Altius Minerals Corporation

Altius Minerals Corporation

February 24, 2005 09:38 ET

Altius & Fronteer Identify Potential Extensions to Uranium Mineralization in the Michelin Deposit Area, Labrador, Canada


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ALTIUS MINERALS CORPORATION

TSX VENTURE SYMBOL: ALS

FEBRUARY 24, 2005 - 09:38 ET

Altius & Fronteer Identify Potential Extensions to
Uranium Mineralization in the Michelin Deposit Area,
Labrador, Canada

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Feb. 24, 2005) -
Altius Minerals Corporation (TSX VENTURE:ALS) and Fronteer in their
50-50 alliance have identified potential to significantly expand the
Michelin uranium deposit located in Labrador, Canada.

Previous drilling outlined the Michelin uranium deposit to a vertical
depth of approximately 300 metres but compilation and review of
historical drill hole data has shown the deposit remains open for
expansion below that depth.

In addition, the airborne geophysical signature of the Michelin deposit
can be traced for seven kilometres along a folded rock sequence that
also hosts the Rainbow uranium deposit. Several large uranium anomalies
along this trend are therefore considered to be highly prospective for
additional uranium mineralization, having similar radiometric footprints
to the known deposits.

For a 3-dimensional portrayal of the Michelin deposit and geophysical
maps of the Michelin area, please use the following links to the Altius
website:

http://www.altiusminerals.com/CMB_Michelin.asp

The Michelin uranium deposit features a resource estimate of 6.4 million
tonnes grading 0.13% U3O8 (uranium oxide) containing approximately 18.3
million pounds of uranium. The deposit was historically defined by 308
drill holes and 642 metres of underground exploration workings.

The presence of vein-style mineralization in the western portion of the
Michelin uranium deposit, which assayed up to 40% U3O8, also indicates
potential for the discovery of higher-grade zones in this area.

The companies are currently reviewing the 2005 exploration project
budget, with exploration expected to commence in June.

The alliance has defined eight project areas covering 780 square
kilometers in the Central Mineral Belt through its geological and
geophysical programs over the past two years.

Four project areas include historical uranium deposits (i.e. Michelin,
Rainbow, Nash and Inda Lake). Four additional priority target areas have
been identified at Otter Lake, Jacque's Lake, Burnt Brook and Birch
Brook, which feature areas of surface uranium mineralization that have
not yet been drill tested.

Altius Minerals Corporation (http://www.altiusminerals.com) has a
royalty interest in the Voisey's Bay nickel district in Labrador,
Canada, from which first production is expected to occur this year.

Altius also has a diverse portfolio of exploration projects, many of
which, are being advanced through agreements with select industry
partners.

Rod Smith B. Sc.(Hon)., P.Geo, is the Qualified Person for Altius on
this project. Uranium resources referred to for the Michelin, Rainbow,
Nash and Inda Lake deposits are historical in nature, pre-date, and are
non-compliant with NI 43-101. Altius has not undertaken an independent
investigation of the resource estimate or independently analyzed the
results of the previous exploration work in order to verify the
classification of the resources, and therefore the historical estimates
should not be relied upon. Altius believes these historical estimates
provide a conceptual indication of the potential of the property and are
relevant to ongoing exploration. Samples were analyzed by ALS Chemex
and also Saskatchewan Research Council.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Altius Minerals Corporation
    Brian Dalton or Chad Wells
    1 (877) 576-2209
    (709) 576-3441 (FAX)
    info@altiusminerals.com
    www.altiusminerals.com
    The TSXV has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.