The thick red mudstone unit that crops out at Laguna Umayo (Puno department, southern Peru), here referred as LURMU, has yielded in different levels a fossil assemblage with plants and vertebrates (including mammals). On the basis of charophytes, the unit was initially assigned to the Vilquechico Formation (Maastrichtian-Danian), of regional extension, and the dinosaurian structure of egg fragments was interpreted as consistent with that age. Revision of the regional stratigraphy leads to reassignment of this unit to the Lower Muñani Formation (Early Tertiary). Mammals from the LU-3 and Chulpas levels present affinities with forms from the Upper Paleocene of South America (Patagonia, Brazil). A bunodont marsupial, Chulpasia, is evidence for chronologic proximity to a transantarctic interchange with Australia at the end of the Paleocene. Furthermore, magnetostratigraphy of the LURMU reveals a single reverse polarity zone of 300 m thickness. Because of the new stratigraphic and paleomammalogic data, this long reverse polarity zone is likely correlative to Chron 26r (early Late Paleocene) or Chron 24r (latest Paleocene-earliest Eocene), or, less likely, to Chron 29r (latest Cretaceous-earliest Paleocene). The arguments previously invoked in favor of a Cretaceous age (charophytes, dinosaurian eggs) are critically evaluated, and correlation to Chron 24r is favored. © 2004 Elsevier SAS. All rights reserved.