UTUPARA SUMMARY

At the request of Dr. Bruce W. Nisbet of Alturas Minerals Corp. (“Alturas”), A.C.A. Howe International
Limited (“Howe”) has prepared a Technical Report (“the Report”) specific to the standards dictated by
National Instrument 43-101 and Form 43-101F (Standards of Disclosure for Mineral Projects) with
respect to the Utupara Property located in southern Peru (“the Property”). Howe understands that Alturas
will use this report for the purpose of a possible listing on the Toronto Venture Exchange and a financing.
Alturas Minerals Corp. was incorporated on May 17, 2005 for the purpose of acting as a holding company
for Alturas Minerals S.A. Alturas’s principal place of business in Canada is The Exchange Tower, 130
King Street West, Suite 1800, Toronto, Ontario, M5X IE3. Alturas Minerals S.A. is a private mineral
exploration company incorporated in Peru in 2004. Alturas Minerals S.A. is 70% owned by Equinox
Minerals Ltd, based in West Perth, Western Australia and 30% owned by Alturas International Ltd. At
present, Alturas holds interests in exploration projects exclusively in Peru.
Location, Access and Property Description
The Utupara Property is located in southern Peru approximately 130 kilometers southwest of the city of
Cusco and 510 kilometers southeast of Lima (Figure 1). The average altitude of the Utupara Property is
4,000 meters.
Access to the Utupara Property from Lima takes a full day. There are daily flights from Lima to Cusco.
Flight time is approximately 1.5 hours. Once in Cusco, Utupara can be reached by an arduous eight- to
ten-hour journey, part of which requires four-wheel drive.
Antabamba is the nearest community, located about five kilometers directly east of the Property.
Antabamba is a small agriculturally-based town with a few thousand inhabitants.
The Property consists of six contiguous concessions covering 4,576.6 hectares. All claims were granted
in 2004 and are held 100% in the name of Alturas Minerals S.A. (Table 1).
Each concession is subject to certain annual holding costs. The holding costs for the Utupara Property for
the firs six years are US$ 13,371. Annual holding costs for the Utupara Property double after six years
from the date of issue and penalties of US$ 6 per hectare will be applied if minimum investment or
production levels are not achieved.
Although no audit or detailed environmental or archeological review of the Project has been conducted as
part of this report, Howe is not aware of any existing environmental liabilities on the Property.
However, on the northwestern slope of Quebrada Utupara there is an abandoned processing plant from a
gold mine that operated on the Property until the early 1990’s. There are also old agricultural terraces
reportedly constructed by the Incas on Cerro Utupara in the western part of the Property. This is not in an
area of known mineralization and should not be affected in any way by exploration activities.
Figure 1. Location map for Alturas Minerals central and southern Peru properties.

Table 1. Summary of concession details for Alturas Minerals Peru properties.

UTUPARA
10211304 Sandra D Alturas Minerals S.R.L. 989.30
10211404 Doña Ester Alturas Minerals S.R.L. 999.30
10211504 Martha Primera Alturas Minerals S.R.L. 598.30
10214204 Doña Mary Alturas Minerals S.R.L. 999.30
12014304 Reto Al Destino No. 2 Alturas Minerals S.R.L. 300.00
10296204 Minnie 15 Alturas Minerals S.R.L. 690.40
TOTAL 4576.60

History
Exploitation of gold at Utupara dates as far back as Spanish colonial times. In the 20th century Utupara
hosted a small high-grade gold mine that was worked intermittently between 1980 and 1991 by the small
Peruvian companies Compañía Minera Utupara S.A. and Compañía Aurifera Aurora S.A. A 50 tonne per
day capacity cyanide/agitation treatment plant was constructed to process ore from the high-grade
bedding-parallel veins or mantos in the quartzites. The concessions were held by these parties
continuously from the suspension of operations until 2004 when they were relinquished. There are no
production statistics from this operation.
One of Peru’s larger mining companies, Compañía Minera Milpo S.A., held an option to explore and
purchase the Property from the owners between 1996 and 2001. Milpo conducted the first modern
exploration program on the Property, focusing mainly on geochemistry, geophysics and geological
mapping. Milpo’s work included reconnaissance mapping and sampling programs, 2,000 meters of
bulldozer trenching with geochemical sampling, 14 hand-dug trenches, a systematic rock chip and soil
sampling program, Induced Polarization/Resistivity and ground magnetics programs and five reverse
circulation drill holes for an approximate total length of 902 meters. In addition, 13 kilometers of access
road were constructed.
During both the 1997 and 2000 rock chip sampling programs strong copper and gold anomalies were
detected. Soil sampling results generally confirm the position and shape of the gold and copper
anomalies identified by rock chip sampling.
Milpo executed three phases of trench sampling along roads and cuts within the area of the Cachorro
breccias and the Cocorpiña skarn zone. Results generally reflect the nature of the copper-gold
mineralization. Highlights include 1,114 ppm copper and 0.1 g/t gold over 370 meters in trench 6 and
4,447 ppm copper and 0.3 g/t ppb gold over 55 meters in trench E.
During November and December 2000, a reverse circulation drilling program of five holes was completed
on the Utupara Property. All of the drilling was concentrated in a rectangular-shaped area measuring
approximately 800 meters by 200 meters around the Cachorro breccia bodies.
None of the holes reached the targeted depth of 300 meters and average sample recovery was around 51%
for all five holes. Sample loss was probably due to high water flow. It is possible that significant sample
loss resulted in an incorrect estimation of grade. All holes contained at least some anomalous copper and
gold values with hole RCD-1 returning the best results averaging 2,567 ppm copper and 0.2 g/t gold over
its entire length of 160 meters.
Milpo subsequently terminated their option in 2001 and the claims returned to the original owners, who
relinquished them a few years later. Alturas Minerals had previously targeted the area and immediately
applied for these old concessions once they became available in June 2004. Since then, Alturas has
undertaken a thorough review of previous exploration, in addition to reconnaissance–style mapping and
collection of samples for petrographic description.
Exploration expenditures by all operators to date on the Utupara Property are approximately US$
348,000. This does not include initial compilation work by Alturas, which amounts to US$ 47,000.
Geology, Mineralization and Alteration
The Utupara Property lies within the Andahuaylas-Yauri Belt of southern Peru, an emerging and
increasingly important porphyry copper and skarn belt. The Andahuaylas-Yauri Belt hosts important
copper-gold-molybdenum prospects/deposits at Las Bambas, Los Chancas, Cotabambas and Tintaya and
is probably a northern extension of the copper-rich belt of the same age that strikes broadly north-south in
Chile.
The Utupara Project is dominated by shallow-dipping Early to Middle Cretaceous clastic and carbonate
rocks cut by Eocene-Oligocene stocks. Intrusive rocks that comprise the Utupara Intrusive are
dominantly dioritic in composition, although in some parts of the property the diorite is cut by abundant
dikes of more felsic composition. Shallow-dipping volcanic rocks unconformably overly the intrusive in
the northeastern part of the Property (Figure 2).
Alteration mapping of the Property is incomplete but the work completed to date indicates that alteration
typical of a porphyry-skarn system is common and widespread. Alteration within the intrusive rocks is
dominated by potassic alteration with a minor phyllic and propylitic alteration overprint. Copper-gold
anomalies are associated with the porphyry-style alteration.
 N

