CALGARY, ALBERTA -- (Marketwired) -- 05/13/13 -- Altitude Resources Inc. (TSX VENTURE: ALI) is pleased to announce that it has received formal Alberta Government approval for a drill program at its Palisades coal property located in west - central Alberta, Canada. The exploration program anticipates the drilling of up to 7,000 meters with a budget estimated at $2,300,000.
To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/ALI0513.pdf
Commenting on the upcoming program Andrew Wusaty, President and CEO said, "The planned 2013 drill program will be initiated in the next several months and when completed the program results should enable the company to declare a new and expanded NI 43-101 compliant mineral resource for the Palisades property later this year. Along with the field program we are focused on 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 CN rail which services the Grande Cache mine to the northwest. The drill targets in the proposed program were identified in the 2012 preliminary field assessment program carried out by Dahrouge Geological Consulting ( Dahrouge ) of Edmonton, Alberta. Dahrouge has been contracted to oversee and implement the proposed 2013 drill program.
Historical work in this area, reported as the "Hoff Property", included drilling programs first performed by Rio Tinto Canada (1969) and then Denison Mines (1982-83). A NI 43-101 technical report was carried out by Moose Mountain Technical Services (Moose Mountain) in November 2011 on the original Palisades property. The initial coal mineral resource estimate completed in 2011 for the Palisades property by Moose Mountain identified an inferred resource of approximately 10.7 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.
Retention of Market Making Services
Altitude also announces that, subject to regulatory approval, it has retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
About Altitude Resources
Altitude Resources is a new Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in west-central Alberta, Canada. Altitude's most advanced property, the Palisades Coal Project, is located approximately 12 kilometres from CN rail which has capacity to provide transport of coal to deep-water ports on the west coast of Canada to service the growing demand from world markets.
Gene Wusaty, Altitude's Chairman, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Altitude Resources Inc.
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