formadas en el Perú y que completen su listado primario en la Bolsa de Valores de Lima. 20

21 History Peruvian Group formed at the end of 2003: CPB Asociados Agreement with Australian company Equinox Minerals to provide seed money Alturas Minerals SRL (later S.A.) is formed in January 2004 Initial structure: EQN 70% / CPB 30% Property portfolio is formed in 2004 Main projects: Huilacollo (Gold-Silver) Baños del Indio (Gold-Silver) Huajoto (Zinc-Copper-Gold) Utupara-Chapi Chapi (Copper-Gold) Sombrero (Copper-Gold) Other less advanced 9 projects 21

22 qualified resports prepared for main 4 projects Alturas Minerals Corp is incorporated in Toronto AMSA becomes a subsidiary of AMC Abril 2006: AMC is registered at the TSXV and obtains financinf of C$7M Alturas se lista en la BVL a fines de Junio 2008 Mayo 2006 Julio 2008: First drilling phase in Huilacollo end successfully Utupara and Baños del Indio advanced to drilling stage Mayo 2007: AMC obtains C$10M financing Drilling programs executed in Utupara, Baños del Indio and Huajoto Global economic crisis forces to suspend exploration activities New funding in April 2010, November 2010 and February 2011 allows resuming exploration program Drilling in Chapi Chapi ongoing now History 22

23 Company Strengths Well defined strategy to create value Excellent team providing direction and management Deep knowledge of Peru Extense and attractive project portfolio Effective evaluation of properties Sound and commited social-environmental management 23

24 Propiedades con gran potencial para crear valor HUAJOTO (Zinc, Rare Earths) HUAJOTO (Gold) UTUPARA (Copper-Gold) CHAPI CHAPI (Copper-Gold) 24

25 Properties with great potential to create value BAÑOS DEL INDIO (Gold) HUILACOLLO (Gold) Exoskarn Cu - Au 2.11g/t Au; 4.33% Cu 5.88 g/t Au; 9.09%Cu Diorite intrusive Limestone Quaternary Limestone SOMBRERO (Copper-Gold) CCACCAPAQUI (Gold) 25

26 The Essentials Focused on GOLD and COPPER discovery in PERU and CHILE Decades of discovery experience in South America. Team led discovery and development of some of Peru s largest deposits (Yanacocha and Antamina) Six high-quality, drill-ready key projects plus three other less advanced targets Drilling on-going in Chapi Chapi Extensive and strong mineralization reported Joint Venture strategy making good progress Pampa Colorada (renegotiating contract with Lonwei Group), Caccapaqui (about to close deal with major mining house) Other international companies reviewing Alturas properties 26

27 Capital Structure Listed ontoronto Venture Exchange, Lima Exchange and US Pink Sheets Shares outstanding (by Sep 30, 2011): $0.22 (weighted avg.) $0.23 (weighted avg.) Private Placements: April $0.645 $ 7.0 million - May $0.500 $10.0 million - Mar $0.095 $ 1.5 million - Nov $0.140 $ 4.0 million - Feb $0.210 $ 2.2 million Market Cap: outstanding shares x $0.12 Cash position (by Sep 30, 2011) million 7.0 million 25.2 million $18.5 million $15.0 million $4.7 million 27

28 Management Senior Executives Miguel Cardozo: President &CEO Mario Miranda: CFO TBA: VP Exploration Non-Executive directors: Augusto Baertl Walter Henry Roland Eschle Paul Pearson Kathleen Skerrett Miguel Cardozo B.SC, PhD, President & CEO, Chairman of the Board Over 38 years of gold and base metals experience throughout the Americas. Senior management roles with Newmont, North Limited, Teck Cominco, Placer Dome and Aurion Gold amongst others. Leaded the team that discovered the Yanacocha gold district in 1985 and of the Galeno copper-gold porphyry deposit in Mario Miranda CA, BA (Economics), Chief Financial Officer Mr. Miranda is a Chartered Accountant and hold a bachelors degree in economics. Extensive experience in corporate finance and financial reporting. With over 15 year in the resource industry, he has been chief financial officer of Lake Shore Gold, Pacific Stratus Energy and INV Metals as well as held senior financial roles with Kinross Gold, Fort Knox Mining and Bolivar Gold. 28

