Under the terms of the deal, Kuro will acquire 70% stake in the Elan coal project on completing certain exploration milestones, while Altitude and Elan will have 12.5% and 17.5% interests respectively.
Altitude president and CEO Gene Wusaty said: "The involvement of the experienced Kuro management team in the Joint Venture is expected to provide the project with access to funding right through to feasibility.
"This will allow Altitude to focus fully on its exploration efforts on its 100% owned Palisades and related projects in west central Alberta."
Kuro Coal non-executive director Gino D’Anna commented: "The Elan acquisition is an outstanding coking coal opportunity and fits Kuro’s Canadian metallurgical coal strategy."
The Elan property comprises Savanna Creek, Isola Peak, Isolation Ridge, Isolation South, Wildcat and Grassy North areas, and includes 27 Alberta Crown coal licenses covering around 23,000 hectares area.
