Botwood Basin

[Ed Monton]

Altius Hits High-Grade Gold in Botwood Basin

ST. JOHN'S, NEWFOUNDLAND--

277.96 g/tonne GOLD OVER 0.44 METRES (8.12 oz/ton GOLD OVER 1.44
FEET) IN DEEPEST HOLE TO DATE

Botwood Basin Gold - Sudbury Contact Mines JV

Altius Minerals Corporation (TSXV: ALS) is pleased to announce
that a new high-grade zone has been intersected on the Moosehead
property in the Botwood Basin of central Newfoundland. Sudbury
Contact Mines, a publicly traded affiliate of Agnico-Eagle Mines,
entirely funded this phase of drilling as part of an earn
in/joint venture agreement. A section of quartz vein breccia
within a fault zone assayed 277.96 g/tonne gold over 0.44 metres
core length (8.12 oz/ton gold over 1.44 feet). The estimated
true thickness of the intercept is one third of core length. The
vein was intersected in the second last hole of the program
(MH-03-15).

The new zone was intersected at 200 metres vertical depth is the
deepest intercept on the property to date. Hole 03-15 was
drilled southwest at -51 degrees below an area featuring
previously reported intersections of high-grade gold
mineralization at shallow depths in the approximate centre of the
claim group. However, the new high-grade intercept appears to
represent a new zone that is open for expansion within the
mineralized fault zone.

Approximately 350 metres north of MH-03-15 along the same
structure, drilling in late 2002 intersected a similar quartz
vein zone that returned an assay of 1154.35 g/tonne gold over
0.18 metres (33.71 oz/ton gold over 0.6 feet) within an interval
that assayed 111.97 g/tonne gold over 2.02 metres (3.27 oz/ton
gold over 6.62 feet). Please refer to Altius Minerals press
release 02-09 for details.

Of five holes in this 672-metre program, two holes (MH03-14 and
03-16) intersected no significant gold values while three holes
(MH03-12, 03-13 and 03-15) encountered anomalous gold values less
than 1.0 g/t gold) in sedimentary and volcanic rocks. Alteration
assemblages that typically occur adjacent to mineralized
structures accompany the anomalous gold values. These short
holes tested MMI geochemical anomalies and were located in two
areas approximately 1.5 kilometres north and 3.5 kilometres
south, respectively from MH-03-15. Follow-up plans for the 2004
exploration program are being formulated.

Central Newfoundland Copper-Zinc - Inmet JV

Two new diamond drill holes (PI-03-01 and 02) have been completed
on the Robert's Arm massive sulphide property to depths of 839
metres and 1028 metres, respectively. Inmet Mining is funding
exploration programs as part of an earn-in/joint

venture agreement.

These drill holes, representing continuing 500 metre step-outs,
both intersected thick sections of disseminated and stringer
sulphide mineralization containing highly anomalous copper-zinc
values. Borehole transient EM surveys detected no conductors in
either hole.

The first hole intersected 49.7 metres of altered basalt at the
bottom of the hole, which featured chloritic alteration and
disseminated and stringer pyrite-chalcopyrite-barite
mineralization. The hole has been capped and is a candidate for
deepening at a future date.

In the second hole located 500 metres east, drilling intersected
a 450 metre thick package of pyritized mafic and felsic volcanic
rocks containing widespread traces of copper-zinc sulphides,
which persisted nearly to the bottom of the hole. This interval
included a narrow breccia unit containing pebble-size, copper and
zinc-bearing, massive sulphide clasts.

The alteration system, with a nominal thickness of 300 metres,
has now been traced down dip 1.5 kilometres and along a strike
length of 1000 metres and remains open in all directions.
Additional drilling is anticipated in 2004. Of significance,
base metal mineralization in the last hole represents the
thickest and most consistent to date.

J.Geoffrey Thurlow, Ph.D., P.Geo, a Director of Altius, is the
Qualified Person responsible for technical information on the
Robert's Arm Project and David M. Barbour, P.Geo., Senior
Geologist, is responsible for the Moosehead program. Additional
information concerning sampling protocols, quality assurance,
detailed assay interval data and photographs are available
concurrent with this release at www.altiusminerals.com. Check
assay data will be posted as it becomes available.

Altius wishes to acknowledge the Newfoundland and Labrador JCEAP
contribution to the Robert's Arm drilling program.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Altius Minerals Corporation
Brian Dalton
[phone]
or
Altius Minerals Corporation
Chad Wells
[phone]
Toll Free 1-877-576-2209
Website: www.altiusminerals.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.