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Altius Partners with Cranberry Capital to Create New Company

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 2, 2010) - Altius Minerals Corporation ("Altius") (TSX:ALS - News) is pleased to announce that it has entered into an agreement with Cranberry Capital Inc. ("Cranberry") to establish a new company that will invest principally in early stage mineral exploration businesses. Altius will contribute $25 million in initial capital to the new company while Cranberry will contribute $3 million and its President Paul van Eeden will become the President and CEO of the new company.Altius' President and CEO, Brian Dalton commented, "Altius has a long history with Paul in his roles as a former stock broker and substantial shareholder of our company, and more recently in an advisory consultancy capacity with us. We believe that an excellent opportunity exists for capital growth through patient investment in early stage companies and that Paul's background, industry contacts and track record make him ideally suited to identify such investments. The structure of the new company that sees Cranberry Capital and Altius invest together is particularly encouraging."Paul van Eeden is an independent businessman with over 25 years of experience. He is the President of Cranberry, which, through its subsidiaries, is involved in equity financing, lending, mergers and acquisitions, and consulting to mineral exploration companies. Mr. van Eeden is a well-known investor and market commentator and previously operated a highly successful investment newsletter that focused on investments in the junior mineral exploration sector. He has built an extensive network of contacts throughout the global natural resources sector.About AltiusAltius is focused on the mining and resources sector through prospect generation and the creation and acquisition of royalties and investments. The Corporation has a strong financial position with approximately $200 million in cash and 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. Altius is a member of the TSX SmallCap index and currently has 28,635,895 shares outstanding.