Altitude Resources Inc. ("Altitude" or the "Company") is pleased to announce that it will be carrying out a two phase 2016 exploration program on the Palisades and Palisades Extension coal properties as part of the Altitude/JOGMEC Joint Venture. In February 2016 Altitude and JOGMEC announced that they are proceeding to the 2nd Farm-In milestone in the Joint Exploration Agreement to explore the Palisades Project. The Palisades Project drill permit was received in 2015 and is valid for two years. The exploration plan includes field reconnaissance, rotary drilling and a coring program, and laboratory coal quality analysis. Dahrouge Geological Consulting Ltd. ("Dahrouge") of Edmonton, Alberta has been contracted to carry out the 2016 exploration program. .
Commenting on the 2nd year exploration program of the Joint Venture, President and CEO, Gene Wusaty said, "We are very pleased to announce the 2016 exploration program and our continued development of the Palisades Project in this very difficult commodity climate. The coking coal market is starting to rebound and this exploration will put the company in a solid position going forward."
To view Figure 1 Palisades project Location Map, please visit the following link: http://media3.marketwire.com/docs/Palisades.pdf
The Palisades Project is located approximately 30 kilometres north of the Yellowhead Highway (Hwy 16) and Highway 40 North, near Hinton, Alberta. Palisades has a 43-101 resource of 15.8 million tonnes Measured and Indicated, 7.61 million tonnes Inferred and an exploration target of 49 million tonnes (excluding Palisades North). Palisades is in close proximity to CN rail which services the Grande Cache mine to the northwest. The Palisades Project properties fall within the North-Central Alberta Foothills near the eastern edge of the Front Range Foothills. The location close to the Rocky Mountains has resulted in formation of a low-volatile metallurgical coal. This field program will provide additional information for an updated NI 43-101 Resource Report on Palisades and is expected to be completed in Q4 2016.
Grant of Options
Altitude also announces that, under the terms of its Stock Option Plan, it has granted options to purchase up to 2,000,000 common shares to officers and directors of the Company. The options vest on a one-third basis annually beginning on July 31, 2016 and are exercisable at increasing exercise prices of $0.08, $0.10 and $0.12 in each respective year of vesting. The options expire on the fifth anniversary of the date of grant. Subsequent to this stock option grant, Altitude will have a total of 2,137,262 stock options outstanding.
Gene Wusaty, Altitude's Chairman, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.
Altitude Resources is a Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in west-central and southwestern Alberta, Canada. The Palisades, Elan and Altitude North, properties are located near rail lines 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.