(via Thenewswire.ca)
Vancouver, BC - February 14, 2013: Altair Gold Inc. (TSX-V: AVX; "the Company") announces that it has terminated its option agreement for the Lobstick property in Ontario.
"Altair optioned the early stage Lobstick project prior to optioning the advanced stage Kena gold project near Nelson, BC", stated Altair's President & CEO, Fayyaz Alimohamed. "In order to focus on developing the significant gold resource at Kena, the Lobstick property became a non-core asset and, thus, Altair has terminated the Lobstick option."
As of May, 2012 the Kena Property's revised NI 43-101 compliant Measured & Indicated Mineral Resource based upon a 0.30g/t Au cutoff is 549,000 ounces of gold and the Inferred Mineral Resource is 513,000 ounces of gold.
-------------------------------------------- |GOLD MOUNTAIN ZONE | |------------------------------------------| | |Tonnes |Grade (g/t)|Ounces Au| |------------------------------------------| |MEASURED | | | | | |1,840,000 | 0.87 | 51,000 | |------------------------------------------| |INDICATED| | | | | |9,010,000 | 0.68 | 198,000 | |------------------------------------------| |TOTAL M&I|10,850,000| | | | | | 0.71 | 249,000 | |------------------------------------------| |INFERRED |22,110,000| | | | | | 0.60 | 428,000 | --------------------------------------------
-------------------------------------------- |KENA GOLD ZONE | |------------------------------------------| | |Tonnes |Grade (g/t)|Ounces Au| |------------------------------------------| |MEASURED | | | | | |2,910,000 | 0.77 | 72,000 | |------------------------------------------| |INDICATED|11,773,973| | | | | | 0.60 | 228,000 | |------------------------------------------| |TOTAL M&I|14,683,973| | | | | | 0.64 | 300,000 | |------------------------------------------| |INFERRED | | | | | |3,800,000 | 0.70 | 85,000 | --------------------------------------------
The Qualified Person for the Kena Property is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Gold Inc.
For further information please contact Justin Schroenn at (604) 780-1371, or e-mail [email protected].
ON BEHALF OF THE BOARD
"Fayyaz Alimohamed"
Fayyaz Alimohamed, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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