ALTAIR RESOURCES PROVIDES CORPORATE UPDATE ON BURKINA FASO AND KAZAKHSTAN PROJECTS

Vancouver, British Columbia – January 24, 2022: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W2004; WKN: WKN A2ALMP)

Mr. George S. Young, Chairman & CEO is pleased to provide this corporate update on the Company’s activities in Burkina Faso and the spin-off of its interests in Kazakhstan.

The Company has completed its technical due diligence for the acquisition of the Marbera project in Burkina Faso, described in the Company’s press release of June 21, 2021 and subsequent releases. In mid-January, the Company’s VP Exploration, Dorian L. (Dusty) Nicol, led a technical due diligence trip to the Marbera project along with a group of technical local professionals and an independent professional geologist and a mining engineer. Our team returned very enthused about the project, concluding that there is significant upside exploration potential on the license. The next key step on this project will be to convert the historic resource to an NI 43-101 compliant resource for publication. This work is well in hand and will be concluded during Q1 of this year. We are in advanced talks with several financing sources for the closing of the acquisition and the development of this project as well.

In addition, the Company has advanced in its work in preparation for the spin-off of the Kazakhstan interests and expects to have further information and an agreement to be announced in the near future. As stated in our December 20, 2021 news release, the spin-off is expected to take the form of a “vend-in” of the rights into a Canadian publicly-listed corporation, or a corporation in the process of listing in Canada (the “new entity”), in exchange for stock of the new entity. Shares of the new entity received in the vend-in would be allocated in accordance with certain transaction costs, with the bulk of the shares being distributed on a pro rata basis to shareholders of Altair of record as of a date to be announced in the near future. While no assurance can be given as to the success of Altair’s plans to complete the vend-in, Altair is confident that a beneficial arrangement for its shareholders can be structured effectively and closed in a reasonable time frame following regulatory approval.

In the meantime, technical due diligence has essentially been completed on the Kazakhstan assets and legal due diligence is in the final stages. Company management and its VP Exploration, along with local technical and business professionals had concluded a site visit to the properties in August, concluding that both properties have significant upside exploration potential, and that the Central Kazakhstan property may include the upper portion of a much larger porphyry copper-gold deposit. We are in the last stages of technical and legal due diligence on these 2 properties and are in advanced talks with EPC contractors and financing sources from the UK for the acquisition and the further exploration and development of the properties. These efforts can be assumed and taken forward by the company with which we transact in the spin-off arrangement.

The spin-off transaction will leave in Altair its project rights in the Simon property in Nevada and its rights to acquire the Marbera project in Burkina Faso. Altair’s shareholders would, as a result, continue to have shares reflecting ownership of the rights in Nevada and Burkina Faso in addition to shares of the new entity, representing ownership interests in the rights in Kazakhstan. Altair also expects that the Altair shareholders’ aggregate share position in the new entity would constitute a controlling interest and the vast majority of the shares of the new entity prior to any further financings.

The two producing gold properties in Eastern and Central Kazakhstan contain a total historic resource of 2,463,700 ozs. of gold, of which 1,923,900 ozs. is JORC-compliant. Current aggregate gold production at the two properties is approximately 21,000 ounces of gold per year.

An arm’s length finder’s fee may be paid in connection with the transaction.

Information of a technical and scientific nature that forms the basis of the disclosure in this press release has been prepared and approved by Dorian L. (Dusty) Nicol, a Qualified Person, under National Instrument 43-101, and Vice President, Exploration of Altair Resources Inc.

About Altair Resources Inc. 

Altair Resources’ (TSX.V: AVX) primary focus is developing the Wadaradoo gold deposit, Burkina Faso’s newest gold mine development opportunity. Wadaradoo has a historical resource of 1.388 million ounces of gold at a grade of 0.95 g/t (0.5 gram cut off). An updated 43-101 compliant resource estimate is to be completed in early 2022 and a PEA and Feasibility study will commence immediately after.  

Burkina Faso is 2nd in gold production in West Africa with four major mining companies operating successfully and 15 gold mines that have reached production.  In addition, Altair shareholders own an option to acquire two producing gold mines in Kazakhstan.

For further information:

George S. Young
Chairman, CEO, Altair Resources Inc.
+1 (806) 886- 3317
[email protected]
www.altairresources.com

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.

Forward-Looking Statements:
This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.

Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application.

The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward- looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.