Mr. Ben Lewis reports

ALTIUS MINERALS CORPORATION (TSX: ALS) REPORTS THIRD QUARTER NET EARNINGS OF $69,368,000

Altius Minerals Corporation has net earnings of $69,368,000, or $2.38 per share for the three months ended Jan. 31, 2011, compared with a net loss of $102,000 for the three months ended Jan. 31, 2010. During the quarter, Altius recognized a pretax gain of $84,675,000 on the transfer of 100 per cent of its interest in the Kami iron ore mineral property to Alderon Resource Corp. in exchange for 32,285,006 shares of Alderon.

Altius recognized total revenue of $1,103,000 for the three months ended Jan. 31, 2011, compared with $912,000 for the same period last year. Royalty revenue from the Voisey's Bay nickel-copper-cobalt mine was higher in the current period as a result of a higher rate of production at the mine site. The labour strike at the mine was resolved shortly after the current quarter.

A summary of the unaudited financial results is included in the attached table.

                              Three months ended          Nine months ended
                                        Jan. 31,                   Jan. 31,
                               2011         2010          2011         2010

Revenue                  $1,103,000     $912,000    $3,843,000   $3,115,000
Net earnings (loss)      69,368,000     (102,000)   71,170,000   (1,185,000)
Diluted earnings
(loss) per share              2.38        (0.00)         2.46        (0.04)

Drill results reported by Alderon during the quarter continued to confirm the favourable iron ore resource potential indicated in earlier drilling by Altius. Additional drilling on the North Rose zone commenced in mid-February and is continuing. Alderon has indicated that it expects to release an initial NI 43-101-compliant resource estimate of the Kami project in the first quarter of 2011.

During the quarter, Altius also co-invested with Cranberry Capital Inc. to form a new company to invest primarily in early-stage mineral exploration companies with a goal of capital appreciation. The new company is managed independently by Paul van Eeden, who has a successful mining and investment industry record. The total investment in the new company consisted of $25,007,000 in cash.

In December, 2010, Altius entered into an exploration alliance with Cliffs Natural Resources Exploration Inc. (CNR) for nickel and chromium within specifically defined areas of Newfoundland and Labrador. The alliance will combine Altius's exploration expertise in Eastern Canada with the capital financing, development and operating strength of CNR. CNR will finance 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. Work under the alliance has commenced targeting nickel-iron alloy minerals and chromite on the island of Newfoundland. Three thousand nine hundred twenty-nine mineral claims (98,225 hectares) were staked during the current quarter to cover target areas.

Mineral exploration activity is focused on generative exploration in several regions and planning for the upcoming field season has commenced. Altius also staked 1,244 square kilometres of new mineral claims covering underexplored prospective iron ore terrane in the Labrador Trough, Canada's major region of historic and current iron ore production. Despite the maturity of the mining district, many areas have seen little or no advanced exploration. Altius believes significant potential exists for the identification of new iron ore resources and is therefore undertaking a systematic basin-wide exploration program. Spring and summer work programs for this project and several others are in the final stages of planning.