Altius Resources Inc. terminated the option agreement with Mountain Lake Minerals Inc. over its Moosehead gold project in Newfoundland and Labrador.

Mountain Lake was not able to receive at least C$1.0 million of commitments under its private placement, a requirement for the deal.

Mountain Lake said Oct. 12 that it will proceed with the private placement to advance its other properties in Newfoundland. It also intends to continue exploration in a bid to increase gold resources at its Glover Island gold project and will also continue evaluating high-grade gold assays at the Little River property.