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Orbite Aluminae suspended by the AMF, to file new PEA

Orbite Aluminae Inc (C:ORT)
Shares Issued 168,027,315
Last Close 2/23/2012 $2.23
Monday February 27 2012 - News Release

Mr. Jacques Bedard reports

ORBITE ALUMINAE DISCLOSURE UPDATE

As previously disclosed in its press releases issued Feb. 10, 13 and 16, 2012, Orbite Aluminae Inc. was informed by representatives of the Autorite des marches financiers (AMF) of the AMF's view that the preliminary economic assessment technical report (scoping study) issued on Jan. 12, 2012, does not fully comply with the requirements of Regulation 43-101 respecting Standards of Disclosure for Mineral Projects (Quebec). The AMF had given the Company until February 24, 2012 to file a revised version of the January 2012 PEA (the "Revised Report") which would fully satisfy the requirements imposed by the AMF, including that, at a minimum, an additional independent Qualified Person (within the meaning of NI 43-101), co-sign sections 7 to 14 of the Revised Report. The AMF subsequently required that an additional Qualified Person associated with a reputable engineering firm acceptable to the AMF be added. Notwithstanding making good faith efforts, the Company could not deliver a Revised Report in accordance with the AMF requirements within the required timeframe, i.e. by February 24, 2012.

Agreement in Principle

Discussions with the representatives of the AMF resulted in an agreement in principle (the "Agreement in Principle") pursuant to which:

1. the Company will have an independent audit performed in respect of sections 7 to 14 of the January 2012 PEA. The audit will be conducted and completed as soon as practicable;

2. the Company will mandate independent Qualified Persons to prepare and file a new NI 43-101 compliant Technical Report;

3. a draft order (the "Order") will be submitted to the Bureau de decision et de revision (Board of decision and review) ("BDR") on Tuesday, February 28, 2012 ordering a cease trade with respect to the Company's securities pending the filing of a NI 43-101 compliant Revised Report. Notwithstanding the foregoing, upon completion of an audit report, the Company will be entitled to request from the BDR that the Order be lifted.

Cease Trading

The trading of the securities of the Company was temporarily halted on February 23, 2012 pending further news as representatives of the Company and of the AMF were in discussions in connection with the foregoing.

After the AMF and the Company agreed to the terms of the Agreement in Principle, the BDR issued an interim cease trade order on Friday, February 24, 2012 with respect to the securities of the Company, which is to remain in force until the confirmation of the Order by the BDR.

The Company will provide further updates as required.

The Company pursues its game plan

In addition to the implementation of the Agreement in Principle, the Company is pursuing its growth objectives for 2012. Its operations are continuing in line with its business plan. The milestones achieved to date are a demonstration of the Company's commitment to meet expectations.

We seek Safe Harbor.

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