CALGARY, ALBERTA--(Marketwired - May 6, 2015) -
Highlights:
- Dahrouge Geological Consulting Ltd. ("Dahrouge") retained to carry out field reconnaissance and drilling programs on Palisades and Palisades North properties.
- Phase 1 field reconnaissance program to start immediately with objective to sample and trench coal outcrops, field mapping and to locate drill hole locations.
- Phase 2 drill program scheduled for Q3 2015.
- 2015 budget of CDN$1.5 million
Altitude Resources Inc. (TSX VENTURE:ALI) ("Altitude") is pleased to announce the start of a Two Phase 2015 exploration program on the Palisades and Palisades Extension coal properties as part of the Altitude / JOGMEC Joint Venture. On April 13, 2015 Altitude announced that it had entered into a Joint Exploration Agreement with Japan Oil, Gas and Metals National Corporation ("JOGMEC") to explore the Palisades Coking Coal Project. Dahrouge Geological Consulting Ltd. ("Dahrouge") of Edmonton, Alberta has been contracted to oversee the two phase exploration program. Phase 1, which is expected to commence during the week of May 5 and last approximately 4 - 6 weeks is designed to sample and trench coal outcrops, continue field mapping and assess drill hole locations. Phase 2 is expected to follow in late Q3 (August and September) depending on the receipt of all required exploration permits.
Altitude carried out exploration programs on the Palisades Property in 2012 and 2013 and a National Instrument ("NI") 43-101 compliant Technical Report was issued on February 3, 2014.
Commenting on the Study, Altitude President and CEO, Gene Wusaty said, "We are very pleased to start this 2015 exploration program and continue to develop our Palisades Project. This exploration will put the company in a solid position once the coal market cycle starts to rebound. "
The Palisades Project is located approximately 30 kilometres north of the Yellowhead Highway (Hwy 16) and Highway 40 North, near Hinton, Alberta. Altitude's properties are in close proximity to CN rail which services the Grande Cache mine to the northwest. The Palisades Project properties fall within the North-Central Alberta Foothills near the eastern edge of the Front Range Foothills. The location close to the Rocky Mountains has resulted in the formation of a low-volatile metallurgical coal. The goal of this program is to provide exploration targets and recommendations for a drilling program scheduled for Q3 2015. This field program also will provide additional information for an updated NI 43-101 compliant resource report on Altitude's Palisades property.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/LOCATION_NEAR_HINTON.pdf.
In 1969, Rio Tinto initiated a surface trenching and five drill hole program on the Hoff Property, now known as the Palisades Property. Data collected during the 2012 exploration program provided the required local grid survey control to properly reference Rio Tinto's historical work. Denison Mines expanded on Rio Tinto's work during a 1982-1983 drilling (23 holes) and trenching program.
Gene Wusaty, Altitude's Chairman, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.
About Altitude Resources
Altitude Resources is a Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in west-central and southwestern Alberta, Canada. Palisades, Elan and Altitude North, properties are located near rail lines which have capacity to provide transport of coal to deep-water ports on the west coast of Canada to service the growing demand from world markets.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the size and quality of the Company's mineral resources, progress in the development of mineral properties, future capital and operating expenses, the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs and the anticipated production schedule. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on assumptions that have been made by the Company as at the date of such information, including those assumption described in the Company's technical report entitled "Resource Estimate of the Palisades Coal Property" dated November 28, 2011 which is available at www.sedar.com. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the future price of coal, industry market trends and predictions, the estimation of mineral reserves and resources, operating and exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations including changes in government policies, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, regulatory matters, and other risks described in the public filings of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.