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11/2/10

Mining PRs and the Ottotrans™, Part 30

Today's Ottotrans™ takes in this morning's NR from Altius Minerals (ALS.to).

This is what they wrote:

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 2, 2010) - Altius Minerals Corporation ("Altius") (TSX:ALS - News) is pleased to announce that it has entered into an agreement with Cranberry Capital Inc. ("Cranberry") to establish a new company that will invest principally in early stage mineral exploration businesses. Altius will contribute $25 million in initial capital to the new company while Cranberry will contribute $3 million and its President Paul van Eeden will become the President and CEO of the new company.
Altius' President and CEO, Brian Dalton commented, "Altius has a long history with Paul in his roles as a former stock broker and substantial shareholder of our company, and more recently in an advisory consultancy capacity with us. We believe that an excellent opportunity exists for capital growth through patient investment in early stage companies and that Paul's background, industry contacts and track record make him ideally suited to identify such investments. The structure of the new company that sees Cranberry Capital and Altius invest together is particularly encouraging."
Paul van Eeden is an independent businessman with over 25 years of experience. He is the President of Cranberry, which, through its subsidiaries, is involved in equity financing, lending, mergers and acquisitions, and consulting to mineral exploration companies. Mr. van Eeden is a well-known investor and market commentator and previously operated a highly successful investment newsletter that focused on investments in the junior mineral exploration sector. He has built an extensive network of contacts throughout the global natural resources sector.

And this is what it means:

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 2, 2010) - Altius Minerals Corporation ("Altius") (TSX:ALS - News) is pleased to announce that Paul van Eeden has quietly dropped all that thing about gold being overvalued that he stuck to for years on end. Kulu Draught served, the end.