Altitude Resources closes Qualifying Transaction and commences trading on TSX Venture Exchange
15.02.2013 | CNW
CALGARY, Feb. 14, 2013 /CNW/ - Altitude Resources Inc. (TSX-V: ALI) is pleased to announce today that it has completed a qualifying transaction and the reverse take-over of Triumph Ventures III. As a result of the transaction, Triumph Ventures III has changed its name to Altitude Resources Inc. As of February 15, 2013, the shares of the Company will commence trading on the TSX Venture Exchange under the Symbol "ALI".Following the transaction, there are 21,794,797 shares of the Company outstanding. The board of directors of the Company consists of Gene Wusaty, Andrew Wusaty, Doug Porter, Pierre Gagnon and Wes Roberts. For additional information regarding the transaction, please see the Filing Statement that is available under the profile of the Company on SEDAR at www.sedar.com.
Altitude is an Alberta company incorporated on Aug. 19, 2010. The company has its head office located in Calgary. Altitude holds six coal licences in the Hinton area of west-central Alberta (the Palisades coal property). According to the resource report for the Palisades coal property dated Nov. 28, 2011, by Robert F. Engler, P.Geol, and Robert J. Morris, MSc, P.Geol, at Moose Mountain Technical Services, the Palisades coal property has the potential to host significant coal resources, and is a property of merit and worthy of further exploration.
The following information regarding the Palisades coal property was extracted from the technical report. Historical drilling has confirmed that the coal seams on the Palisades coal property demonstrate moderate lateral stratigraphic and coal-quality continuity, and that the raw in situ coal is classified as being low-volatile bituminous coking coal. On the basis of the current interpretation, the Palisades coal property is classified as a complex, potentially surface minable deposit. Potential exists for structurally thickened coal seams, which could present attractive mining situations.
Three additional greenfield coal properties are also included in the qualifying transaction. The properties are the Palisades extension (which is adjacent to the Palisades coal project), Moberly Creek and Berland. The combined properties cover over 17,100 hectares, and they are all located in close proximity to existing infrastructure such as paved roads and rail lines.
Gene Wusaty, Altitude's Chairman, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this release.
About Altitude Resources
Altitude Resources is a new Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in west-central Alberta, Canada. Altitudes most advanced property, the Palisades Coal Project, is located approximately 12 kilometres from CN rail which has capacity to provide transport of coal to deep-water ports on the west coast of Canada to service the growing demand from world markets.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information:
Information contacts, Altitude Resources
Investors: Steven Feldman +1 604-358-2604
Website: www.altituderesources.ca