Altius and Fronteer Receive Drill Permits for Uranium Project, Labrador.ST. JOHN'S, Newfoundland And Labrador Newfoundland and Labrador, province, Canada Newfoundland and Labrador (ny  `fənlənd, ny -- Altius and Fronteer have received approval from the Newfoundland and Labrador Department of Natural Resources Many sub-national governments have a Department of Natural Resources or similarly-named organization:
A drill contract has been signed with Falcon Drilling, and two drill rigs are scheduled to arrive on site within the next 10 days, with drilling anticipated to commence around August 15th.A $5.0 million exploration program began on June 15th consisting of detailed geophysical and geochemical surveys, along with geological mapping and environmental baseline studies.Fronteer is the operator for the jointly agreed program. The pre-drilling component of the program has refined five key project areas that are characterized by outcropping zones of uranium mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. , many of which are associated with extensive radiometric anomalies and have had no prior drilling. The target areas to be drill tested include: Otter Lake Otter Lake may refer to:
In addition, a total of 3,000 metres of drilling is planned to test beneath the historic Michelin resource area, which remains open at depth.Michelin is the largest of four historic resource areas within the Central Mineral Belt project.It was the subject of feasibility work and exploration related underground development immediately prior to a prolonged period of depressed uranium prices that began around 1980. The fifth project area, Melody Lake, may also be drill tested should time and the budget allow.To view these target areas please use the following link. http://www.altiusminerals.com/files/CMBProject-Map.pdf This part of Labrador remains one of the largest district-scale uranium anomalies in North America and its underlying potential is completely untapped. Under a restructuring arrangement announced last month, a new company was created to hold the Central Mineral Belt project.This is part of a longer-term business strategy to enable continuing project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. and to create a vehicle to capture the value of these uranium assets. Altius has a 48-per-cent interest in this new company plus a 2-per-cent gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. royalty on uranium and a 2-per-cent net smelter royalty on base and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . Fronteer has a 52% interest in the new company.Altius will retain a one-time right to earn back to a 50-per-cent ownership interest, triggered if the new company is not taken public by June 17, 2006 (or later if extended by mutual consent). Altius Minerals Corporation (http://www.altiusminerals.com) has a royalty interest royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. in the Voisey's Bay nickel district in Labrador, Canada, from which first concentrates are expected to be produced next month. 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, Inda and Kitts 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 Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex and also Saskatchewan Research Council The Saskatchewan Research Council is a Saskatchewan, Canada technology corporation, owned by the province. It provides contract research, technology transfer and analytical services to companies in Saskatchewan and around the world. . The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Altius Minerals Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ALS) |
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