ST. JOHN'S, NL — Altius Minerals will form a new company to focus on iron ore in western Labrador. The proposal is a key part of the agreement between Altius and a private company with respect to its Kamistiatusset iron ore project.
Beginning in 2010, Altius has promised to spend approximately $5 million toward collecting the data for a 43-101 resource estimate of the iron ore zones it discovered during its 2008-09 drilling program. The company says it has outlined an area of magnetite-rich iron mineralization that is similar in grade, thickness and geometry to producing deposits nearby.
Altius will retain a 100% interest in the Kamistiatusset project until the new company has incurred $5 million worth of exploration expenditures. Details of the recent drilling program are available at www.altiusminerals.com/kamistaitussett.php.