Altius Minerals Corporation

Altius Minerals Corporation

November 28, 2008 09:00 ET

Altius Announces Normal Course Issuer Bid

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 28, 2008) - Altius Minerals Corporation ("Altius") (TSX:ALS) announces that it will purchase at market price up to 2,415,496 common shares being approximately 10% of its public float of 24,154,968 as of November 25, 2008, by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX). As of November 25, 2008 there are 30,960,725 common shares issued and outstanding. The bid is subject to regulatory approval. The bid will commence December 2, 2008 and end no later than December 1, 2009. Any shares purchased during the normal course issuer bid will be cancelled and returned to treasury. The TSX rules permit Altius to purchase daily, through TSX facilities, a maximum of approximately 44,518 common shares under the Company's repurchase program.

During the previous 12 months, Altius purchased 2,675,730 shares at a weighted average price of $5.93 through a normal course issuer bid, of which 2,623,030 shares are in the process of being cancelled and returned to treasury. This will result in there being 28,337,695 common shares outstanding following the cancellation.

The reason for the bid is that, in the opinion of the board of directors, the value of Altius, based on anticipated cash flows and underlying asset values, is greater than the present aggregate market price of the common shares and accordingly, the acquisition of common shares under the bid represents an appropriate use of funds.

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