The Kena project, located in British Columbia, is an advanced stage project with a NI 43-101 Compliant Mineral Resource Estimate filed in 2004. Total Measured and Indicated Resources totaled 541,000 contained ounces of gold and Inferred resources totaled 557,000 ounces of gold.
Covering 7,609 hectacres and with over 8,000 meters of strike length, Kena is a large bulk tonnage deposit that is close to surface with tremendous potential for size. Altair optioned Kena from Sultan Minerals on December 30, 2011 and can earn up to a 75% interest in the project.
Altair’s other project is a highly prospective gold project in Northwestern Ontario. The Lobstick Property comprises 32 claim units for a total of 512 hectares and covers approximately 2,500 metres strike length on a gold-bearing shear zone.
The TSX Venture Exchange has accepted for filing a loan agreement between Altair Gold Inc. and Espresso Capital Tax Credit II Fund LP whereby the company has been provided with a loan in the principal amount of $300,000. Interest is at a rate of 1.59 per cent per month and is secured by a general security agreement on the company's assets. Espresso will receive a commitment fee equal to 4 per cent of the principal amount of the loan.
Global Finance Fund will receive a fee equal to 4 per cent of the principal amount of the loan.