Botwood Basin

[Ed Monton]

ALTIUS MINERALS CORPORATION

TSX VENTURE SYMBOL: ALS

AUGUST 21, 2003 - 08:54 ET

Altius Minerals Corporation: Mustang Project
Update Barrick Withdrawal - Exploration Summary

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--Altius Minerals
Corporation reports that it has received notice from Barrick Gold
Corporation that it has elected to withdraw from the exploration
agreement covering the Mustang Trend properties in central
Newfoundland.

Barrick's decision to withdraw from the program follows 15 months
of work that has included prospecting, regional geological
mapping and orientation geochemical sampling. Barrick contributed
more than C$300,000 to the preliminary grassroots evaluation of
the approximately 100 km long claim package and through cash
payments and fees Altius has well exceeded its initial cost of
generating the project. The claims now revert 100% to Altius.

Excellent early-stage target areas have been developed as a
result of the initial reconnaissance programs. Some of these
targets and accompanying geological features are summarized as
follows:

- New gold occurrences exhibiting low-sulfide content and hosted
by siltstone breccia and quartz breccia have been identified that
represent a new style of mineralization in the region. These
occurrences have returned gold values ranging up to 30.5 g/t in
subcrop and 5.2 g/t in outcrop in one area. In a second, very
recently discovered area, initial values ranging from 6.7 g/t to
24.5 g/t gold have been returned.

The first zone, referred to as the O'Rielly prospect, has been
traced intermittently for approximately three kilometres along
apparent bedding parallel structures. It is coincident with a
strong gold in soil anomaly that remains open for expansion.

The most recently discovered zone is located approximately 10
kilometers along trend from O'Rielly and further work is
warranted in this new target area. Disseminated visible gold has
been noted from this zone.

- Jasperoid and dissolution breccias are developed in calcareous
sedimentary rocks and limestone. Dark grey to black jasperoid
with anomalous gold values exhibits both stratigraphic and
structural control and is developed in fossil-bearing calcareous
siltstone of Late Silurian age. Rock chip sampling of these
silicified, clay-altered and sulfide-mineralized lithologies
indicate a classic Carlin-type signature is present
(gold-arsenic-antimony-mercury-thallium-barium) thereby
validating the exploration model.

- Barite veins, breccia matrix and stockwork hosted by calcareous
sedimentary rocks represent new occurrences within the Mustang
Trend. Recent prospecting has expanded a barite occurrence first
exposed by trenching last field season. Grab samples from this
zone have returned strongly anomalous silver, lead and zinc
values and mildly anomalous gold values. Significant barite
occurrences display a close spatial association with some
Carlin-type gold systems.

Altius plans to further refine the targets identified during the
current field season while it actively seeks a new joint venture
partner to continue evaluation of several targets that merit
further exploration.

Work on the Mustang project has been supervised by David Barbour,
P. Geo., a Qualified Person as defined under the Canadian
Securities Administrators' National Instrument 43-101.

Since 1998, Altius has signed exploration-funding agreements
concerning 29 properties. These properties have attracted
financing from companies such as Barrick Gold, BHP-Billiton,
Cameco Corporation, Inmet Mining, Agnico-Eagle Mines/Sudbury
Contact Mines, and Teck-Cominco, among others. Altius and its
partners plan to conduct several drilling programs throughout the
remainder of 2003 that will target a diverse range of deposit
types and commodities. Altius also effectively holds a royalty
interest in the Voisey's Bay nickel-copper-cobalt project in
Labrador that it expects will offer a long-term source of revenue
to the Company as well as considerable additional upside
potential.

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FOR FURTHER INFORMATION PLEASE CONTACT:
Altius Minerals Corporation
Brian Dalton
[phone]
[phone] (FAX)
or
Altius Minerals Corporation
Chad Wells
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.altiusminerals.com
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release.