Altius Minerals (ALS)

[Ed Monton]

Uranium news:

Altius Minerals Corporation: High-Grade Uranium Assays
Received From the Central Mineral Belt Joint Venture,
Labrador, Canada

ST. JOHN'S, NEWFOUNDLAND--Altius Minerals Corporation has
received analytical results for uranium-bearing samples that were
collected during the 2003 reconnaissance program in the Central
Mineral Belt of Labrador. Please see the Altius press release
dated October 09, 2003 for a review of significant copper and
gold results.

The Central Mineral Belt property position totals 1173 claims
(29,325 hectares). The initial field review concluded that the
eastern portion of the Central Mineral Belt is highly prospective
for iron-oxide-copper-gold +/- uranium deposits and plans for
further exploration in 2004 are in progress.

A 1200-meter long boulder field at Melody Hill, which features
high-grade uranium-bearing boulders, was examined during the 2003
field season. In 1978-79, a previous exploration company analysed
ten selected boulders and reported values ranging from 2.25% to
18.08% U3O8 (uranium oxide) with an average assay of 11.53% U3O8.
Melody Hill is located ten kilometres north of the Michelin
uranium deposit noted below.

Boulder samples stored at the 1979 Melody Hill exploration camp
were collected for uranium and multi-element analyses and
petrographic studies. A sample of intensely sheared and
brecciated, hematitized and altered granite, assayed 28.20% U3O8.
A separate sample of sheared and altered felsic volcanic breccia
assayed 11.90% U3O8.

High-grade uranium assays were also returned from other prospects
during the 2003 program. On the Post Hill property, an outcrop
sample from a regional scale shear zone assayed 1.51% U3O8, 1.31%
copper, 58 g/t silver and 0.41 g/t gold. A sample of subcropping,
sheared and mineralized felsic volcaniclastic rock from the Emben
property assayed 2.91% U3O8.

The property group also covers three low-grade uranium deposits.
The Michelin deposit is the largest of these and was subject to
partial underground development. The mineral occurrence data
system of Newfoundland and Labrador records a resource estimate
of 6,426,095 tonnes at 0.13% U3O8 at the Michelin deposit.
However, it should be carefully noted that this estimate predates
implementation of National Instrument 43-101 and should therefore
not be relied upon in any way.

There are indications of potential higher-grade zones within
these deposits. For example, re-analyses of archived drill core
from the Nash Zone on the Post Hill property returned 1.83% U3O8
over one metre. Also, narrow veins of pitchblende (uranium
oxide), which occur in the western part of the Michelin deposit
reportedly assayed up to 40% U3O8.

Derek Wilton, Ph.D. P.Geo, of Memorial University of Newfoundland
and a Qualified Person under NI 43-101, supervised the collection
of samples in 2003 and has reviewed the contents of this release.
The samples were analysed at the Saskatchewan Research Council in
Saskatoon, Canada.

Altius Minerals also has an active uranium exploration program on
a large claim group in western Newfoundland where individual
samples of sandstone boulders have assayed up to 11.5% U3O8. The
property is being explored with the joint venture participation
of Cameco Corporation - the world's leading integrated uranium
producer.

Since inception, Altius has attracted exploration funding through
earn-in/joint venture agreements from companies such as Barrick
Gold, BHP-Billiton, Cameco Corporation, Inmet Mining,
Agnico-Eagle/Sudbury Contact Mines and Teck Cominco.

Altius also effectively holds a royalty interest in the Voisey's
Bay nickel-copper-cobalt project in Labrador that will provide
long-term cash flow and significant exploration leverage to
Altius shareholders.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Altius Minerals Corporation
Brian F. Dalton
Toll Free 1-877-576-2209 or [phone]
or
Altius Minerals Corporation
Roland W. Butler Jr.
Toll Free 1-877-576-2209 or [phone]
[phone] (FAX)
Email: [e-mail]
Website: www.altiusminerals.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.