Altitude Resources Inc. Enters Joint Exploration Agreement With Japan Oil, Gas and Metals National Corporation
April 13, 2015
CALGARY, ALBERTA--(Marketwired - Apr 13, 2015) - Altitude Resources Inc. ("Altitude") (TSX VENTURE:ALI) is very pleased to announce a joint venture arrangement with JOGMEC whereby JOGMEC can acquire up to 51% interest in the Palisades Coal Project by investing CDN $4.8 million in exploration expenditures over a three year period. The Palisades Property is located approximately 40 kilometres northwest of Hinton, Alberta. The Palisades property is in close proximity to CN rail's mainline which services the Grande Cache mine to the northwest.
Commenting on the joint venture with JOGMEC, Altitude President and CEO Gene Wusaty stated: "We are very excited by this opportunity to partner with an internationally recognized resource agency like JOGMEC. This joint venture will potentially provide the project with access to long-term development funding and possible future markets for the coal."
Figure 1 Palisades Project Property Map:http://media3.marketwire.com/docs/1001533%20map.pdf
The Joint Exploration Agreement is based on three (3) Farm-In Periods which are tied to specific funding milestones..
|1.||During the First Farm-in Period (2015), JOGMEC shall contribute One Million Five Hundred Thousand (C$1,500,000) CAN$towards exploration on the Palisades Project.|
|2.||During the Second Farm-In Period (2016), JOGMEC shall contribute One Million Five Hundred Thousand (C$1,500,000) CAN$towards exploration on the Palisades Project. This will earn JOGMEC an unencumbered right, title and benefit to thirty-one point eight seven five percent (31.875%) of the Joint Venture Property.|
|3.||During the Third Farm-In Period (2017) JOGMEC shall contribute One Million Eight Hundred Thousand (C$1,800,000) CAN$towards exploration on the Palisades Project.|
As of completion of the Earn-In Period, the Parties' respective actual or deemed equitable interests in the Palisades Project shall be:
(i) if JOGMEC has contributed a total amount of Canadian Dollars Three Million (C$3,000,000) (end of second Farm-In Period):
(ii) if JOGMEC has contributed a total amount of Canadian Dollars Four Million Eight Hundred Thousand (C$4,800,000) (end of third Farm-In Period):
Based on a 2013 drilling program, Altitude had previously announced an NI 43 - 101 compliant Coal Resource Estimate comprising of 10.1 million tonnes ("Mt") in the Measured and Indicated Mineral Resource categories and 4.9 Mt in the Inferred Mineral Resource category. A 33Mt exploration target for the Palisades property has been identified. The coal quality rank is low volatile ( Ro 1.45 to 1.53 ). The study was carried out by Dahrouge Geological Consulting Ltd. of Edmonton, Alberta.
Table 1. NI 43-101 Coal Resources ( Million Tonnes )
|Palisades||Measured||Indicated||Measured & Indicated||Inferred|
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.
Figure 2 : Location of Altitudes Projects:http://media3.marketwire.com/docs/1001533%20map%202.pdf
About Altitude Resources
Altitude Resources is a new Canadian coking coal company focused on developing its Palisades Coal Project located northwest of Hinton, Alberta, Canada and the recently optioned 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.
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 in charge of 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 conduct natural resource exploration projects. For projects that proceed to the development and production stages, JOGMEC will look to attract Japanese mining and resources-related companies as long term partners to promote funding by Japan.
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.