Huayachulo

Cachorro II Cachorro I
Tajra I&II

Mina
Utupara
Mollepata Cocorpiña

Titiminas
Acopata
I&II

0 2
kms
KEY
Intrusives Copper-gold
Shales and sandstone prospect

Limestone Volcanics

Figure 2. Generalized geologic map of the Utupara Property.

A large body of fault-controlled endoskarn-style alteration is present at the Cocorpiña prospect along the
eastern contact of the Utupara Intrusive with limestone country rocks. This area is anomalous in copper
and gold.
Hydrothermal alteration within the Cretaceous country rocks outside of the intrusives is in general more
restricted. The only significant exposed body of exoskarn is in shales of the Mara Formation. However,
the quartzites of the underlying Soraya Formation are strongly silicified and contain abundant quartz
veins. Disseminated sulfides (mainly pyrite) are present in some zones along the western contact of the
Utupara Intrusive, particularly around Cerro Utupara. Gold-bearing quartz veins have been exploited
historically from this zone.
Deposit Model
There are indications of three different styles of mineralization on the Utupara Property: porphyry copper-
gold, skarn and structurally-controlled gold hosted by quartzite. All mineralization is thought to be
related to the copper-gold porphyry system. Mineralization as it is presently known on the Utupara
Property shares some characteristics with other porphyry copper-gold systems in general and with alkalic
copper-gold porphyry systems in particular.
Specific features that confirm the character of the alkaline porphyry copper-gold mineralization at
Utupara are:
• The intrusion at Utupara is diorite cut by numerous dikes of intermediate to felsic composition;
• The system contains sulfides but also displays significant iron oxides;
• Hydrothermal alteration is dominated by potassic alteration with minor phyllic and propylitic
alteration;
• Magnetite-, sulfide- and quartz-bearing stockworks are common, and;
• High copper and gold values are associated with potassium feldspar, magnetite and biotite in
veinlets and altered rocks, with or without quartz veining.
Data Verification
Howe collected seven samples from the Utupara Property for data verification purposes. All samples
were collected under Howe’s direct supervision and were placed in appropriately numbered sample bags
and sealed at the project site. These samples were sealed in sacks for shipping and transported by
commercial carrier to the SGS del Peru S.A.C. facility in Lima.
Both drilling and rock chip sampling programs have been completed on the Utupara Property in the past.
There are no cuttings from the Milpo reverse circulation program. In addition, there are no known coarse
rejects or pulps that remain to be sampled for the purpose of verifying the data.
In five of the seven samples collected by Howe, copper values are higher than those collected by Milpo
and in four of the seven samples collected by Howe gold values are higher than those collected by Milpo.
In Howe’s experience, it is common to have a high degree of variability in the reproducibility of copper
and gold assays, particularly in weathered exposures. In addition, original Milpo sample locations are no
longer marked in the field so the samples collected by Howe are from the approximate location of the
Milpo sample. This could account for some of the variability between Milpo and Howe results.
Therefore, Howe is satisfied that its check samples have confirmed the presence of copper and gold in the
selected samples.
Conclusions and Recommendations
• Mineralization on the Utupara Property has affinities with alkaline porphyry copper-gold systems
rather than the more common calc-alkaline porphyry systems;
• Strong bedrock copper and gold anomalies are associated with intermediate to felsic intrusive
rocks and their altered metasedimentary country rocks;
• Mineralization styles of the porphyry, endoskarn, exoskarn, breccia, vein and sediment-hosted
varieties occur over an area exceeding 5.0 kilometers by 4.0 kilometers in size;
• Virtually all detailed surface work was focused on a small area within the Martha Primera and
Doña Ester concessions. Geochemically anomalous zones detected outside of this area during
1997 reconnaissance work were not followed up;
• Sampling and drilling work did not test for the possibility of bulk mineable gold mineralization,
and;
• A number of combined geochemical and geophysical targets remain to be tested.
Alturas proposes a budget of US$ 1.3 million for 2005-2006 to explore the Utupara Property.