Business
Altius Minerals Provides 1st Quarter 2019 Project Generation Update
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius”) (ALS:TSX) is pleased to provide an update on its Project Generati
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius”) (ALS:TSX) is pleased to provide an update on its Project Generation (“PG”) business activities and performance of its related junior equities portfolio for the first quarter of 2019. Over the last three years Altius has completed agreements with industry partners for 57 global exploration projects. This has resulted in the conversion of most of the mineral lands that it assembled during the preceding cyclical downturn into new royalties and a portfolio of 27 junior equities. In 2019, we are shifting our focus to supporting these partners, technically and otherwise, to assist in enhancement of the value of these projects and, in turn, the related royalties and equity positions. The market value of the junior equities portfolio at March 31, 2019 was $60.7 million, not including the value of various common share purchase warrants, as compared to $54.2 million at December 31, 2018. During the quarter, net cash proceeds of $ 7.7 million were also generated from the sales of certain equities. An updated list of the public equity holdings is posted to the Altius website at http://altiusminerals.com/projects/junior-equities. Portfolio Company and Project UpdatesSome of the main highlights in the first quarter and up to early April 2019 are listed below. In January, Excelsior Mining Corp. (TSX:MIN) provided a construction update on its Gunnison Copper Project, where Altius holds a 1.625% gross revenue royalty. A new access road south of the main highway has been installed, and multiple rigs are drilling 41 production wells and 22 compliance wells, expected to be completed by July 2019. A two-mile pipeline corridor is expected to be completed by May 2019, and first production is expected in Q4 2019 (see press release dated Jan. 31 2019). The initial plant processing capacity is expected to be 25 million pounds (years 1-3), increasing to 75 million pounds (years 4-7) and eventually to full capacity of 125 million pounds per annum. In addition to its royalty interest, Altius also holds a substantial equity position in Excelsior. Adventus Mining Corporation (TSXV:ADZN) reported on the remaining results of its 2018 infill drilling program for the El Domo deposit in Ecuador. The results continue to demonstrate thick copper and gold rich intersections...