Altair Announces Shares-for-Debt Transaction and Property Update

Altair Resources

Vancouver, BC – June 26, 2009 – Altair Ventures Inc. (the “Company”) (TSXV: AVX) announces that it has entered into a payment settlement agreement (the “Transaction”) with Full Metal Minerals Inc. (“Full Metal”). Pursuant to the Transaction the Company will issue 910,000 fully-paid and non-assessable common shares (the “Settlement Shares”) to Full Metal at a deemed issue price of $0.205 per share to satisfy a payment obligation of US$301,873.73, being the entire amount presently owing by the Company to Full Metal for exploration expenditures at the CJ Gold Prospect in Alaska. Altair and Full Metal are continuing the exploration and development of the CJ Gold Prospect pursuant to a 2007 option agreement previously disclosed and accepted by the TSX Venture Exchange.

The Transaction is subject to the acceptance of the TSX Venture Exchange. The Settlement Shares will be subject to a four-month hold period running from the date on which they are issued to Full Metal.

The winter 2008 drill program focused on an extension to the gold-bearing quartz veins at the historic Dawson Mine – located at the southern end of the CJ structural corridor which extends over a 3,200 meter strike length. The drilling was designed to test the extent and grade of the Humboldt vein, and to verify the historic intercepts recorded during a drilling program in the 1980’s. Sheeted quartz veins hosting gold-silver mineralization were encountered, with assay results confirming the locally high-grade nature of the vein structure. Highlights are as follows:

Hole ID  From (m) To (m) Width (m)  True
Width (m)
Au g/t  Ag g/t
 CJ08-09  97.99  103.84  5.85  5.59  4.7  27.4
 including  101.02  101.33  0.31  0.30  31.2  67.8
 CJ08-10  106.38 107.30  0.92  0.87  2.1  31.9
  CJ08-11  117.33 120.40  3.07  2.98  2.2  4.2
  CJ08-12  113.69 114.91  1.22  1.10  1.2  17.0
  CJ08-14  124.97 126.19  1.22  0.91  5.4  0.7
  CJ08-15  75.90 76.20  0.30  0.28  41.7  17.4
 88.39  89.70  1.31  1.21  1.5  549.0
  CJ08-16  114.91  117.04  2.13  1.51  0.1  418.0

Due to steep topography, drill holes CJ08-09 to 13 were drilled off of the same set-up using different azimuths to test the strike and depth extent of the veins. Overall, the drilling tested 75 meters along strike length and 100 meters down dip of the main target structure. Drill hole CJ08-09 twinned historic DH-16, which reported 3.4 meters with a weighted average grade of 33.2 g/t gold with poor core recovery. DDH CJ08-09 intersected 5.85 meters averaging 4.7 g/t Au, including 0.31 meters averaging 31.2 g/t Au and 67.8 g/t Ag within quartz veins and interbedded andesite sills. DDH CJ08-10 intersected 5 meters of quartz vein and interbedded andesite sills about 55 meters west of historic DH-16, and returned 0.92 meters averaging 2.1 g/t Au and 31.9 g/t Ag. CJ08-13 intersected a 3.0 meter thick zone of quartz veining and andesite sills approximately 100 meters below the surface projection of the structure, but returned only anomalous gold and silver values.

Drill holes CJ08-14 to 16 were completed off of the same set-up, and intersected the structure, likely along the limb of a minor fold, with all holes having poor (as low as 34%) core recovery. CJ08-15 was drilled vertically, intersecting an upper zone of 41.7 g/t Au over 0.3 meters, and a lower silver rich zone averaging 549 g/t Ag over 1.31 meters. CJ08-16 also intersected a silver rich zone of 418 g/t Ag over 2.13 meters. Drill Hole CJ08-17 intersected the mineralized structure approximately 200 meters down dip, encountering anomalous gold and silver mineralization.

The 2008 drilling has confirmed both the continuity and the locally high grade nature of the gold-silver mineralization at the Dawson Mine area.

The 2008 exploration program at CJ was supervised by Greg Thurow CPG#3403 (Wyoming) with Alaska Earth Sciences, an Anchorage-based Consulting Group and a Qualified Person as defined by NI 43-101. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags, and delivered to ALSChemex Labs facility in Vancouver, B.C. A sample quality control/quality assurance program was implemented. Contents of this release were written and approved by Robert McLeod, P.Geo., Vice President of Exploration for Full Metal Minerals and a Qualified Person as defined by NI 43-101.

 

ON BEHALF OF THE BOARD

(signed ) “Fayyaz Alimohamed”

Fayyaz Alimohamed, President & CEO

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.