Mr. Chad Wells reports

ALTIUS MINERALS CORPORATION (TSX:ALS) REPORTS FIRST QUARTER NET LOSS OF $1,588,000

Altius Minerals Corp. had a net loss attributable to common shareholders of $1,588,000 or six cents per share for the three months ended July 31, 2011, compared with a net loss of $83,000 for the same period last year. The current year's loss includes the corporation's share of Alderon Resource Corp.'s operating loss of $1,362,000 and decreases in the fair value of warrants of $803,000. Offsetting these amounts was an increase in royalty revenue of $1,089,000 compared with $430,000 in the previous year.

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

                                                        Three months ended 
                                                             July 31, 
                                                        2011           2010 

Revenue                                           $2,156,000     $1,287,000 
Net earnings (loss) attributable to                                         
shareholders                                      (1,588,000)       (83,000)
Diluted earnings (loss) per share                       (.06)           0.0 
Net cash flow from operating activities           (6,751,000)     2,174,000 

The corporation's investments include an approximate 40-per-cent equity interest in Alderon. Alderon continued progress toward potential development of its 100-per-cent-owned Kami iron ore project located in the Labrador west mining district by meeting significant milestones during and subsequent to the current quarter, the most significant of which include the following:

• On Sept. 8, 2011, Alderon announced a positive preliminary economic assessment (PEA) based on its initial resource estimate of the Rose Central property. Highlights of the study indicate a 40-per-cent internal rate of return on a pretax basis and a payback period of 2.7 years. This initial study did not include resources from the North Rose area or the Mills Lake deposit.
• On Sept. 13, 2011, Alderon released the results of the initial National Instrument (NI) 43-101 mineral resource estimate on the North Rose deposit of the Kamistiatusset (Kami) iron ore project. The inferred mineral resource estimate at North Rose totals 480 million tonnes at 30.3 per cent iron based on a cut-off grade of 20 per cent iron. The resource estimate for all three zones (North Rose, Rose Central and Mills Lake) within the Kami project is: 490 million tonnes at 30.0 per cent iron indicated and 598 million tonnes at 30.3 per cent iron inferred.

The corporation's mineral exploration activity during the quarter focused on independent and partner-financed early stage exploration on several projects, including a recently expanded alliance agreement with Cliffs Natural Resources. The corporation also conducted preliminary exploration programs in Nunavut, Yukon, Labrador and Newfoundland. Results and findings of both partner and independent exploration plans are under evaluation and exploration work in some regions will continue into the fall of 2011. The corporation currently has 10 active exploration agreements covering prospects for iron ore, nickel, copper, gold and uranium.

The corporation is also actively discussing potential exploration agreements with several industry partners on numerous properties, including the Snelgrove Lake iron ore, Julienne Lake iron ore, Notakwanon uranium and Natashquan nickel-copper-PGE (platinum group element) projects. The corporation's near term objective is to attract third party financing agreements on these and other developing projects.