ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (
Marketwire) -- 03/29/12 --
Altius Minerals Corporation ("Altius") (TSX: ALS) announces that it will purchase at market price up to 1,437,983 common shares, being approximately 5% of its outstanding shares of 28,759,675 as of March 19, 2012, by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX). The bid is subject to regulatory approval. The bid will commence April 2, 2012 and will end no later than April 1, 2013. Any shares purchased during the normal course issuer bid will be cancelled and returned to treasury.
The TSX rules permit Altius to purchase daily, through TSX facilities, a maximum of 6,764 common shares under the Company's repurchase program. During the previous 12 months, Altius purchased a total of 210,933 shares through a normal course issuer bid at a volume weighted average price of $10.90. The reason for the bid is that, in the opinion of the board of directors, the value of Altius, based on anticipated cash flows and underlying asset values, is from time to time, greater than the then aggregate market price of the common shares and accordingly, the acquisition of common shares under the bid represents an appropriate use of funds.
About Altius
Altius is focused on the mining and resources sector through prospect generation and the creation and acquisition of royalties and investments. Altius has a strong financial position with total assets of approximately $300 million, including $175 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. (TSX: ADV).
Altius owns an effective 0.3% net smelter return royalty on the producing Voisey's Bay nickel-copper-cobalt mine, a 2% gross sales royalty on uranium in the Central Mineral Belt project of Paladin Energy Limited, a 3% gross sales royalty on 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 28,759,675 shares outstanding.
Contacts:
Altius Minerals Corp.
Chad Wells
Toll Free: 1.877.576.2209
709.576.3441 (FAX)
info@altiusminerals.com
www.altiusminerals.com