29 Non-Executive Directors Augusto Baertl BS. Mining Eng, Director Mining engineer who held a number of senior positions with national and international mining companies in Peru. Served as mine manager, general manager and president of Compañia Minera Milpo, one of Peru s largest mining companies, and President and CEO of Compañía Minera Antamina, where he oversaw the exploration, feasibility and startup of the worldclass Antamina copper-zinc project. Paul Pearson - B.SC, PhD, Director, acting QP Has worked for 25 years throughout Australasia and Latin America in gold and base metals exploration. Has held senior technical geological roles, including project generation and acquisition, with a number of major resource groups that includes Mount Isa Mines, North Limited, Teck Cominco and SRK Consulting. Walter Henry - CFA, Director Over 15 years of experience in capital markets financing, international project financing, and corporate bank financing, with an emphasis on resource sector financings. He is currently president and CEO of Frontline Gold Corp. Mr. Henry has previously held the positions of CFO for Juno Special Situations Corp, Alturas Minerals Corp. and Tiberon Minerals Ltd., Manager at CIBC World Markets and Assistant Vice President, Mining and Infrastructure, within the Financial Advisory Services Group of Price Waterhouse Coopers Securities Inc., and BNP Paribas Canada, in the Energy, Mining and Project Finance Group. Roland Eschle - MA, Director: Mr. Eschle is a Swiss investment professional based in Zurich. Over the last 20 years, he has worked for a number of financial institutions in Switzerland and the UK. For the last seven years he has specialised in the natural resources sector, both as an analyst, investment banker and fund manager. Mr. Eschle is Founder and Managing Director of Crimson Capital, a natural resources advisory boutique. He is also a Partner of P&C Global Wealth Management SA (Switzerland), where he is in charge of the P&C Global Gold & Natural Resources Fund. Mr. Eschle obtained his masters degree from the University of Zurich. Heis a member of the UKbased Association of Mining Analysts (AMA). Kathleen Skerrett - B. Comm., LLB, Legal Counsel, Director: Ms. Skerrett is corporate counsel for Alturas. Ms Skerrett is a partner with the law firm of Gardiner Roberts LLP in Toronto. She has been practicing in the fields of corporate and securities law since being called to the bar in the Province of Ontario in 1996 with a focus on junior resource companies. 29

30 Operational Highlights and Strategy 2011/2012 Six drill-ready projects: Utupara-Chapi Chapi (copper-gold) - PERU Sombrero (copper-gold) - PERU La Corina (copper-gold) - CHILE Ccaccapaqui (gold) - PERU Huajoto (zinc/rare earths-gold) - PERU Pampa Colorada (iron-copper-gold) -PERU Drill programs planned for Utupara-Chapi Chapi, Sombrero, Huajoto and Ccaccapaqui. Several parties interested in these projects Development of Pampa Colorada accelerated through mining assigment contract with Origen Group, signed October 29, Copper-gold, porphyry target and possible extensions of breccia/vein gold mineralization at La Corina are in evaluation Maintain impeccable social and environmental performance 30

31 23,500 hectares Project Location Map Peru and Chile 31

32 Project Pipeline Work Progress and Plans 2011 Chapi Chapi Drilling 5,000m program on going Sombrero IP/resistivity survey planned, negotiating community agreement La Corina Exploration of eastern half of the property to start soon 2012 Chapi Chapi Drilling 10,000m Sombrero Drilling 3,00m Huajoto Decide priorities based on Zn price Callejones Surface exploration 32

33 Main Projects Focus for 2011 Utupara Chapi Chapi Sombrero Both porphyry/skarn, bulk-tonnage, copper-gold targets in the Apurimac Belt in Southeastern Peru 33

34 Chapi Chapi-Utupara & Sombrero Projects - Copper-Gold Los Chancas (Southern Copper Corp) FEASIBILITY % Cu, 0.03% Mo (oxide) % Cu, 0.04% Mo, 0.04 g/t Au (sulfide) Apurimac production will growth from 100,000 to 800,000 metric tons of fine copper in next 5 years APURIMAC BELT Eocene-Oligocene Cu-Au Porphyry / Skarn Belt Las Bambas (Xstrata) CONSTRUCTION - $4.2 bn 0.77% Cu, 0.018% Mo Sombrero Haquira (Antares) SOLD TO FIRST QUANTUM - $450 mn % Cu (oxide) % Cu, 0.013% Mo (sulfide) Constancia (Norsemont) SOLD TO HUDBAY - $520mn % Cu, 0.011%Mo Tintaya (Xstrata) MINE CLOSURE % Cu Chapi Chapi/Utupara Antilla (Panoro) % Cu, 0.009% Mo Antapaccay (Xstrata) - CONSTRUCTION - $1.5 bn % Cu, 0.12 g/t Au Trapiche (Buenaventura) % Cu Chilean Porphyry Belt 34

35 Utupara-Chapi Chapi Apurimac Belt Antilla 35

36 Utupara-Chapi Chapi Antilla Apurimac Belt Antabamba Cluster Emerging copper-gold porphyry cluster Projects in early drilling to feasibility study stage Potential sinergies Will trigger significant infrastructure development Main operating companies: Southern Buenaventura Panoro Alturas 36

