Mr. Chad Wells reports

ALTIUS SIGNS EXPLORATION ALLIANCE WITH CLIFFS NATURAL RESOURCES EXPLORATION INC.: FERRO ALLOYS BEING TARGETED IN NEWFOUNDLAND

Altius Minerals Corp. has agreed to a strategic exploration alliance with Cliffs Natural Resources Exploration Inc. for ferro-alloy metals within specific areas of Newfoundland and Labrador.

The alliance will combine Altius's exploration expertise in Eastern Canada with the capital funding, development and operating strength of CNR. CNR will finance, and Altius will carry out regional and generative exploration to a value of $1.8-million within specific areas over a two-year period with the goal of identifying new grassroots exploration targets. The generated targets will be presented to CNR which can then choose to designate such projects as joint ventures.

Projects designated as joint ventures will initially be held 50-50 by Altius and CNR, subject to a 1-per-cent net smelter returns royalty in favour of Altius. CNR will have an option to increase its participating interest to 70 per cent by financing $4-million in exploration expenditures, including 3,000 metres of drilling by the fourth anniversary of the joint venture agreement. CNR may subsequently increase its participating interest to 90 per cent by completing and financing a bankable feasibility study.

Work under the alliance has commenced targeting nickel-iron alloy minerals and chromite in ultramafic complexes on the island of Newfoundland. A total of 3,929 mineral claims (98,225 hectares) has recently been staked over areas of interest. Prospecting, rock sampling and mineralogical studies are under way.

Lawrence Winter, PhD, PGeo, vice-president of exploration for Altius, is the qualified person responsible for the technical data presented in this release.