Altius Minerals Corporation Reports Annual Net Loss of $4,611,000
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwire) -- 06/27/12 -- Altius Minerals Corporation ("Altius") (TSX: ALS) reported net loss attributable to common shareholders of $4,611,000 or ($0.17) per share for the year ended April 30, 2012 compared to net earnings of $70,313,000 for the same period last year. The current year was affected primarily by the losses in the share of associates and a general decline in the market value of investments. The previous year's earnings included a pre-tax gain of $84,675,000 recorded on the sale of the Corporation's Kami property to Alderon Iron Ore Corporation ("Alderon").A summary of the financial results is included in the following table.
Three months ended Twelve months ended
April 30, April 30,
(unaudited) (audited)
2012 2011 2012 2011
----------------------------------------------
$ $ $
Revenue 1,452,000 1,758,000 11,048,000 5,601,000
Net earnings (loss)
attributable to shareholders (2,616,000) (953,000) (4,611,000) 70,313,000
Diluted earnings (loss) per
share (0.09) (0.03) (0.17) 2.43
Net cash flow from operating
activities (4,714,000) 43,000 (8,196,000) 2,447,000
The Corporation saw significant progress on its wholly owned and partner-funded project interests during the year, particularly in the Labrador West iron ore mining district. Additional information on the Corporation's results of operations is included in the Corporation's MD&A, Financial Statements, and Annual Information Form, which were filed on SEDAR today and are also available on the Company's website at www.altiusminerals.com.
About Altius
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 $300 million, including $162 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. (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 it have attracted joint venture funding partners.
Altius is a member of the S&P/TSX Global Mining Index and currently has 28,760,428 shares outstanding.
Contacts:
Ben Lewis or Chad Wells
1.877.576.2209.
