Origen to Mine Pampa Colorada Claim

7 November 2010 (Last Updated November 7th, 2010 18:30)

Alturas Minerals has given Origen the right to mine iron ore from its 3.6 million-square metre Pampa Colorada claim for ten years. Alturas will receive royalty payments based on the tonnage of iron ore extracted under the agreement. Alturas chairman and CEO Miguel Cardozo said tha

Alturas Minerals has given Origen the right to mine iron ore from its 3.6 million-square metre Pampa Colorada claim for ten years.

Alturas will receive royalty payments based on the tonnage of iron ore extracted under the agreement.

Alturas chairman and CEO Miguel Cardozo said that the Pampa Colorada property contains massive magnetite-hematite mineralisation over extensive areas, which constitutes the primary exploration and development target for Origen.

"Based on the existence of strong copper and gold rock anomalies we believe that, in addition to the significant iron potential, there is also good discovery potential for semi-concealed iron oxide copper-gold mineralisation," Cardozo said.

At Pampa Colorada, late Jurassic volcanic rocks have been intruded by andesitic, dioritic and dacitic stocks of probable Tertiary age.

Under the terms of the agreement, Origen will be fully liable for the payments of all licences, permits, taxes and other holding costs and for all environmental matters, including remediation costs generated by the mining operation.