37 Chapi Chapi - Utupara Copper-Gold Project 37

38 Chapi Chapi Overview and Alturas Camp Looking North 38

39 Chapi Chapi Project Geology Overview View taken from Chapi Chapi looking to the East Artisanal miners Chama Epithermal gold mineralization Volcánicos Mauroruni Various styles of copper and gold mineralization in a 4.0km x 4.5km area Recrystalized Limestones Chicorone Copper-gold mineralization in recrystalized limestone, skarn, magnetite bodies and veins Diorite-monzonite intrusive complex Chapi Chapi View taken from Chapi Chapi looking to the SE Panoramic view of the Huarajo gold anomaly in a 1.0km x 1.0km area View taken from Chicorone looking to the SW Panoramic view of the Cullimayoc epitermal alteration (left), 39

40 Chapi Chapi Project Geology and Drill Hole Location 40

41 Chapi Chapi Project Magnetic Anomalies 41

42 Chapi Chapi Project Chargeability Anomalies 42

43 Drill Hole # 2 at the Huarajo Target 43

44 Drill Holes # 2 and 2A at the Huarajo Target 44

45 Gold & Lithology 45

46 Drill Hole # 3 at the Chapi Chapi Target 46

47 Copper Oxide Occurrence in Huarajo West 47

48 Sombrero Project - Copper-Gold Exoskarn Cu - Au 5.88 g/t Au; 9.09%Cu 2.11g/t Au; 4.33% Cu Diorite intrusive Limestone Quaternary 1:25,000 scale mapping and sampling completed over 11.0 x 3.5 kms Extensive copper-gold skarn system hosted by limestones cut by intrusive stocks Previous small scale mining of copper oxide -bearing magnetite Surface geochemistry of skarns is highly encouraging Project 3,800 hectares covering 80% of prospective area of the system Ground magnetics completed, induced polarization Limestone completed; large anomalies defined Ready to drill 48

49 Sombrero Project - Copper-Gold 49

50 Sombrero Project - Copper-Gold 50

51 Sombrero Project - Copper-Gold Chargeabiity anomalies to be drill tested 51

52 Additional Advanced Exploration Projects Huajoto (zinc/rare earths-gold) - PERU La Corina (copper-gold) - CHILE Ccaccapaqui (gold) - PERU Pampa Colorada (iron-copper-gold) - PERU Callejones (gold-copper-zinc-silver) - PERU 52

53 Huajoto - Zinc/Rare Earths and Gold Mineralization 3,700 hectares in polymetallic belt of Central Peru 53

54 Huajoto - Zinc/Rare Earths Target 54

55 Huajoto Zinc/Rare Earths and Gold Mineralization 5x5 km sub-circular uranium / thorium radiometric anomaly, suggests bulk tonnage rare earth element potential Zinc Rare earths elements, uranium and thorium at microscopic scale in phosphate minerals Previous trenching highlights: % rare earth total oxides, including % rare earth total oxides plus strong zinc and copper 2,000 meters of drilling by Alturas intercepted % zinc, 0.09% copper, 0.25% REO plus gold, uranium credits including higher-grade intercepts: % zinc, 0.18% copper, and % zinc, 0.37% copper 55

56 Huajoto La Virgen Epithermal Gold Target g/t anomalies from silica ribs cutting argillic and advanced argillic alteration 56

57 Chile La Corina Project Gold-Copper Cerro Verde Cuajone Quellaveco Toquepala 70 kilometers northeast of La Serena Mocha Cerro Colorado Copaquire Quebrada Blanca Rosario Spence Sierra Gorda Centinela Polo Sur Lomas Bayas El Abra Chuquicamata Gaby Zaldivar Chimborazo Escondida Los Azules El Salvador Potrerillos Relincho La Corina La Fortuna Porphyry Copper Belts Upper Eocene-Lower Oligocene El Loica Palaeocene-Lower Eocene 57

58 La Corina Project Gold-Copper Previous drilling by Phelps Dodge & Enami reported strong copper-gold intercepts (up to g/t gold, 0.45% copper, including g/ t gold, 1.49% copper). East-west striking, gold-bearing vein/breccia system. Strong alteration and goldanomalies in soils and rocks over a strike length of at least 3 km remains open to the east. Drilling by Alturas highlights a section in drill hole # 3 of 47.8 meters grading 0.90 g/t gold, which included sections of 3.05 meters grading 2.33 g/t and 4.00 meters grading 2.87 g/t gold 58

