— Photo courtesy Altitude Resources. Altitude Resources Ltd. (TSX-V:ALI) has announced that it has further expanded its land position with the acqui
— Photo courtesy Altitude Resources.
Altitude Resources Ltd. (TSX-V:ALI) has announced that it has further expanded its land position with the acquisition of additional Alberta Crown Coal Lease Applications near its Palisades and Moberly Creek coal projects, in Alberta, Canada. The new property will be called Altitude North.
The additional coal lease applications cover an area of 5,244 ha and are located near Grande Cache, Alberta approximately 80 km north-west of the company's Palisades Coal Project. The addition of the new lease applications increases the Company's land position in the area to approximately 22,000 ha.
Commenting on the new property acquisition Andrew Wusaty, President and CEO said, "We have been working on consolidating additional local coking coal opportunities and we have found favourable historical geological coal structure information for the Altitude North property. We will be looking at putting together a field program for Altitude North in 2013."
Concern has been expressed by Livingston Macleod MLA Pat Stier and others that the proposed South Saskatchewan Regional Plan (SSRP) for the area in question will have a negative impact on resource development. “(A) concern that I’ve heard raised is that the SSRP will limit oil and gas development and economic opportunities along the Eastern Slopes, as conservation areas are proposed to increase from 11 to 33 per cent. While conservation is important, the economic effect of this (SSRP) proposal could present revenue challenges for local municipalities as well as create provincial liabilities to provide compensation to industry,” stated Stier.
Crowsnest municipal council also recently drafted a letter to Provincial officials expressing their concerns over the negative impact the SSRP proposal could have on economic development in the region.
Altitude Resources is a new Canadian coking coal exploration and development company focused on developing its portfolio of coking coal properties in west-central Alberta, Canada. Altitudes most advanced property, the Palisades Coal Project, is located approximately 12 kilometres from CN rail which has capacity to provide transport of coal to deep-water ports on the west coast of Canada to service the growing demand from world markets.
