CHAPEL ISLAND NICKEL PROJECT

Altius acquired an option on the Chapel Island nickel-copper-cobalt-PGM property in north-central Newfoundland from local prospectors in 2007.

The property is located near paved highways and is at tidewater.

The property covers a mineralized norite sill/dyke(?) that has not been drill tested but past sampling from shallow excavations has returned up to 3.05% nickel, 1.5% copper, 0.2% cobalt plus anomalous gold and platinum group metals. The ore, is semi-massive to massive and composed chiefly of pyrrhotite, pentlandite, and chalcopyrite sulphide mineralization.

Drilling is planned for winter 2008.