MESHIKAMAU NICKEL PROJECT

Altius is seeking a partner to conduct an exploration program for Voisey's Bay-type nickel-copper mineralization during the 2008 field season.

The project is located approximately 90 kilometres north of Churchill Falls, a major North American hydroelectricity facility. A gravel road from Churchill Falls comes to within 30 kilometres of the property.

The property is underlain by an approximately 2000km2, lopolithic-shaped, Mesoproterozoic intrusion (ca. 1460 Ma).

In 2005 Teck completed 5 shallow drill holes totaling 860 metres on the Meshikamau project testing the strongest, near surface geophysical (electromagnetic) responses in areas of favourable geology along a 20 kilometre long section of the intrusion.

2005 Drilling Overview

• All drill holes intersected net-textured sulphide mineralization (dominantly pyrrhotite and chalcopyrite) hosted by troctolite intervals or by leuconorite, which locally feature xenoliths and breccia textures (common features of mineralization at Voisey's Bay).
• Sampling of the sulphide bearing core intervals returned geochemically anomalous values of nickel, copper and cobalt (generally <0.5% combined) in multiple holes.
• M05-03 yielded a best Ni assay of the 2005 drill program of 5,747 ppm Ni over 1.5m

The future exploration objective will be to find areas of higher tenor nickel mineralization within this large sulphide-bearing system. Drill testing beyond the ~100 metre or so depths drilled to date is required.