Altius Minerals Corporation (TSX: ALS) Reports Annual Net Earnings of $28.5 Million

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR, Jun 26 (MARKET
WIRE) --
Altius Minerals Corporation ("Altius")(TSX: ALS) reported net earnings of
$28.5 million or $0.97 per share for the year ended April 30, 2009
compared to net earnings of $12.1 million or $0.40 per share for the same
period last year. For the quarter ended April 30, 2009 net loss was $1.5
million or $(0.05) per share compared to net loss of $42 million or
$(1.34) per share for the same period last year.

A summary of the unaudited financial results are included in the
following table.

Three months ended Twelve months ended
April 30, April 30,

2009 2008 2009 2008
$ $ $ $
Revenue 1,938,000 2,735,000 9,388,000 12,254,000
Net earnings (loss) (1,480,000) (42,007,000) 28,501,000 12,094,000
Diluted earnings per share (0.05) (1.34) 0.97 0.40

The current year's earnings include a pre-tax gain of $38.2 million on
the settlement of the equity forward agreement on the Corporation's
remaining 2,500,000 Aurora Energy Resources Inc. shares. Royalty revenue
from the Labrador Nickel Royalty Limited Partnership was $4.1 million and
interest income of $4.9 million was recognized during the year. The
Corporation repurchased 2,659,530 common shares under its normal course
issuer bid during the current year at a total cost of $15.2 million or an
average of $5.72 per share.

The fourth quarter net loss was primarily a result of the write down of
$2.3 million on investments in exploration and development stage
companies, which continued to be adversely affected by the poor financial
conditions in the global equity and financial markets. Most of the
investments written down were initially received from share payments
under earn-in agreements or from the vending of mineral properties.

During the quarter, exploration work continued under 14 active mineral
exploration agreements targeting a variety of mineral commodities
including iron ore, uranium, potash, oil shale, base metals, and gold in
Eastern Canada. Subsequent to the quarter-end, the Corporation also
expanded its generative exploration business to Alaska with the formation
of a strategic alliance with Millrock Resources Inc. and through
participation in a private placement financing of Millrock to fund
prospect generation, principally for gold, in five areas in Alaska. The
Corporation continues to review an increasing number of opportunities to
prudently deploy its capital while valuations of quality opportunities
remain attractive.

As of April 30, 2009, Altius had $188.9 million in total assets including
$157.5 million in cash and marketable securities and has no debt. All of
the marketable securities are held in highly liquid government guaranteed
and investment grade marketable securities with near-term maturities. The
Corporation does not anticipate any liquidity issues with any of its cash
and marketable securities. Altius currently has 28,375,195 shares
outstanding.

The consolidated financial statements for the period and year ending
April 30, 2009 and Management's Discussion and Analysis of the
Corporation's financial results and activities as well as its Annual
Information Form (AIF) are available on SEDAR and at
www.altiusminerals.com.

About Altius

Altius is focused on the mining and resources sector through prospect
generation, the creation and acquisition of royalties and investments.
The Corporation has a strong financial position with approximately $157
million in cash and liquid investments and no debt. Altius owns an
effective 0.3% net smelter return in the producing Voisey's Bay
nickel-copper-cobalt mine located in Labrador, Canada and has numerous
active mineral exploration agreements principally in eastern Canada
targeting a variety of mineral commodities. In addition, the Corporation
holds investments in junior exploration and development stage companies.
Altius is a member of the TSX SmallCap index and currently has 28,375,195
shares outstanding.

Contacts:
Altius Minerals Corporation
Ben Lewis or Chad Wells
1-877-576-2209
info@altiusminerals.com
www.altiusminerals.com

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