Altitude Resources Inc.

Altitude Resources Inc.
Elan Coal Ltd.

Elan Coal Ltd.

September 11, 2013 09:00 ET

Altitude Announces Maiden NI 43-101 Coal Resource on Elan Coal's Alberta Coking Coal Project


Maiden initial resource defined at Elan which includes:

- 62.1 Mt Indicated Coal Resource

- 84.7 Mt Inferred Coal Resource

- 742.9 Mt Exploration Target

CALGARY, ALBERTA--(Marketwired - Sept. 11, 2013) - On behalf of Elan Coal Ltd. ("Elan"), Altitude Resources Inc. (TSX VENTURE:ALI) ("Altitude") is pleased to announce an initial NI 43 - 101 Coal Resource estimate (Table 1) comprising of 62.14 million tonnes ("Mt") in the Indicated Mineral Resource category and 84.72Mt in the Inferred Mineral Resource category. A 742.95 Mt exploration target for the Elan property has been identified. The coal quality rank is low to mid volatile. The study was carried out by Dahrouge Geological Consulting Ltd. ("Dahrouge") of Edmonton, Alberta.

Table 1. NI 43-101 Coal Resources (Million Tonnes)

ELAN Measured Indicated Measured & Indicated Inferred
Total - - 62.14 62.14 84.72

The Coal Resource estimate is based on historic data from 82 rotary holes, 127 diamond drill core holes, 19 adits, 21 coalbed methane wells, and a significant amount of trenching in the tenements. Coal exploration on the Elan properties began in 1949 and continued intermittently until 1976. Additional coalbed methane exploration was completed between 1971 and 2002. The coal resource figures presented in Table 1 are from a Resource Summary Letter prepared by Dahrouge and are the basis for a final NI 43-101 compliant Technical Report to be issued later this year. As part of this Resource Summary Letter, Dahrouge has also outlined several exploration targets and proposed drill programs for Elan.

As announced on August 12, 2013 Altitude entered into an Exploration and Option Agreement (the "Agreement") with Elan, a private Non-Arm's Length Party. Altitude will acquire an option to earn up to a 51% undivided working interest (the "Option") in Elan's 27 Alberta Crown coal lease applications. The Agreement allows Altitude the right to enter upon and conduct exploration activities in and on all parts of the Leases. The 22,951 hectare Elan property is located in southwestern Alberta near the historic coal mining municipality of Crowsnest Pass and adjacent to Riversdale's recently purchased Grassy Mountain coal project. The property can be accessed by driving north from Crowsnest Pass on secondary roads. Elan has access to rail and port infrastructure with spare capacity.

To view the first map accompanying this press release, please click on the following link:

Commenting on the Elan's initial coal resource, Andrew Wusaty, President and CEO said, "This maiden resource report on Elan's lease applications is based entirely on historic data and no recent drilling has been carried out. Altitude is presently working on organizing an exploration program which will include drilling and coal quality work on the Elan property. We are anticipating that it will be carried out late this year and into early 2014."

The Elan lease applications are located in the Rocky Mountain foothills extending approximately 15 to 70 kms north from Crowsnest Pass along strike in the Kootenay Group formation. In the Crowsnest Pass area, economic coal potential exists in the Kootenay group which has a thickness of a maximum of 1,100 meters. Just to the west across the provincial border in British Columbia there are five operating coal mines owned and operated by Teck Coal.

To view the second map accompanying this press release, please click on the following link:

Five different areas of interest with surface mineable potential have been identified from historic exploration work carried out by companies including CONSOL, Devon Canada, Granby Mining, CanPac Minerals, and Canadian Hunter dating back to the 1940's. The project areas (Table 2) of primary interest which have been identified by Dahrouge consist of Isolation, Savanna, Grassy North, Wildcat, and Isola. More than ten coal seams have been identified on the properties with thicknesses ranging from 3 to 10m. Coal quality is low to medium volatile with variable but generally moderate ash content, with good washability and coking coal properties. Elan is focused on development of coking coal with surface mining potential.

Table 2. Modeled Exploration Area Tonnage Targets

Target Areas Hosted at Elan (Excludes Table 1 Resource Tonnes)
Area Exploration Target (TONNES)
Isolation 57,724,658
Savanna 186,086,742
Grassy North 251,720,113
Wildcat 215,486,558
Isola 31,935,734
Total 742,953,805

Gene Wusaty, Altitude's Chairman, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.

About Altitude Resources

Altitude Resources is a new Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in west-central Alberta, Canada. Altitudes most advanced property, the Palisades Coal Project, is located approximately 12 kilometers from CN rail which has capacity to provide transport of coal to deep-water ports on the west coast of Canada to service the growing demand from world markets.

Under NI 43-101 Mr. John Henry Gorham, P. Geol consents to the inclusion of such information in this news release in the form and context in which it appears. The information in this news release that relates to Coal Resources is based on information compiled by Mr. Gorham, who is a Member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta. Mr. Gorham is a full-time employee of Dahrouge, Geological who are consultants to Elan. Mr. Gorham has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a "Competent Person" as defined as a "Qualified Person".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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