Alturas Announces Resolution of Contract Dispute Over Huilacollo Project, Peruadmin
Alturas Minerals Corp. announce the resolution of the contract dispute between the Company and Inversiones Sol y C S.A.C (“Inversiones”) regarding the Huilacollo gold project in Southern Peru.
As disclosed in a previous press release dated October 30, 2008, Inversiones was claiming an entitlement to a US$1.2 million payment under the terms of the original agreement. Alturas disputed Inversiones’ claim and negotiations continued between the parties, and have resulted in a formal resolution of the contract dispute.
Under the terms of the resolution, Alturas has paid an out-of-court compensation of US$ 300,000 to Inversiones. Both companies now represent that, as a result of this settlement, all disputes, discrepancies, claims and/or conflicts between them, as well as all actions, rights and, in general, any claims derived there from which are directly or indirectly related to the negotiation, execution, performance and/or construction of the Agreement, without any reserves or limitations whatsoever, have been satisfactorily and finally settled.
Paul Pearson, President and CEO commented, “This resolution of the Huilacollo contract dispute with Inversiones is a favorable outcome for Alturas. With approximately US$ 1.1 million in treasury, Alturas is now well positioned to add shareholder value through the exploration and development of its portfolio of eleven high quality gold and copper-gold projects in Peru. To this end, the Company is actively seeking strategic partnering arrangements on some of its key projects.”