Altius Minerals Corporation ("Altius") (TSX:ALS) is pleased to provide an update
on projects that it has generated in the Labrador West Iron Ore District that
are subject to agreements with partners. In particular, Altius has active
exploration agreements with Rio Tinto Exploration Canada and Century Iron Mines
(TSX:FER). Altius is also a co-founder and the largest shareholder of Alderon
Iron Ore Corp (TSX:ADV). These agreements cover several individual project areas
that range from early stage through to feasibility stage that are all subject to
underlying Altius royalties. Expenditures on these Altius generated projects are
anticipated to reach approximately $40 million in 2012. 


Labrador West Option Iron Ore Earn-in Agreement with Rio Tinto Exploration
Canada ("Rio Tinto") 


Altius is pleased to provide an update on exploration activities for its earn-in
Option Agreement with Rio Tinto Exploration Canada, Inc. ("Rio Tinto") in
western Labrador, Canada. During the 2011 field season, Rio Tinto completed a
total of 2633 metres of drilling in an area approximately 17 km north east of
Iron Ore Company of Canada's Carol Lake operation and 6 km north of the Julienne
Lake deposit. Altius announced in 2011 the initial exploration results,
including significant iron mineralization in drill hole 11LB0027. Rio Tinto has
recently reported to Altius further results of the 2011 drilling program,
including several additional drill holes that have intersected iron
mineralization (as listed in the table below). 




----------------------------------------------------------------------------
                  Total                                                     
                  Depth                                                     
HOLE ID             (m)  Azimuth     Dip             Highlights             
                                        ------------------------------------
                                            From        To  Interval      Fe
                                             (m)       (m)       (m)       %
----------------------------------------------------------------------------
11LB0026            255      350     -80    25.5       118      92.5    29.6
----------------------------------------------------------------------------
           and                             185.1    223.65      38.6    29.7
----------------------------------------------------------------------------
11LB0027(i)         348      360     -80   56.27       336    279.73    29.8
----------------------------------------------------------------------------
     including                             56.27    213.58    157.31    31.9
----------------------------------------------------------------------------
           and                               246       336        90    31.9
----------------------------------------------------------------------------
11LB0029         306.25      355     -80     114       234       120    29.4
----------------------------------------------------------------------------
     including                               114       167        53    30.6
----------------------------------------------------------------------------
11LB0030            255        6     -80    16.5       231     214.5    26.4
----------------------------------------------------------------------------
     including                              16.5        39      22.5    33.2
----------------------------------------------------------------------------
           and                              61.6       108      46.4    28.2
----------------------------------------------------------------------------
11LB0031            207        5     -80    25.5    125.92    100.42    28.1
----------------------------------------------------------------------------
     including                                72       123        51    30.3
----------------------------------------------------------------------------
11LB0032            446      357     -80      77       124        47    28.4
                                                                            
(i) Previously released - see press release dated Nov 30, 2011              
----------------------------------------------------------------------------



Altius has received formal notice from Rio Tinto that it intends to pursue its
second option to earn an additional 19% property interest, for a total of 70%,
by spending an additional $4M by December 2013. In addition to its project
interest, Altius retains a 3% gross overriding royalty, 1% of which may be
purchased by Rio Tinto for $10 million within the 10th anniversary of the
agreement. 


Century Iron Ore (TSX:FER) 

Century is funding a minimum of $4.3 million in exploration expenses on 1647
square kilometres covering four projects in western Labrador. A minimum of 120
line km of ground gravity surveys have commenced on the Schefferville project
over select magnetic anomalies indentified in the 2011 property wide
aeromagnetic survey and gravity surveys are also planned for the Astray and
Grenville projects. 4,300 line kilometres of airborne EM are also planned for
the Grenville block. Follow up mapping and sampling of drill target areas will
be completed in anticipation of a drill program to begin during late summer
2012. 


In November 2011, Century acquired an option to earn a 100% interest in the four
projects by spending $7 million per project and by the issuance of 5 million
Century shares cumulatively over a 5-year period. Altius will retain a 1% to 4%
sliding scale Gross Sales Royalty ("GSR") on the properties as well as
additional consideration of "bonus" Century shares as National Instrument 43-101
compliant iron ore resources are defined above various agreed thresholds. 


Alderon Iron Ore (TSX:ADV) 

Alderon Iron Ore Corp. ("Alderon"), a company in which Altius is a significant
shareholder and co-founder, continues to make significant progress in advancing
the Kami Iron Ore project towards a production decision and anticipates release
of a feasibility study by the third quarter of this year. In addition to the
32.6 million Alderon shares held, Altius holds a 3-per-cent gross sales royalty
covering the Kami project.


Thus far in 2012 Alderon has completed a $40 million strategic financing,
received draft environmental impact statement guidelines from provincial and
federal authorities as part of its ongoing environmental assessment process,
provided infill drilling results designed to upgrade resource confidence for
parts of the Kami deposit from NI 43-101 indicated and inferred to measured and
indicated categories, and appointed former Newfoundland and Labrador Premier,
Mr. Danny Williams, as a special advisor. Alderon also noted positive
implications for its development goals that come from a recent Canadian
government announcement to make strategic investments in the Port of Sept Isles,
from which Alderon intends to ship its iron ore products to market. These
announcements and additional technical and corporate development information can
be found at www.alderonironore.com. 


Alderon trades on the TSX Exchange under symbol ADV and also recently listed on
the NYSE Amex exchange under the symbol AXX. 


Julienne Lake Iron Ore 

Altius has begun a 2000 metre winter drill program at its wholly owned Julienne
Lake project and is currently testing the projected northeast extension of the
Julienne Lake deposit (historic and non-NI 43-101 compliant resource of 558.8
million tonnes grading 35% iron). The Julienne Lake deposit is currently held
and actively being advanced by the Province of Newfoundland and Labrador. 


Further details of the Julienne Lake iron ore project including maps and
interpreted results are available at

http://www.altiusminerals.com/julienne.php.

Lawrence Winter, Ph.D., P.Geo., Vice-President of Exploration for Altius, is the
qualified person responsible for the technical data presented in this release.


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 $175 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 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, a 3% gross sales
royalty on the Kami iron ore project of Alderon 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
28,759,675 shares outstanding.
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