UTUPARA COPPER-GOLD

Highlights

5,276 hectare property in southeastern Peru copper-gold belt that hosts world class
deposits such as Tintaya, Los Chancas and Las Bambas;
+4.0 x 4.0 kilometer porphyry-skarn system;
Strong copper and gold geochemical anomaly over +2.5 x 2.5 kilometers;
Mineralization: (i) disseminated copper-gold in porphyry/ breccia (ii) high grade
copper-gold in skarn and (iii) high grade gold-silver in veins;
Previously drilled by a local company, with best intercept 0.33% copper and 0.24
grams/tonne gold over 108 meters;
Strong chargeability, resistivity, magnetic and geochemical anomalies;
Alturass 5,000 meter first pass drilling completed in Q1 2008;
Drilling in several cases cut long intervals of low grade copper-gold (up to 0.11 %
copper, 0.12 grams/tonne gold over 248 meters);
Target model being revised, several anomalies remain untested beneath
mineralized breccia.

Location and Ownership

The 5,276 hectare Utupara project is located 130 kilometers southwest of Cusco in
southern Peru, in the belt that hosts giant copper-gold deposits such as Tintaya (Xstrata),
Las Bambas (Xstrata) and Los Chancas (Southern Peru Copper).
Alturas acquired 100% of the Utupara Project in 2004 through staking. The project is
adjacent to Alturass Chapi Chapi copper-gold project. Together the two projects are
subject to a 80:20 joint venture (with Alturas 80% and IRL at 20%). Under the terms of the
JV Alturas must complete 20,000 meters of drilling (including 5,000 meters already
completed) and take the combined properties to a third party scoping study in order to
retain their 80%.

Utupara location map

Exploration History
Milpo, a national mining company, explored the project between 1996 and 2000. Their
work identified a strong and consistent bedrock copper and gold anomaly over +2.0 x 1.0
kilometers within brecciated porphyry intrusive rocks. Trench geochemistry reported 0.11%
copper and 0.10 g/t gold over 370 meters and 0.44% copper and 0.30 g/t gold over 55
meters. Milpo drilled five reverse circulation holes for 902 meters in the Cachorro area.
Best downhole results were 0.33% copper and 0.24 grams/tonne gold over 108 meters.
In 2006, Alturas commenced detailed surface exploration of the project with rock
geochemistry, ground magnetics and induced polarization. Surface copper-gold
anomalism has been extended to over +2.5 x 2.5 kilometers. Phase 1 diamond drilling of
the project (5,000 meters) commenced in July 2007 and was completed during Q1 2008.

Geology
Utupara lies within the Andahuaylas-Yauri Belt of southern Peru, a world class porphyryskarn copper-gold belt. Shallow-dipping Mesozoic clastic and carbonate rocks are
intruded by kilometer-scale Lower Tertiary diorites and monzonites. The monzonites form
swarms of small stocks and dykes.
Alteration and mineralization occur over +4.0 x 4.0 kilometers. Alteration is dominately a
potassic style (kfeldspar-biotite-magnetite) with widespread phyllic and propylitic alteration
overprints. Bodies of fault-controlled skarns occur at the Cerro Aasino prospects along
the eastern contact of the intrusive body with the sedimentary rocks.
Important fault sets controlling alteration and mineralization strike NNW-SSE and NE-SW.
At Cachorro, a north-south trending body of copper-gold mineralized intrusive breccia
occurs over 1.5 x 0.5 kilometers (Cachorro Corridor).

Mineralization
The Cachorro Corridor target is characterized by low resistivity, and moderate to high
chargeability zones within potassic, phyllic and propylitically altered breccias and
monzonite. Strong secondary magnetite is widespread, as are disseminated chalcopyrite
and pyrite.
The Cerro Aasino targets are skarn lenses distributed over 2.7 x 0.5 kilometers and
aligned along a northeast striking contact-parallel fault system. Chalcopyrite, pyrite and
pyrrhotite are associated with massive magnetite and a typical skarn gangue. Mineralized
zones are associated with low resistivity and high chargeability.
The Cerro Utupara target occurs along the western intrusive contact over an area of 750
x 500 meters. Swarms of discrete high grade gold-silver-base metal veins up to 2.0 meters
wide have been worked historically and typically consist of quartz-barite-sericite-pyrite with
a broader alteration selvedge.

The distinctive alteration and mineralization at Utupara share affinities with the alkalic
copper-gold deposits of eastern Australia (e.g. Cadia-Wridgeway) and western Canada
(e.g. Copper Mountain).