59 Ccaccapaqui Gold Project Corihuami (IRL) 0.5 Moz Au Pico Macahay (Aquiline) 0.5 Moz Au Antapite (Buenaventura) 1 Moz Au Liam (Hochschild) 0.5 Moz Au Arcata (Hochschild) 1 Moz Au Miocene - Pliocene Au-Ag Epithermal Belt Rescatada (Aruntani) 1-2 Moz Au Poracota (Buenaventura) 1 Moz Au Orcapampa (Buenaventura) 1-2 Moz Au Tukari (Aruntani) 2 Moz Au Pucamarca (Minsur) 1 Moz Au 59

60 Ccaccapaqui Gold Project Extensive glacial cover Geological mapping and rock sampling completed Strong gold-silver in epithermal system Gold bearing silica-alunite unit exposed in +1.5 x 0.5km System open at both ends, potential extended to +2.5km Potential for transported gold in glacial moraine Outcrops reporting up to 3.19 g/t Au, 194 g/t Ag 60

61 Pampa Colorada Project Iron-Copper-Gold 61

62 Pampa Colorada Project Iron-Copper-Gold Au: 0.6 g/t Ag: 21.6 g/t Zn: 0.31% Outcrop of massive magnetite Quartz-sulfide stockworks cutting intrusive porphyry. Precious and base metal anomalism Assignment agreement signed on October 29, 2010 Assigns Origen Group SAC the right to mine iron ore from the claim for ten years in consideration for royalty payments based on tones of iron ore extracted. US$2.7 million minimum royalty payments apply. Origen Group will immediately obtain permits to mine the existing iron ore resources and explore the property Option agreement in negotiation Origen Group would acquire: 100% of the mining rights if the deposit contains mainly an iron-ore resource, or 40% of the mining rights if the deposit contains mainly a copper/gold resource. 62

63 Callejones Project (Gold-Silver-Copper-Zinc) Coastal Peru Volcanogenic Massive Sulfide (VMS) belt Callejones Tambo Grande (previously Manhattan) TG1: 1.7% Cu, 1.4% Zn, 0.7 g/t Au, 31 g/t Ag más 1.3 Moz Au en oxidos Maria Teresa 1 4% Zn, 1.3 % Pb, 0.3% Cu, 100 g/t Ag Perubar (SIMSA) % Zn, 0.7% Zn, 30 g/t Ag Condestable-Raul (Trafigura) % Cu, 0.3 g/t Au Cerro Lindo (Milpo) % Cu, 3.28% Zn, 51 g/t Ag 63

64 Callejones Project (Gold-Silver-Copper-Zinc) Large zone of alteration & surface gold-silverzinc-copper anomaly in a belt 8.0 x 1.0 km Encouraging gold values in drilling with strong anomalies of Ag, Cu and Zn High potential for gold in shallow oxides and hidden massive sulfide bodies. 100% Alturas - 2,000 hectares in Massive Sulfide Belt in northern coastal Peru Andesite Dacites y tuffs (mineralized sequence) 1.34 g/t gold / 55 meters Similar to Tambo Grande model 64

65 Callejones Project (Gold-Silver-Copper-Zinc) 65

66 Callejones Project (Gold-Silver-Copper-Zinc) Oro en oxidos (cf. Callejones) Zinc Copper Pyrite Copper Copper This is the untested target at Callejones, a high grade VMS deposit! 66

67 2011/2012 Budget Summary Projects Drilling (meters) Budget (US$ million) (*) Utupara-Chapi Chapi 5,000m 10, Sombrero --- 3, La Corina --- 2, Huajoto --- 5, Callejones --- 1, Early stage projects Project Generation G&A Toronto/Lima/Santiago n.a. n.a Total (*) Drilling programs depend on 2011 results and market evolution Chapi Chapi and Sombrero have priority Minimum funding required for 2012 Chapi Chapi + G&A + Property Maintenance: US$6 million 67

68 Strategy and Outlook Alturas has the opportunity to leverage on its main competitive advantages A unique high-quality, property portfolio with drill-ready projects An excellent position in one of the most important emerging copper-gold belts in the world (Apurimac porphyry/skarn belt in south-eastern Peru) A credible and experienced team with a remarkable track record in the countries we are operating Main strategic elements Initial focus on Utupara/Chapi Chapi and Sombrero during 2011 as our projects with the best potential to become world-class discoveries. Follow-up drilling in Drilling of Huajoto, Ccaccapaqui and La Corina in Advance surface geological work in Callejones to define drill targets Optimize value creation through strategic partnership for the development of lower priority advanced projects Maintain a well-structure identification of business opportunities in the region using our extensive network connections 68

69 Social & Environmental Committment Apart from adding shareholder value, the company is strongly committed to working closely with local communities, supporting their educational and cultural life, enhancing employment opportunities, providing a safe workplace and protecting the natural environment 69

70 Taking Discovery to New Heights November