Altius Minerals Corporation
TSX VENTURE : ALS

Altius Minerals Corporation

March 22, 2006 15:48 ET

Altius' Aurora Completes IPO-Secondary Offering Completed

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - March 22, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Altius (TSX VENTURE:ALS) reports that it's previously announced Secondary Offering of 10,713,164 shares of Aurora Energy Resources Inc. ("Aurora") has been successfully completed. The price received on a per share basis was $3.60 for gross proceeds to Altius of $38,567,390.

The secondary offering was completed in conjunction with the successful Initial Public Offering of Aurora, which has commenced trading today as symbol AXU on the TSX. The underwriting group for the IPO and the Secondary offering was co-led by Sprott Securities Inc. and GMP Securities LP and included BMO Nesbitt Burns Inc. and Pacific International Securities Inc.

Altius' retained shareholding in Aurora is 12,096,436 shares (or approximately 19.9% of the issued shares of Aurora). In addition to its equity interest, Altius holds a 2-per-cent gross sales royalty relating to uranium and 2-per-cent net smelter return royalty on production of base metals and precious metals from Aurora's Central Mineral Belt (CMB) uranium project in Labrador, Canada.

The completion of this secondary offering provides financial strength to Altius as it pursues investment opportunities in natural resources. These include the potential acquisition of a royalty interest in the Lower Churchill hydroelectricity project in Labrador and participation in a feasibility study for a new oil refinery in Placentia Bay, Newfoundland. The study is being undertaken by Newfoundland and Labrador Refining Corporation in which Altius holds a 37.5% interest.

Altius has a royalty interest in the Voisey's Bay nickel district in Labrador, Canada, where production has commenced and first metal concentrates have been shipped. Altius also holds 30% of Rambler Metals and Mining plc, which owns the Rambler copper-gold project. In addition, Altius has a diverse portfolio of exploration properties that are largely financed by joint venture partners.

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

Contact Information

  • Altius Minerals Corporation
    Brian F. Dalton
    President
    Toll Free: 1-877-576-2209
    or
    Altius Minerals Corporation
    Chad Wells
    Corporate Communications
    Toll Free: 1-877-576-2209
    (709) 576-3441 (FAX)
    Email: info@altiusminerals.com
    Website: www.altiusminerals.com