Altius (TSX:ALS) Provides Update of Labrador West Iron Ore Option Agreement with Rio Tinto Exploration Canada

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 30, 2011) - Altius Minerals Corporation ("Altius")(TSX:ALS) is pleased to report on exploration activities for its earn-in Option Agreement with Rio Tinto Exploration Canada ("Rio Tinto") in western Labrador, Canada. Under this agreement Rio Tinto may earn up to a 70% interest in 15 map-staked mineral licenses comprising 586 claims covering 14,650 hectares in western Labrador. The optioned licenses have been divided into six different prospects as follows: Bruce Lake, Goethite Bay, Carol Lake, Campground, Huguette Lake and Green Water Lake.

During the 2011 field season, Rio Tinto completed a total of 2633 metres of drilling on the Goethite Bay prospect. The Geothite Bay prospect is located approximately 17 km north east of Iron Ore Company of Canada's Carol Lake operation and 6 km north of the Julienne Lake deposit. Rio Tinto has reported to Altius that drill hole 11LB0027 intersected 279 m @ 29.8% Fe, including 157 m @ 31.9% Fe and 90 m @ 31.9% Fe. Additional drill results are pending.

Altius has received formal notice from Rio Tinto that it has met its first option earn-in obligations on Altius' Labrador West project north of Labrador City by incurring $3 million in exploration expenditures and has therefore earned a 51% interest in the properties. Rio Tinto has a second option to earn an additional 19% property interest by spending an additional $4M by December 2013. In addition to its project interest, Altius retains a 3% gross overriding royalty, 1% of which may be purchased by Rio Tinto for $10 million within the 10th anniversary of the agreement.

Altius has been prospecting for iron ore in western Labrador since 2003 and is the largest exploration licence holder in the district and also in the province of Newfoundland and Labrador.

Lawrence Winter, Ph.D., P.Geo., Vice‐President of Exploration for Altius, is the qualified person responsible for the technical data presented in this release.

About Altius

Altius is focused on the mining and resources sector through prospect generation and the creation and acquisition of royalties and investments. The Corporation has a strong financial position with approximately $189 million in cash and marketable securities. It has also built a portfolio of directly and indirectly held junior resource investments, including 32.9 million shares of Alderon Resource Corp. (TSX:ADV).

Altius owns an effective 0.3% net smelter return royalty in the producing Voisey's Bay nickel-copper-cobalt mine, a 2% gross sales royalty in the Central Mineral Belt uranium project of Paladin Energy Limited, a 3% gross sales royalty in the Kami iron ore project of Alderon and several earlier stage resource project royalties. Its growing project generation pipeline consists of a diversified portfolio of exploration projects, many of which it have attracted joint venture funding partners.

Altius is a member of the S&P/TSX Global Mining Index and currently has 28,865,662 shares outstanding.