Alturas Minerals Corp. reported that it has entered into an option agreement with Compania de Minas Buenaventura SA regarding its 100% owned Ccaccapaqui gold-silver property in southern Peru. Under the terms of the 4-year option agreement, Buenaventura can earn a 100% interest in the project by incurring a minimum of $0.5 million on exploration expenditures per year and by additionally making staged yearly cash payments to Alturas totaling $4.0 million. A first payment of $100,000 was received on January 27th, 2012 on signing of the Public Deed of the option agreement. The Agreement also stipulates that once Buenaventura exercises the option to acquire the Property, Alturas becomes entitled to a royalty payment on all minerals extracted from the Property, equivalent to 1% of the net smelting return ("NSR") obtained for the first 250,000 ounces of gold equivalent, and will then increase to a 2% NSR for every additional ounce of gold equivalent. The transaction remains subject to regulatory approvals of both parties.