St. John�s - Altius Minerals Corporation (�Altius�) reported net earnings of $380,000 or $0.01 per share for the quarter ended July 31, 2008 compared to net earnings of $15.7 million or $0.54 per share for the same period last year. Prior year�s results included $16.2 million in gains on disposals of investments and a $2.4 million dilution gain on an equity investment.
A summary of the unaudited financial results are included in the following table.
|
July 31,2008 |
|
(unaudited) |
|
2008 |
2007 |
|
$ |
$ |
| Revenue |
2,135,000 |
2,647,000 |
| Net earnings |
380,000 |
15,698,000 |
| Diluted earnings per share |
0.01 |
0.54 |
| Net cash flow |
(789,000) |
8,264,000 |
Royalty revenue from the Labrador Nickel Royalty Limited Partnership for the current quarter was $797,000, compared to $1.4 million in the prior year. The decrease was caused by lower average nickel prices and was partially offset by higher production at the Voisey�s Bay mine. Interest income of $1.3 million was recognized in the current period compared to $1.2 million in the prior period.
Exploration work continued during the quarter under thirteen active mineral exploration agreements targeting a variety of mineral commodities including iron ore, uranium, potash, base metals, and gold. Drilling programs also continued on two of the Company�s 100% owned projects, the Kamistiatusset iron ore property in western Labrador, which is subject to an agreement with Norvista (see PR-08-08) and the Albert oil shale project in New Brunswick. At Rambler Metals and Mining, in which Altius is a 20.2% shareholder, dewatering of the historic Ming mine was completed and delineation drilling continued during the quarter. NLRC, owned 39.6% by Altius, continued efforts during the quarter to formulate a restructuring proposal and to secure funding and/or a partner for its planned refinery project.
Altius currently has $250.8 million in total assets including $175.4 million in cash and receivables. The Corporation has 30,925,725 shares outstanding and 31,964,225 shares on a fully diluted basis.
The consolidated financial statements for the period ending July 31, 2008 and Management�s Discussion and Analysis of the Corporation�s financial results and activities are available on SEDAR and at www.altiusminerals.com.
Altius Minerals Corporation�s principal business activities include the generation and advancement of mineral and energy resource projects located in eastern Canada.
For further information, please contact
Ben Lewis or Chad Wells