Vancouver, BC – September 30, 2010: Altair Ventures Incorporated (“Altair”) (TSX-V: AVX) is pleased to announce that it has amended its Option Agreement (the “Agreement”) dated July 20, 2009 with Consolidated Spire Ventures Ltd. of Vancouver, British Columbia (“Spire”) (TSX-V: CZS) pursuant to which Altair has an option to earn up to a 90% interest in the Prospect Valley Gold Property, located within the Spences Bridge Gold Belt in southern British Columbia.
The Prospect Valley Gold Property (“PV Property”) covers 10,796 hectares and contains a low grade, bulk tonnage gold target with quartz vein stockwork type mineralization. It is road-accessible, approximately 3 hours driving time from Vancouver, and in close proximity to good infrastructure near Merritt, BC.
The total option commitments under the Agreement are unchanged, but the timing of the commitments has been deferred in each category. The revised commitments are:
To earn a 70% interest in the PV Property, Altair will:
Spend a total of $6 million in exploration over 5 years:
- $300,000 by June 30, 2010 (incurred)
- an additional $ 1.2 million by November 30, 2011
- an additional $ 1 million by November 30, 2012
- an additional $ 1.5 million by November 30, 2013
- an additional $ 2 million by November 30, 2014
Issue 7 million common shares to Spire:
- 1 million common shares upon signing of the Option Agreement (issued)
- 1 million common shares by September 30, 2010 (issued)
- 1 million common shares by November 30, 2011
- 1 million common shares by November 30, 2012
- 1 million common shares by November 30, 2013
- 2 million common shares by November 30, 2014
In addition, Altair’s obligation to make a $150,000 cash payment to Spire has been deferred to November 30, 2014.
Upon earning the first 70% interest in the PV Property, Altair can then earn an additional 20% interest upon delivering a bankable feasibility study.
If, at any time, Altair has spent a minimum of $3 million and issued 4 million common shares, it will have earned a 51% interest in the PV Property.
For further information please contact Justin Schroenn at (604) 780- 1371, fax at (604) 688-8309 or e-mail [email protected]
ON BEHALF OF THE BOARD
Fayyaz Alimohamed, President & CEO
Neither the 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.