Alturas reports on contract dispute - Huilacollo Gold Project, Southern Peru

TORONTO, ONTARIO - (October 30, 2008) – Alturas Minerals Corporation ("Alturas" or the “Company”) TSXV: ALT) announces that a contract dispute has arisen between the Company and Inversiones Sol y C S.A.C. (“Inversiones”) regarding the Company’s 2,000 hectare Huilacollo high-sulfidation epithermal gold project (the “Huilacollo Project”) in Southern Peru.

The Huilacollo Project is under option to Alturas from Inversiones pursuant to an option agreement dated ugust 25, 2004, as amended. The agreement is for a term of five years. For the most recent update on he Huilacollo Project, see the Company’s Management Discussion and Analysis for the three and nine months ended June 30, 2008 (which may be accessed at www.sedar.com) under the heading “Huilacollo Gold Project, Peru” at page 5.

Under the Agreement, a payment of US$1.2 million was due to be paid to Inversiones on August 25, 2008. Prior to that date, the Company advised Inversiones of its request for an extension of this date. Earlier requests for similar extensions had been agreed to by Inversiones. Negotiations ensued, and in he third week of August, the Company put forward a final proposal for a payment of US$200,000 to extend the date. That proposal was orally accepted, but in a subsequent letter, Inversiones added an additional term – that notwithstanding the extension, the US$1.2 million was earned and would have to be paid rather than being a matter at the discretion of the Company.

The Company rejected Inversiones’ position and stated that the accepted extension included the ability of he Company to walk away from the Project, and not make the US$1.2 million payment. Negotiations continue between the parties, but Inversiones has now indicated that it intends to commence arbitration proceedings. The Company denies Inversiones’ claim based on the agreed extension, and has engaged counsel for the Company to vigorously dispute any claim.

As of the date hereof, no proceedings have been commenced by either party, and it is premature to determine the timing or potential outcome of any such proceedings. The claim of Inversiones, taken with current market conditions, substantially increases concerns regarding the ability of the Company to raise additional capital and to continue as a going concern. The Company is undertaking a comprehensive review of budgets and spending in light of the foregoing.

Alturas is a Canadian corporation, and is the parent of Alturas Minerals S.A. (“Alturas Peru”). Alturas Peru has been actively exploring various mineral projects in Peru since January 2004. The principal assets of Alturas are four mineral exploration projects located in southern Peru, being the Huilacollo Gold Project, the Baños del Indio Gold Project, the Utupara Copper‐Gold Project and the Huajoto Gold‐ Silver‐Zinc Project. In addition, Alturas Peru has interests in eight other exploration projects in Peru. Alturas’ exploration strategy is focused on the discovery of large epithermal gold mineralized deposits and copper‐gold porphyry/skarn deposits. For further information, please visit the Company's website at www.alturasminerals.com.

For further information please contact:

Miguel Cardozo, President & Chief Executive Officer
Alturas Minerals Corporation
161 Bay Street, 27th Floor, Toronto, Ontario M5J 2S1
Phone: +1 416-366-5555 (Toronto)
           +51 1-475-1700 (Peru)
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The TSXV and the BVL do not accept responsibility for the adequacy or accuracy of this release.

This press release may contain “forward‐looking statements”, which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure documents filed from time to time with the Canadian securities authorities.