Altius Minerals will figure a new company to centre on iron ore in western Labrador. The suggestion is a key fraction of the accord between Altius and a private corporation with admiration to its Kamistiatusset iron ore scheme.

Establishment in 2010, Altius has promise to spend about $5 million toward collect the data for a 43-101 resource approximation of the iron ore zones it exposed throughout its 2008-09 drilling program. The corporation says it has outline an area of magnetite-rich iron mineralization that is comparable in grade, thickness and geometry to produce deposits near. Altius will keep a 100% interest in the Kamistiatusset scheme until the new company has incur $5 million value of exploration expenditures.