Altius Minerals Corporation
TSX : ALS

Altius Minerals Corporation

April 26, 2007 08:00 ET

Altius Minerals Corporation Files 2006 Restated Consolidated Financial Statements

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - April 26, 2007) - Consistent with disclosure previously made in its unaudited consolidated financial statements for the period ending January 31, 2007, Altius Minerals Corporation (TSX:ALS) ("Altius") has, with the concurrence of its former auditors, filed its restated audited consolidated financial statements for the year ended April 30, 2006 and the Management's Discussion and Analysis ("MD&A") for the period noted.

As previously disclosed, Altius restated the calculations of gain on disposal and the dilution gains related to its investment in Aurora Energy Resources Inc. ("Aurora") to reflect an accounting treatment which better represents these transactions. The resulting adjustments increased the April 30, 2006 net earnings by $1,056,235, and affected carrying amounts of certain balance sheet items, as detailed in the following table.



Consolidated Statements
of Income Year Ended As As
April 30, 2006 Reported Adjustments Restated
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Gain on disposal of investment
in equity investee $31,504,284 $975,497 $32,479,781
Dilution gains on issuance
of shares in equity investee 10,215,924 300,920 10,516,844

Future income tax expense 629,000 220,182 849,182

Net income $32,471,729 $1,056,235 $33,527,964
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Net income per share
- Basic $1.15 $0.04 $1.19
- Diluted 1.08 0.04 1.12
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Consolidated Balance Sheets
April 30, 2006 As As
Reported Adjustments Restated
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Assets
Investments $17,235,058 $(1,082,364)$16,152,694

Liabilities and shareholders'
equity
Future income taxes 1,501,000 (186,818) 1,314,182
Contributed surplus 2,636,228 (1,951,781) 684,447
Retained earnings 33,312,595 1,056,235 34,368,830
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To maintain consistency among all subsequent reporting periods and to record the correct carrying amounts in both current and comparative periods, Altius has also elected to restate the unaudited interim consolidated financial statements for the subsequently reported quarters ending July 31, 2006, October 31, 2006 and January 31, 2007. The restatement has no impact on earnings for any of the current fiscal periods. Altius also filed restated MD&As for periods ending October 31, 2006 and January 31, 2007.

Altius' re-stated and unaudited financial statements for the all of the periods affected by this restatement are available on the SEDAR website at www.sedar.com and on Altius' website at www.altiusminerals.com.

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.

This news release contains forward-looking statements that involve risks and uncertainties. These statements reflect Altius' current expectations, but are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, Altius cannot assure that the forward-looking information contained in this news release will be realized.

Contact Information

  • Altius Minerals Corporation
    Brian F. Dalton
    President and Chief Executive Officer
    Toll Free: 1-877-576-2209
    709-576-3441 (FAX)
    or
    Altius Minerals Corporation
    Ben Lewis
    Chief Financial Officer
    Toll Free: 1-877-576-2209
    709-576-3441 (FAX)
    info@altiusminerals.com
    www.altiusminerals.com