Monroe Minerals Inc.

Monroe Minerals Inc.

January 15, 2008 11:17 ET

Monroe Minerals Enters Option Agreements with Altius for Two Additional Newfoundland Uranium Projects

CALGARY, ALBERTA--(Marketwire - Jan. 15, 2008) - Monroe Minerals Inc. (TSX VENTURE:MMX) ("Monroe") announced today that it has entered into option agreements with Altius Resources Inc. ("Altius") allowing it to earn up to a 60% interest in the Boxey Point and Berry Hill uranium properties, located in Newfoundland, Canada.

Monroe President and CEO Derek Moran commented: "We are pleased to expand our relationship with Altius and to focus Monroe's growing uranium division in Newfoundland and Labrador, with obvious logistical benefits. We shall announce our 2008 program later this quarter and meanwhile we continue to review new projects both in Canada and on the African continent."

The Boxey Point property totals thirty-six claims and is 900 hectares in size. It is located in the Fortune Bay area along the southern coast of Newfoundland, between and a little south of the Coomb's Cove and English Harbour West settlements. The property is about 600 km by road from St Johns. A recent soil sampling program yielded elevated uranium results and two rock samples tested 738 ppm and 1,498 ppm uranium (0.09 to 0.18% U3O8) respectively. There is also remarkable alteration of the sedimentary strata on the property. The expected deposit type could be similar to the conglomerate-hosted uranium prospects that exist at the Beaverdell deposits in southern B.C. or the former Midnite/Blackhawk Mine near Spokane, Washington. For example, from 1955 to 1981 the Midnite mine produced about 11.6 million pounds of U3O8 from 2.63 million tonnes of ore with an average grade of about 0.2% U3O8.

The Berry Hill property totals fifty-seven claims and is 1,425 hectares in size. It is located on the Burin Peninsula about 160 km due west or 235 km by road from St. Johns. The Berry Hill property is a conceptual play based on fluorite occurrences and a number of stream sediment, lake sediment and till samples with elevated concentrations of one or more of uranium, molybdenum and fluorine. The expected deposit type is a granitic-hosted uranium deposit such as the Rossing mine in Namibia, Radium Hill in South Australia or Johan-Beetz uranium prospect in Quebec. Granite-hosted uranium deposits tend to be relatively low grade (e.g., less than 0.1% U3O8), although they can be very large. The Rossing deposit in Namibia, for example, has been in production since 1976, has a uranium grade ranging from about 0.018 to 0.042% U3O8, and in 2006 produced about 7% of world uranium production (

Monroe may earn a 60% interest in the Boxey Point property over four years by spending $1,000,000 on exploration, including a minimum first year commitment of $100,000, and making share payments to Altius of 2,000,000 Monroe shares, including 400,000 shares on signing and 1,600,000 shares divided equally over four years to be paid on each anniversary of the agreement.

Monroe may earn a 60% interest in the Berry Hill property over four years by spending $475,000 on exploration, including a minimum first year commitment of $50,000, and making share payments to Altius of 500,000 Monroe shares, including 100,000 shares on signing and 400,000 shares divided equally over four years to be paid on each anniversary of the agreement.

The earning under each project is independent of whether earning occurs under the other. Upon Monroe fulfilling its earn-in obligations, the parties will form a 60:40 joint venture, with each partner contributing its pro-rata share of future expenditures. If either party dilutes its interest to less than 10% in the joint venture, its interest shall be converted to a royalty of 1.0% of gross uranium sales.

Update on Alexis River: a helicopter-borne radiometric and magnetometer survey was completed in July and the results announced on September 26, 2007. A preliminary follow-up lake sediment sampling program was carried out during August and September 2007. However, the joint venture has concerns regarding quality control in the analysis of the samples and thus has determined to repeat a more detailed lake sediment sampling program in February, assuming weather conditions permit.

Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Monroe on the Boxey Point, Berry Hill and Alexis River projects mentioned herein.

Altius Resources Inc. is a wholly owned subsidiary of Altius Minerals Corporation. Altius Minerals Corporation's principal business activities include the generation and acquisition of projects related to natural resources opportunities mainly located in Newfoundland & Labrador, Canada. Sectors of primary interest include mineral exploration and mine development, oil and gas production, oil and gas refining, and hydro electricity generation. For more information please visit

Monroe is engaged in the exploration and development of gem quality diamond properties in Southern Africa and the assembly of an international portfolio of uranium projects. Its strategy is well defined: enhancing shareholder value by combining Monroe's recognized twin strengths of technical expertise and professional management to advance mining projects to profitable long term production. Monroe's shares trade on the TSX Venture Exchange under the symbol MMX. For more information please visit

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Forward-looking statements: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

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