Altiplano Metals Inc. report the intersection of the 344 m mining level as part of the ongoing underground development of the Hugo Decline at the Farellon copper gold mine located near La Serena, Chile. Cross cuts on the 344 m mining level have intersected the Farellon Iron Oxide Copper Gold vein structure with production headings now established on the northeast and southwest directions. Mining in this area has begun along with benching operations continuing between the roofs and floors of the 352 m and 360 m levels.

Further development of the Hugo Decline to the 336 m level is expected to begin in the next four weeks with a time frame of approximately eight weeks to reach the new targeted intersection. In addition, the Company is planning an underground drill program in the new year to intersect drill targets below the current workings. This program will be designed to increase the geological confidence by extending the drilling intercepts in the Farellon vein system at depth and along strike.