Future Program
The numerous and tantalizing low grade copper-gold intercepts encountered in the recent
drilling, plus the existence of deeper untested geophysical anomalies, suggest that
potential remains for the Cachorro Corridor to host an economic copper-gold breccia-style
deposit. The target model is being refined with the aim of defining potentially higher grade
shoots / breccia pipes within the greater breccia corridor.
Alturas is currently seeking a partner to assist in exploring the project for this objective.

Utupara 2007-8 Phase 1 Drilling Program Final Results

Target
Cachorro North

Drillhole

From (m)

To (m)

Length (m)

0.00
368.00
401.20
0.00
18.00
36.00
84.00
0.00
74.00
0.00
147.70
0.00
37.75
313.70
0.00
55.40
66.55
0.00
39.90
0.00
117.30
140.00
300.95
0.00
66.15
140.30
171.50
0.00
0.00
98.00

410.00
390.00
402.00
300.00
36.00
84.00
104.00
209.30
92.80
212.00
151.00
313.70
59.25
401.20
362.20
66.55
114.50
39.90
149.40
350.60
128.50
141.20
322.95
403.90
70.80
171.50
203.20
200.00
67.00
119.50

410.00
22.00
0.80
300.00
18.00
48.00
20.00
209.30
18.80
212.00
3.30
313.70
21.50
87.50
362.20
11.15
47.95
39.90
109.50
350.60
11.20
1.20
22.00
403.90
4.65
31.20
31.70
200.00
67.00
21.50

UTU-01
including
including
UTU-02
including
including
including
UTU-03
UTU-04
including
UTU-05
including
UTU-06
including
including
UTU-08

Cachorro South

UTU-09
including
including
including
UTU-10
including
including
including

Cachorro West

UTU-21
including
including

Cu wt. Av. (%) Au wt. Av. (g/t)

0.11
0.28
1.09
0.10
0.37
0.04
0.33
0.07
0.13
0.07
0.59
0.05
0.10
not assayed
0.10
0.37
0.22
0.13
0.06
0.14
0.27
0.72
0.30
0.09
0.15
0.12
0.21
0.11
0.16
0.12

0.02
0.04
0.14
0.11
0.15
0.35
0.16
0.02
0.05
0.03
0.43
0.03
0.05
not assayed
0.07
0.43
0.28
0.12
0.04
0.09
0.18
0.72
0.29
0.06
0.22
0.05
0.27
0.04
0.05
0.09

Utupara 2007-8 Phase 1 Drilling Program Final Results

Target

Hole No.

Cerro Aasino 1
Cerro Aasino 2

UTU-07
UTU-11

From (m)

To (m)

Interval (m)

Cu (%)

Au (g/t)

0.00
0.00
124.25
156.00
169.70
184.90
0.00
5.80
35.10
56.55
0.00
3.30
6.20
0.00
54.10
0.00
88.10
0.00
36.00
88.90

150.05
304.00
135.00
156.90
173.15
196.80
199.70
35.10
36.20
75.85
87.80
6.20
36.70
150.10
85.80
200.00
167.00
180.00
67.40
96.40

150.05
304.00
10.75
0.90
3.45
11.90
199.70
29.30
1.10
19.30
87.80
2.90
30.50
150.10
31.70
200.00
78.90
180.00
31.40
7.50

0.01
0.07
0.22
0.52
0.22
0.29
0.04
0.09
0.06
0.07
0.11
1.28
0.18
0.05
0.15
0.12
0.22
0.07
0.18
0.14

0.00
0.06
0.45
0.30
0.07
0.18
0.15
0.34
6.10
0.41
0.02
0.23
0.02
0.01
0.03
0.02
0.02
0.01
0.02
0.02

including
including
including
including
UTU-13
including
including
including
Cerro Aasino 3

UTU-12
including
including
UTU-15
including
UTU-17
including
UTU-20
including
including

Utupara 2007-8 Phase 1 Drilling Program Final Results

Target
Cerro Utupara

Hole No.

From (m)

To (m)

Interval (m)

Cu (%)

Au (g/t)

0.00
0.00
0.00
102.90
0.00
0.00
71.35
73.60

85.40
251.00
0.95
103.40
24.60
301.10
75.90
73.90

85.40
251.00
0.95
0.50
24.60
301.10
4.55
0.30

0.01
0.01
0.00
0.76
not assayed
0.01
0.01
0.01

0.01
0.03
1.03
3.84
not assayed
0.03
0.88
9.80

UTU-14
UTU-16
including
including
UTU-18
UTU-19
including
including