Nov 28, 2013
Altitude Resources initiates application for 2014 drill program for Elan Coal Project
CALGARY, ALBERTA - Altitude Resources Inc. (TSX-V:ALI) is pleased to announce today that it has initiated permit applications with the Alberta Government for a drill program at the Elan Coal property located in southern Alberta, Canada. The proposed program is designed primarily for determining coal quality and calls for the drilling of up to 1,800 meters with a $1,200,000 CDN budget.
The drill targets in the proposed program were identified in the October 2013 preliminary field assessment program carried out by Dahrouge Geological Consulting Ltd. ("Dahrouge") of Edmonton, Alberta. Dahrouge has also been contracted to oversee the proposed 2014 drill program. It is expected that the approval will be received in calendar Q1 2014 and the program is expected to start shortly thereafter.
Figure 1 LOCATION MAP
Commenting on the upcoming program Gene Wusaty, President and CEO said, "The planned 2014 drill program will test new coal targets identified in the 2013 field exploration and will focus on providing more extensive coal quality analysis."
Figure 2 DRILL TARGET MAP
The drill program is targeting the Elan Coal Property which is located in southwestern Alberta near the historic coal mining municipality of Crowsnest Pass and adjacent to Riversdale's recently acquired Grassy Mountain coal project. As announced on August 12, 2013 Altitude entered into an Exploration and Option Agreement with Elan, a private Non-Arm's Length Party. Altitude has acquired an option to earn up to a 51% undivided working interest in Elan's 27 Alberta Crown coal lease applications which cover a 22,951 ha area. The Agreement allows Altitude the right to enter upon and conduct exploration activities in and on all parts of the Leases. An initial NI 43 -- 101 Coal Resource estimate was calculated comprising of 62million tonnes ("Mt") in the Measured and Indicated Mineral Resource categories and 84Mt in the Inferred Mineral Resource category. A 726Mt (NI 43-101compliant) exploration target for the Elan property has been identified. The property can be accessed by driving north from Crowsnest Pass on secondary roads. Elan has access to rail and port infrastructure with spare capacity. Coal rank is low to mid volatile.
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 new Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in west-central Alberta, Canada. Altitudes properties include the Palisades Coal Project and the option on Elan Coal. Both properties are located in close proximity to 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.
For further information, please contact:
Doug Porter CFO (403) 453 -- 3298
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.
You can view the Next News Releases item: Wed Feb 19, 2014, Altitude Resources Announces NI 43 - 101 Coal Resource for Palisades Coking Coal Project
You can view the Previous News Releases item: Thu Nov 14, 2013, Altitude Projects Update
You can return to the main News Releases page, or press the Back button on your browser.