Mr. Ben Lewis reports

ALTIUS MINERALS CORPORATION (TSX:ALS) REPORTS SECOND QUARTER NET LOSS OF $2,868,000

Altius Minerals Corp. had a net loss attributable to common shareholders of $2,868,000 or 10 cents per share for the three months ended Oct. 31, 2011, compared with net earnings of $2,138,000 for the same period last year. The current year's loss includes the corporation's share of losses in Alderon Iron Ore Corp. of $1.79-million and mineral property writedowns totalling $1,055,000. Offsetting these amounts was an increase in royalty revenue to $723,000 compared with $648,000 in the previous year.

                             SUMMARY OF FINANCIAL RESULTS

                                 Three months ended         Six months ended
                                            Oct. 31,                 Oct. 31,
                                   2011        2010        2011         2010

Revenue                     $ 1,635,000  $1,453,000 $ 3,791,000   $2,740,000
                            -----------  ---------- -----------   ----------
Net earnings (loss)                                                         
attributable to                                                            
shareholders                $(2,868,000) $2,138,000 $(4,456,000)  $2,055,000
                            ===========  ========== ===========   ==========
Diluted earnings (loss) per                                                 
share                             (0.10)       0.07       (0.16)        0.07
                            -----------  ---------- -----------   ----------

The corporation saw significant progress on its partner-financed projects during the quarter, particularly in the Labrador West iron ore mining district. Milestones achieved during the quarter included the following:

• Alderon made progress toward potential development of its 100-per-cent-owned Kami iron ore project located in the Labrador West mining district, including the release of a positive preliminary economic assessment and the expansion of the National Instrument 43-101 compliant iron resource. Alderon has commenced infill drilling to upgrade the resource category in anticipation of the completion of a feasibility study in the second half of 2012. Altius owns approximately 40 per cent of the common shares of Alderon, as well as a 3-per-cent gross sales royalty on the Kami project.
• Altius was notified that Rio Tinto Exploration Canada Ltd. has met its requirements of the earn-in agreement and has earned a 51-per-cent interest in mineral properties located approximately 17 kilometres northeast of the Iron Ore Company of Canada's Carol Lake operations. Rio Tinto also advised of an initial drill hole discovery of 279 metres of 29.8 per cent iron content at the Goethite Bay prospect. Rio Tinto may earn an additional 19 per cent of the project by spending the next $4-million in exploration expenditures on the properties, subject to a 3-per-cent GSR (with a 1-per-cent buyback) in favour of Altius.
• The corporation also announced the signing of a sale and royalty agreement with Century Iron Mines Corp. covering four major claim blocks within Altius's regional iron ore portfolio in the Labrador West district. This agreement anticipates $28-million in exploration expenditures by Century to earn 100 per cent of the properties, subject to a 1-to-4-per-cent sliding-scale GSR in favour of Altius.

The corporation is also actively discussing potential exploration agreements with various industry partners on numerous wholly owned projects, while it continues to conduct independent and partner-financed preliminary generative exploration programs in Nunavut, Yukon, Labrador and the island of Newfoundland.

Additional information on the corporation's results of operations is included in the corporation's management's discussion and analysis, and unaudited financial statements, which have been filed on SEDAR.