Alexis River Uranium Project

Altius has partnered with Monroe Minerals on the Alexis River uranium project in southeast Labrador. Monroe can earn a 60-per-cent interest in the Alexis River property over four years by spending $1.25-million on exploration, including a minimum first-year commitment of $175,000; and making share payments to Altius of 2.5 million Monroe shares, including 500,000 shares on signing and two million shares divided equally over four years to be paid on each anniversary of the agreement.

The Alexis River project covers the highest lake-sediment uranium value from regional government surveys in Labrador and is contained within the prospective Pinware Terrane of the Eastern Grenville province.

In August a geophysical survey was carried out by McPhar Geosurveys using a high-sensitivity airborne caesium magnetometer and a multichannel gamma ray spectrometer. The survey comprised 317 line kilometres at 100-metre line spacing with tie-in lines every one kilometre.

Follow-up prospecting, reconnaissance geological mapping and preliminary systematic lake sediment sampling on the property was completed in September 2007 and February 2008 and the result of analysis is expected during the second quarter 2008. For further information regarding the progress at the Alexis River project please visit Monroe's website at http://www.monroeminerals.com/s/AlexisRiver.asp.