Altius Minerals Corporation (TSX:ALS) Reports Third Quarter Net Loss of
Hebei Completes Alderon Strategic Investment
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwire) -- 03/18/13 --
Altius Minerals Corporation ("Altius") (TSX:ALS) reports a net loss
attributable to common shareholders of $3,627,000 or ($0.13) per
share for the three months ended January 31, 2013 compared to net
earnings of $2,461,000 for the same period last year. The current
year was affected primarily by the losses in the share of associates
and lower revenue in the current period. The prior year's results
included one-time revenue of $3,999,000 from the receipt of share
payments from the vending of a mineral property.
A summary of the financial results is included in the following
Three months ended Nine Months Ended
January 31, January 31,
2013 2012 2013 2012
$ $ $ $
Revenue 1,366,000 5,805,000 4,281,000 9,596,000
shareholders (3,627,000) 2,461,000 (9,369,000) (1,995,000)
share (0.13) 0.08 (0.33) (0.08)
Net cash flow
activities 1,870,000 1,744,000 5,922,000 (3,861,000)
Additional information on the Corporation's results of operations is
included in the Corporation's MD&A, and Financial Statements, which
were filed on SEDAR today and are also available on the Company's
website at www.altiusminerals.com.
On March 15, 2013 Alderon an
nounced that Hebei Iron & Steel Group Co.
Ltd. ("Hebei") has contributed the remaining $119,900,000 of its
initial investment in Alderon and that Alderon has contributed the
Kami iron ore project to a limited partnership which is owned 25
percent by Hebei and 75 percent by Alderon. Hebei is China's largest
This concludes Hebei's initial strategic investment, first announced
on April 13, 2012, into both Alderon and its Kami project for an
aggregate amount of $182,200,000, in exchange for 19.9 per cent of
the outstanding common shares of Alderon (completion announced on
Sept. 4, 2012) and a 25 percent interest in the Kami LP, which was
established to own the Kami project. Alderon has the remaining
75-per-cent interest in the Kami LP. Altius owns approximately 25% of
the common shares of Alderon and holds a 3% gross sales royalty on
the Kami iron ore project.
In addition, the Corporation is pleased to announce that on February
28, 2013, BAE Newplan Group Limited ("BAE"), a wholly owned
subsidiary of SNC-Lavalin Inc., filed a Notice of Discontinuance with
the Supreme Court of Newfoundland and Labrador abandoning an action
it had brought against the Corporation and others in 2008. The action
had claimed damages, interest and costs against the Corporation, its
directors and other parties. BAE had specifically claimed that the
Corporation was responsible for payment of $20,594,000, being the
amount of billing alleged as outstanding from Newfoundland and
Labrador Refining Corporation for engineering services.
The Notice of Discontinuance has no effect on the consolidated
financial statements of the Corporation since the Corporation
believed the action to be without merit and accordingly no provision
had been recognized for the claim.
Altius is focused on the mining and resources sector through prospect
generation and the creation and acquisition of royalties and
investments. Altius has a strong financial position with total assets
of approximately $281 million, including $155 million in cash and
marketable securities. It has also built a portfolio of directly and
indirectly held junior resource investments, including 32.9 million
shares of Alderon Iron Ore Corp. (TSX:ADV).
Altius owns a 3% gross sales royalty on the Kami iron ore project of
Alderon, an effective 0.3% net smelter return royalty on the
producing Voisey's Bay nickel-copper-cobalt mine, a 2% gross sales
royalty on uranium in the Central Mineral Belt project of Paladin
Energy Limited, and several earlier stage resource project royalties.
Its growing project generation pipeline consists of a diversified
portfolio of exploration projects, many of which have attracted joint
venture funding partners.
Altius is a member of the S&P/TSX Global Mining Index and currently
has 28,124,153 shares outstanding.
Altius Minerals Corporation
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