St. John�s � Altius announces that it has signed an agreement with Norvista
Resources Corporation concerning its Kamistiatusset iron ore project (the
�Project�) in western Labrador, Canada. The two companies have agreed to work
cooperatively towards creating a new publicly-traded company focused on the
western Labrador iron ore mining district.
Altius will direct, operate and solely fund an exploration program for the
Project which, if successful, will result in the Project being a qualified
property in order to meet listing requirements on a Canadian stock exchange and
allow the Company to complete an initial public offering (the �IPO�) of common
shares.
Norvista will lead the IPO effort and will be responsible for and solely
fund the preparation of all required technical, legal, accounting and other
documents. Norvista will also lead management team recruitment
initiatives and fund the minimum required working capital as defined by listing
requirements.
The agreement will be for a
one year term and if successful will result in an IPO within the term. Norvista
and Altius will own equal interests in the new company at the time of the IPO
and Altius will retain an underlying 3% gross sales royalty with respect to the
Project. If an IPO is not completed within the term then the companies will
have no obligations to the other and Altius will retain the exploration
licences. However, the companies are optimistic on the prospects of
success and will undertake their best efforts to complete an IPO. Altius is
very pleased to have the opportunity to work with Norvista on this initiative
given the successful track record of the principals in numerous mineral
ventures.
About Norvista
Norvista Resources Corporation is a private resource company based in Toronto,
Canada, with a mandate to develop mineral properties in Canada and major mining
regions in the Americas. Through acquisitions, earn-in options and joint
ventures, Norvista assists its partners in financing and advancing mineral
properties and mine projects to deliver capital appreciation to its
shareholders. Norvista was founded by Gerry McCarvill and Doug Bache and the
company�s directors include Brian Tobin and Tony Wonnacott.
�Norvista is delighted to work with Altius to develop the Kamistiatusset
project located in the heart of Canada�s principal iron ore district�,
commented Doug Bache, President & CEO of Norvista. He added, �Altius,
a company with significant exploration experience and success in eastern Canada
and Norvista, with its record of successful mine financings and development
look forward to creating a major iron ore company in western Labrador.�
Kamistiatusset Property
The Kamistiatusset property covers five significant iron ore prospects in the
western Labrador iron ore mining district and is near transportation, power and
mining infrastructure. An initial suite of drill targets has been
selected and a diamond drilling program of up to 5000 metres commenced earlier
this month. For additional information regarding the property, please refer to
Altius press release dated April 28, 2008 (PR 08-03) at www.altiusminerals.com.
New Iron Ore Properties Acquired
Altius also wholly owns iron ore properties totaling 1200 claims (300 square
kilometres) in western Labrador that cover more than 60 documented iron ore
prospects, some of which feature high-grade iron ore based on previously
reported grab samples (NL Mineral Occurrence Database). These properties
will be evaluated during the 2008 field season.
Lawrence Winter, Ph.D., P.Geo., Vice-President of Exploration for Altius, is
the qualified person responsible for the technical data presented in this
release.
Altius is focused on the generation, acquisition and financing of mineral
and energy projects in Newfoundland & Labrador as well as other areas of
eastern Canada.
For further information regarding this news release please contact Chad Wells.