Mr. Ben Lewis reports

ALTIUS MINERALS CORPORATION (TSX: ALS) REPORTS ANNUAL NET EARNINGS OF $70,239,000

Altius Minerals Corp. had net earnings of $70,239,000, or $2.42 per share, for the year ended April 30, 2011, compared with net earnings of $20,963,000 for the prior year. The current year's earnings include a recognized 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. The corporation also recognized higher royalty revenue as a result of the end of the labour dispute at the Voisey's Bay mine and higher interest revenue on its growing cash balance. The prior year's earnings included $28,413,000 from the sale of the corporation's International Royalty Corp. shares as a result of the takeover by Royal Gold Inc.

               SUMMARY OF THE AUDITED FINANCIAL RESULTS

                            Three months ended             12 months ended
                                     April 30,                   April 30,
                            2011          2010          2011          2010

Revenue              $ 1,758,000   $    56,000   $ 5,601,000   $ 3,171,000
Net earnings (loss)     (931,000)   22,148,000    70,239,000    20,963,000
Diluted earnings
(loss) per share            (.03)         0.77          2.42          0.73
Net cash flow from
operating activities    (110,000)   (1,154,000)    2,447,000    (2,022,000)
Total net assets     295,364,000   216,082,000   295,364,000   216,082,000

Following Altius's initial discoveries of iron ore at the Kami project, drill results reported by Alderon throughout the year continued to demonstrate a significant iron ore resource. On April 5, 2011, Alderon released the results of an initial independent National Instrument 43-101 mineral resource estimate completed by Watts, Griffis and McOuat Ltd. for the Kami project. The estimate includes an indicated iron ore resource of 490 million tonnes at 30 per cent iron and an additional inferred resource of 118 million tonnes at 30.3 per cent iron based on a cut-off grade of 20 per cent iron. Subsequent to year-end, Alderon commenced an $11-million exploration program consisting of 26,000 metres of drilling designed to upgrade the current resource as well as expand the known zones of mineralization and target new areas.

The corporation 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.

The corporation is the dominant landholder in the prolific Labrador West iron ore mining district with 5,961 mineral claims covering in excess of 149,000 hectares. Projects include:

• An earn-in joint venture with Rio Tinto Canada;
• The highly prospective Snelgrove Lake iron ore project, with taconite and direct shipping ore potential;
• The Julienne Lake iron ore property surrounding the historical resources of the Julienne Lake project, currently the subject of a $2.1-million exploration program by the Newfoundland and Labrador government;
• The more recently staked Labrador Trough iron ore projects, covering 126,000 hectares of underexplored prospective iron ore terrane in the Labrador Trough.

Despite the maturity of the mining district many areas have seen little or no exploration, and the corporation believes significant potential exists for the identification of new iron ore resources and is therefore undertaking a systematic district-wide exploration program. Summer work programs, including airborne magnetic surveys, mapping and sampling programs, for these projects and several others are in progress.

In addition to the corporation's iron ore exploration portfolios, five other earn-in exploration agreements are active this season covering prospects for nickel, copper, gold and uranium. The corporation is focused on generating exploration projects in several regions with the near-term objective to attract third party financing agreements on these and other developing projects while creating a diversified pipeline of royalties.