Altius Minerals Corporation Reports First Quarter Net Loss of $1,588,000

- September 29th, 2011

Altius Minerals Corporation (TSE:ALS) reported a net loss attributable to common shareholders of $1,588,000 or $0.06 per share.

Altius Minerals Corporation (TSX:ALS) reported a net loss attributable to common shareholders of $1,588,000 or $0.06 per share.

The press release is quoted as saying,

The Corporation’s investments include an approximate 40% equity interest in Alderon. Alderon continued progress towards potential development of its 100% 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 September 8th, 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% internal rate of return on a pre-tax 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 September 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.

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