CALGARY, ALBERTA--(Marketwired - Aug. 26, 2015) - Altitude Resources Inc. (TSX VENTURE:ALI) is pleased to announce that the Altitude-JOGMEC Joint Venture has received formal Alberta Energy Regulator approval for a drill program at its Palisades property located in west-central Alberta, Canada. The Palisades drill permit is now valid for two years. The 2015 drilling program is expected to consist of 3,240 meters, including 15 reverse circulation ("RC") and 3 core drill holes. Earlier this year Altitude announced the Joint Venture arrangement with JOGMEC whereby JOGMEC can earn up to a 51% interest in the Palisades Coal Project by investing CDN $4.8 million in exploration expenditures over a three year period.
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Commenting on the upcoming program, Gene Wusaty, President and CEO said, "The planned 2015 drill program will start immediately and when completed the program results will be incorporated into an updated NI 43-101 compliant resource report for the Palisades Project. It is expected that the report should be completed in the 4th quarter of 2015. Along with the field drilling, the program will include laboratory testing for coal quality."
The drill program is targeting the Palisades Property which is located approximately 30 kilometres north of the Yellowhead Highway (Hwy 16) and adjacent to Highway 40 North, near Hinton, Alberta. Altitude's properties are in close proximity to Canadian National rail's mainline which services the Grande Cache mine to the northwest. The drill targets in the proposed program were identified in the 2013 preliminary field assessment program carried out by Dahrouge Geological Consulting Ltd. ("Dahrouge"). Dahrouge has been contracted to oversee the 2015 exploration program.
Historical work in this area, reported as the "Hoff Property", included drilling programs first conducted by Rio Tinto Canada (1969) and then Denison Mines (1982-83). A National Instrument (NI) 43-101 study was carried out by Moose Mountain Technical Services in November 2011 on the original Palisades property. The initial 43-101 resource estimate completed in 2011 for the Palisades property by Moose Mountain Technical Services identified an inferred resource of approximately 12 million tonnes of low-volatile bituminous coal. Moose Mountain also identified an initial exploration target of approximately 140 million tonnes of low-volatile bituminous coal.
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 Inc. is a Canadian coking coal company focused on developing its Palisades Coal Project located northwest of Hinton, Alberta, Canada as well as its interest in the Elan project in southwestern Alberta. The Elan and Palisades Coal Projects are located in close proximity to CP and CN Rail respectively 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.
About JOGMEC
Japan Oil, Gas and Metals National Corporation ("JOGMEC") was established on February 29, 2004. JOGMEC integrates the functions of the former Japan National Oil Corporation, which was charged eith securing a stable supply of oil and natural gas, and the former Metal Mining Agency of Japan, which was in charge of ensuring a stable supply of nonferrous metal and mineral resources and implementing mine pollution control measures. JOGMEC has a mandate to invest in early-stage resource exploration projects. For projects that proceed to the development and production stages, JOGMEC will look to attract Japanese mining and industrial companies as long term partners.
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.