Vancouver, BC – February 23, 2010 – Altair Ventures Inc. (the “Company”) (TSX-V: AVX) announces that it has terminated its option on the San Antonio Project in the municipality of Guadalupe y Calvo, Chihuahua, Mexico (the “Project”) in order to focus its attention on the Prospect Valley property near Merritt, BC, that it has optioned from Consolidated Spire Ventures Inc. A work program at Prospect Valley should begin shortly, details of which will follow. No work has been done on San Antonio since early 2008.
Altair has entered into a release and settlement agreement (the “Transaction”) with Great Panther Silver Limited (“Great Panther”), the owner of the San Antonio property. Pursuant to the Transaction the Company will issue 1,117,866 fully-paid and non-assessable common shares (the “Settlement Shares”) to Great Panther at a deemed issue price of $0.15 per share to satisfy all outstanding obligations in the aggregate amount of $167,680, being the entire amount presently owing by the Company to Great Panther for expenditures related to the Project made by Great Panther on the Company’s behalf. Coincident with the Transaction, the Company and Great Panther have agreed to terminate their February 2007 option agreement pursuant to which the Company held the right to earn a 70% interest in the Project.
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 Great Panther.
For further information please contact Fayyaz Alimohamed at (604) 641-1305, by fax to (604) 688-8309 or by e-mail to [email protected]
Altair Ventures Inc.
Fayyaz Alimohamed, President & CEO