Orbite Aluminae Inc.

Orbite Aluminae Inc.

March 02, 2012 16:44 ET

Orbite Aluminae Disclosure Update

MONTREAL, QUEBEC--(Marketwire - March 2, 2012) - Further to its press releases issued on February 27 and 29, 2012 and further to the hearing held earlier today, Orbite Aluminae Inc. (the "Company")(TSX:ORT) announces the approval by the Bureau de décision et de révision (the "BDR") of the agreement in principle reached between the Company and the Autorité des Marchés Financiers ("AMF") pursuant to which an independent audit (the "Audit") will be performed in respect of sections 7 to 14 and 21 (with respect to alternative energy scenarios) of the Preliminary Economic Assessment Technical Report (scoping study) issued on January 12, 2012 and the preparation by independent Qualified Persons of a new NI 43-101 revised Technical Report (the "Revised Report"). The BDR also confirmed the cease trade order (the "Order") with respect to the Company's securities pending the filing of a Revised Report. Notwithstanding the foregoing, upon completion of the Audit, the Company will be entitled to request from the BDR that the Order be lifted.

The AMF also confirmed the lifting of the temporary management cease trade order issued on February 16, 2012.

About Orbite

Orbite owns 100% of the mining rights on a Grande-Vallée property of approximately 6 441 hectares, the site of an aluminous clay deposit located 23 km south of Grande-Vallée, and a 2 600 m2 full scale pilot plant in Cap Chat, in the Gaspé region. An NI 43-101 report issued in August 2011, identified an Indicated Resource of about one billion tonnes of aluminous clay in part of the deposit containing a series of mineral elements. The Company also owns the intellectual property rights to a unique Canada- and U.S.-patented process for extracting alumina from various types of aluminous ores and for which patents are also pending in other countries. www.orbitealuminae.com

Forward-looking statements

Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on November 14, 2011 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.

Contact Information

    Frederic Berard
    H+K Strategies
    514-395-0375, ext. 259

    Jacques Bedard
    Orbite Aluminae Inc.

    Louis Morin
    Investor Relations

    Jason Monaco
    Managing Partner
    First Canadian Capital Corp.

    Nicole Blanchard
    Investor Relations
    Sun International Communications
    450 973 6600