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Altair Nanotechnologies Reports Financial Results for First Quarter of Fiscal 2004

Revenue for First Quarter Exceeds Revenue for Fiscal 2003

Altair Nanotechnologies, Inc. a company engaged in developing nanomaterials, titanium dioxide pigment technology, and materials science focused on nanostructures, today reported financial results for its first quarter ended March 31, 2004.

The company reported revenue for the first quarter of 2004 of $139,749, a net loss of $1.7 million, and a net loss per share of $0.04 compared to first quarter of 2003 revenue of $20,277 a net loss of $1.3 million and a net loss per share of $0.04.

"The increase in revenue for the first quarter is a significant milestone for the company," commented Altair President Dr. Rudi E. Moerck. "In our first fiscal quarter of 2004, we have reported revenue growth that surpassed our entire reported revenue for fiscal 2003. Our sales backlog continues to be strong, with approximately $642,000 in orders and development work to be delivered this year. Additionally, our current pipeline of signed contracts to be performed during 2005 and contracts with a high probability of success is approximately $1.5 million, for a total of approximately $2.1 million," continued Dr. Moerck. "These contracts call for Altair to supply work in areas with large long term potential payoffs, such as titanium metal, titanium dioxide and funding the development of our intellectual property portfolio."

Operating expenses of $1.7 million for the first quarter of 2004 were substantially higher than operating expenses of $1.2 for the first quarter of 2003 due in part to non-cash expenses associated with the issuance of options to non-employee service providers and an increase in the fair value of stock options re-priced in prior periods. According to Altair CFO Edward Dickinson, "First quarter expenses also included salaries for new employees and long over-due salary increases for existing employees. We expect our cash operating expenses to average around $400,000 per month during the second quarter," added Dickinson.

As of March 31, 2004, Altair's balance sheet was strong, with a cash position of approximately $11.5 million compared to that of $3.9 million at December 31, 2003. Altair's long term debt consists only of a promissory note to purchase the building that houses its corporate headquarters and production facilities in Reno, Nevada. Under that promissory note, interest begins accruing in August 2005, with the first payment due in February 2006.

"Over the last two years we have developed and refined a technology platform which is the spring board for our future growth," said Altair President Dr. Rudi E. Moerck. "This strategy has allowed Altair to secure partnerships, development contracts, grants, and licensing agreements with major companies. We believe our recent restructuring and the establishment of the new Life Sciences division will allow Altair to aggressively pursue industries that will produce revenue growth for the company in the near term."

As part of its restructuring, the company has engaged industry veteran and consultant, Richard R. Mauser, to head up its new Life Sciences group. Mr. Mauser has previously served as a board member analyzing, judging and approving Advanced Technology Program awards for the US Department of Commerce. He has also been responsible for various aspects of business and technology development at Binax Corporation, Cetus Corporation and at the Lawrence Berkeley Laboratory. In order to accommodate Mr. Mauser's prior consulting commitments and be sure that the relationship works out for all involved, the company has initially entered into a consulting agreement with Mr. Mauser. The company expects to convert the consulting agreement and employ Mr. Mauser as its full-time Senior Vice President of Life Sciences after a four-month period.

In addition to bringing Mr. Mauser on board, Altair has also retained Alan Gotcher as a senior consultant for its Nanomaterials division. Mr. Gotcher's consulting agreement may also be converted into an employment agreement by mutual agreement of the parties. Mr. Gotcher was previously senior vice president, Manufacturing and Technology and chief technology officer of Avery Dennison Corporation.

"We are especially pleased with the renewed interest from pharmaceutical and biotechnology companies in our drug candidate for patients undergoing kidney dialysis, RenaZorb(TM)," continued Dr. Moerck. "This is due in part to Shire Pharmaceutical's recent licensing agreement with Bayer AG for distribution of its lanthanum-based drug for end stage renal failure, Fosrenol® into Japan along with Fosrenol's approval in Sweden, which is the European Union (EU) reference state. Additionally, Shire announced its expectation that Fosrenol would be approved and launched in the United States in 2004. We expect to have a RenaZorb partner by the end of 2004."

Dr. Moerck went on to note that in addition to the renewed interest in RenaZorb, the marketing and out-licensing efforts of company's TiNano Sphere drug delivery system is being directed at pharmaceutical companies that have Class 4 narcotics products along with government agencies such as the DEA (Drug Enforcement Agency) and the FDA.

ALTAIR NANOTECHNOLOGIES INC.

Nanotechnology is rapidly emerging as a unique industry sector. Altair Nanotechnologies is positioning itself through product innovation within this emerging industry to become a leading supplier of nanomaterial technology and nanomaterials worldwide. Altair owns a proprietary technology for making nanocrystalline materials of unique quality both economically and in large quantities. The company is currently developing special materials with potential applications in pharmaceuticals, titanium pigment and metal, batteries, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, cosmetics and environmental remediation. For additional information on Altair and its nanoparticle materials, visit www.altairnano.com.

Forward-Looking Statements

This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that Altair expenses will rise during the following quarters as a result of unexpected cash or non-cash expenses; Altair's numerous development stage products will not be developed to the point of commercialization or that, even if commercialized, no market will exist for such products or Altair will fail to effectively market to customers in a market, the risks that Altair will be unable to enter into license agreements regarding its pigment process (AHPP), RenaZorb, its TiNano Sphere or other developing products, that even if Altair enters into such license agreements, short term revenues from such agreements will not be sufficient to fund Altair's operations in the long run, and that animal testing or future testing of RenaZorb or other products of the company will not be successful and that development will need to be terminated. In general, Altair is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.

                           FINANCIAL SUMMARY

              ALTAIR NANOTECHNOLOGIES INC. AND SUBSIDIARIES
                      (A Development Stage Company)
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                  (Expressed in United States Dollars)

                                                Three Months Ended
                                                     March 31,
                                                2004          2003
                                             ----------    ----------
Sales                                        $  139,749    $   20,277
Cost of Sales                                   110,392        14,950
                                             ----------    ----------
Gross Margin                                     29,357         5,327
                                             ----------    ----------
Operating Expenses
  Mineral exploration and development            27,226        28,714
  Research and development                      255,399       212,793
  Professional services                         252,594       184,358
  General and administrative expenses           955,956       557,838
  Depreciation and amortization                 221,196       218,625
  Asset impairment                                    -             -
                                             ----------    ----------
    Total operating expenses                  1,712,371     1,202,328
                                             ----------    ----------
Loss from Operations                          1,683,014     1,197,001
                                             ----------    ----------
Other (Income) Expense:
  Interest expense                               47,282       120,173
  Interest income                               (19,938)         (180)
  Loss (gain) on foreign exchange                   399             -
  Loss on extinguishments of debt                     -             -
  Gain on forgiveness of debt                         -             -
  Loss on redemption of convertible
   debentures                                         -             -
                                             ----------    ----------
    Total other expense, net                     27,743       119,993
                                             ----------    ----------
Net Loss                                      1,710,757     1,316,994
Preferential Warrant Dividend                         -             -
                                             ----------    ----------
Net Loss Applicable to Shareholders          $1,710,757    $1,316,994
                                             ==========    ==========

Loss per Common Share - Basic and Diluted    $     0.04    $     0.04
                                             ==========    ==========

Weighted Average Shares - Basic and Diluted  47,333,219    30,527,826
                                             ==========    ==========