frontierAlt Funds Management Inc. Names New Investment Manager for
frontierAlt Resource Capital Class Fund

/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES./

TORONTO, June 3 /CNW/ - Toronto-based frontierAlt Funds Management Inc. (frontierAlt), the manager of the frontierAlt Resource Capital Class Fund, announced today that it has appointed Lightwater Partners Ltd. based out of Toronto as the new Investment Advisor for the Fund. The new investment advisory relationship will be effective from on or about August 1, 2010.

About frontierAlt

frontierAlt is a financial services company with its head office in Toronto, Ontario. frontierAlt specializes in the manufacturing and distribution of structured products, flow-through limited partnerships and conventional and Shar'iah-compliant mutual funds.

About Lightwater Partners

Lightwater Partners is an independent asset management firm which provides discretionary asset management services. Lightwater uses a disciplined, fundamental, bottom-up investment process with a focus on managing risk and providing consistent risk adjusted returns. The Portfolio Management team, consisting of Jerome Hass, CFA, Thomas Schenkel, CFA, and Bryan Nunnelley, has over 38 years of combined institutional investment management experience and has worked around the globe. The team has extensive experience investing in the global and Canadian resource sector. Their wide-ranging experience in the resource sector spans both small-cap and large-cap companies and includes: traditional energy such as oil and gas; alternative energy, including geothermal, wind and solar; non-traded commodities such as diamonds, uranium, iron ore, coal and potash; agriculture and related industries; and, the traditional mining and metals sector including gold, silver, nickel and copper. Lightwater also manages the Lightwater Conservative Long/Short Fund; a Canadian equity focused hedge fund. Lightwater Partners is a Portfolio Manager registered in Canada with the Ontario Securities Commission.

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to U.S. news wire services.

This news release contains certain forward-looking statements. The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE FRONTIERALT FUNDS MANAGEMENT LIMITED

For further information: For further information: Taras Hucal, President, frontierAlt Funds Management Inc., Tel: (416) 848-7970, Fax: (416) 848-7749, e-mail: thucal@frontieralt.com, www.frontieralt.com

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FRONTIERALT FUNDS MANAGEMENT LIMITED

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