ALI Altitude Resources

Altitude Resources Inc. (TSX VENTURE:ALI) ("Altitude" or the "Company") is
pleased to announce today that it has entered into an Exploration and Option
Agreement (the "Agreement") with Elan Coal Ltd., a private Non-Arm's Length
Party ("Elan"). Altitude will acquire an option to earn up to a 51% undivided
working interest (the "Option") in 27 Alberta Crown coal lease applications
(22,000 ha located near the historic coal mining area of Crowsnest Pass, Alberta
(the "Leases "). The Agreement allows Altitude the right to enter upon and
conduct exploration activities in and on all parts of the Leases (the "Right to
Explore"). The Leases are adjacent to the Grassy Mt. coal property purchased by
Riversdale Resources in January 2013 and are in close proximity to the Teck
Resources five operating metallurgical coal mines.


To view the first map accompanying this press release, please click on the
following link:
http://media3.marketwire.com/docs/altitude_resources_aug12_map01.pdf


In consideration, the Company will make an initial refundable cash payment of
$200,000 ("the Initial Payment") to Elan to fund reconnaissance field work
during calendar Q3 of 2013. Upon receipt of the Initial Payment, Elan shall
provide the Company with a 120 day exclusivity period to complete due diligence
and complete a financing of a minimum of $2,000,000 ("Financing"). The Initial
Payment shall be reimbursed by Elan to the Company in the event that the
Financing is not completed and final approval of the TSX Venture Exchange has
not been obtained. In the event that the Financing is completed and the Company
is not satisfied with the results of the due diligence, 50% of the Initial
Payment ($100,000) will be returned upon the Company providing Elan of its
intention not to proceed with the Option.


Commenting on the transaction, Andrew Wusaty, President and CEO said, "This is a
great opportunity for Altitude to have a direct involvement in a second exciting
early stage coking coal project. Similar to Altitude's Palisades project, Elan's
Leases are strategically located near existing infrastructure with spare
capacity. There has been a significant amount of information accumulated based
on the extensive exploration work performed on these properties which includes
drilling, trenching, adits and washability technical data. Elan has initiated a
National Instrument 43-101 Resource Report which is expected to be available
later this year."


To view the second map accompanying this press release, please click on the
following link:
http://media3.marketwire.com/docs/altitude_resources_aug12_map02.pdf


The Elan Leases extend for 55 kms northward from Crowsnest Pass along strike in
the Kootenay Group coal formation. Five different areas of interest with surface
mineable potential have been identified from historic exploration work carried
out by companies including CONSOL, Devon Canada, Granby Mining, CanPac Minerals,
and Canadian Hunter dating back to the 1940's. More than ten coal seams have
been identified on the properties with thicknesses ranging from 3 to 10m. Coal
quality is low to medium volatile with variable but generally moderate ash
content, with good washability and coking coal properties.


Pursuant to the Agreement, in order to maintain the Right to Explore and the
Option, the Company shall be required to meet the following payment deadlines:




i)    Upon closing of the Financing, the Company shall commit $1,500,000 in 
      exploration expenditures (the "First Expenditure") by December 31,    
      2013; upon completion of the First Expenditure the Company shall be   
      granted an initial 11.25% interest in the Lease Applications.         
ii)   No later than December 31, 2014, the Company shall incur $3,300,000 in
      exploration expenditures (the "Second Expenditure"); upon completion  
      of the Second Expenditure the Company shall be granted an additional  
      11.25% interest in the Lease Applications.                            
iii)  Following completion of the First Expenditure and the Second          
      Expenditure, and in recognition of its contribution as Operator, the  
      Company shall be granted an additional 2.5% interest in the Lease     
      Applications, for an aggregate interest of 25%.                       
iv)   On or before December 31, 2015, the Company shall be provided with an 
      option to incur an additional $5,000,000 in exploration expenditures  
      (the "Third Expenditure"); upon completion of the Third Expenditure   
      the Company shall be granted an additional 13% interest in the Lease  
      Applications.                                                         
v)    Finally, on or before December 31, 2016, the Company shall be provided
      with an option to incur an additional $5,000,000 in exploration       
      expenditures (the "Fourth Expenditure"); upon completion of the Fourth
      Expenditure the Company shall be granted an additional 13% interest in
      the Lease Applications and therefore shall hold cumulative 51% in the 
      Lease Applications.                                                   



In addition to being a director of Altitude, Mr. Eugene Wusaty, is also a
director of Elan. In accordance with the Business Corporations Act (Ontario),
Mr. Wusaty abstained from voting on the resolution passed by Altitude's board of
directors approving the Agreement.


The Company has retained IBK Capital Corp. of Toronto to complete, on a best
efforts basis, an equity financing of up to $5 million in order to meet its
obligation under the Agreement and for general working capital purposes.
Additional details with respect to the Financing will be released by the Company
over the coming weeks.


About Altitude Resources 

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. Initial drilling by
Altitude on the Palisades Coal Project is expected to commence by mid-August
2013.


The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Altitude Resources Inc.
Investors: Doug Porter
CFO
(403)453-3298
dporter@altituderesources.ca
www.altituderesources.ca

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