|By Marketwired .||
|June 9, 2014 09:18 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/09/14 -- Altitude Resources Inc. (TSX VENTURE:ALI) is pleased to announce that it has received formal Alberta Energy Regulator approval for a drill program on Elan Coal Ltd.'s property located in southwestern Alberta, Canada. The coal exploration program calls for the drilling of four to six core holes and for specific coal quality analysis with an estimated budget of $1,500,000.
To view the ELAN LOCATION MAP, please visit the following link: http://media3.marketwire.com/docs/ALIFig1.jpg.
Commenting on the upcoming program Gene Wusaty, President and CEO said "The 2014 drill program is planned to commence later this year and is focused primarily on establishing coal quality. Initial field sampling and historical drilling indicates that the coal rank in the targeted drill program area is mid volatile coal."
Drill targets in the proposed program were identified in the fall 2013 preliminary field assessment program carried out by Dahrouge Geological Consulting ("Dahrouge") of Edmonton, Alberta. Dahrouge is expected to oversee the proposed Elan 2014 drill program. Altitude previously announced an initial NI 43-101 compliant Coal Resource estimate comprising of 62 million tonnes ("Mt") in the Measured and Indicated Mineral Resource category and 85Mt in the Inferred Mineral Resource category. Dahrouge has identified a 726 Mt exploration target for the Elan property. The largest component of the exploration target tonnage is located in the Wildcat and Grassy North areas in the southern area of the Elan property. The drill program is targeting this specific area which extends for approximately 15 km northward along strike and is in close proximity to existing rail infrastructure.
To view the ELAN LEASE OWNERSHIP MAP & DRILL TARGET AREA, please visit the following link: http://media3.marketwire.com/docs/ALIFig2.jpg.
The Elan coal properties extend for 55 kms northward from Crowsnest Pass along strike in the Kootenay Group coal formation. Five different areas of interest with surface mineable potential have been identified from historic exploration work carried out by companies including CONSOL, Devon Canada, Granby Mining, CanPac Minerals, and Canadian Hunter dating back to the 1940's. More than 10 coal seams have been identified on the properties with thicknesses ranging from 3 to 10m. The Elan property has access to nearby rail and port infrastructure with spare capacity.
Altitude announced on August 12, 2013 that it had entered into an Exploration and Option Agreement (the "Agreement") with Elan a private Non-Arm's Length party. Altitude is acquiring an option to earn up to a 51% undivided working interest (the "Option") in 27 Alberta Crown coal lease applications (22,951 ha) located near the historic coal mining area of Crowsnest Pass, Alberta. The Agreement allows Altitude the right to enter upon and conduct exploration activities in and on all parts of Elan's coal lease applications.
Gene Wusaty, President and CEO of Altitude, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
About Altitude Resources
Altitude Resources is a Canadian coking coal company focused on developing its Palisades Coal Project located northwest of Hinton, Alberta, Canada and the recently optioned Elan project. The Palisades Coal Project is located approximately 12 km 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.
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.