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ATLAS CONSOLIDATED MINING & DEVELOPMENT CORP., REPORTS SECOND QUARTER AND SIX MONTHS RESULTS

 ATLAS CONSOLIDATED MINING & DEVELOPMENT CORP., REPORTS SECOND
 QUARTER AND SIX MONTHS RESULTS
 MANILA, Philippines, Aug. 27 /PRNewswire/ -- Lower prices in the gold, silver and copper markets, combined with reduced production, resulted in Atlas Consolidated Mining & Development Corp. (AMEX: ACME) reporting a net loss of $565,000 for the second quarter ended June 30, 1992, as compared to a net loss of $6,083,000 for the same period last year.
 Juan de Ibazeta, Atlas chairman, stated in the company's interim report to stockholders that the loss would have been higher were it not for the extraordinary gain realized as a result of a partial payment the company made on its long term debt last April.
 For the first half of 1992, Atlas recorded a net loss of $6,280,000 compared to a net loss of $5,297,000 for the corresponding period in 1991.
 The chairman also stated Atlas was pursuing measures to alleviate its debt burden; and if the current upward trend in metal prices continues, the company hopes to improve its second half performance.
 ATLAS CONSOLIDATED MINING AND DEVELOPMENT CORP.
 (In 000's except for per share)
 Three months ended June 30 1992 (A) 1991 (B)
 Net operating revenues $24,726 $41,662
 Net income (loss) before
 extraordinary items (5,072) (5,290)
 Extraordinary items
 Reduction of income tax arising from
 carryforward of prior years'
 operating losses -- (793)
 Gain on payment of long-term debt (4,507) --
 Net income (loss) (565) (6,083)
 Earnings (loss) per share (C)
 Before extraordinary item (0.061) (0.063)
 Extraordinary items, net of income tax (0.064) (0.010)
 Net income (loss) (0.007) (0.073)
 (A) Converted at P 26.0282 to $1.00 for 1992
 (B) Converted at P 27.7999 to $1.00 for 1991
 (C) Based on 83,611 shares
 Six months ended June 30 1992 (A) 1991 (B)
 Net operating revenues 57,275 85,577
 Net income (loss) before extraordinary items (10,792) (5,297)
 Extraordinary items
 Reduction of income tax arising from
 carryforward of prior years' operating losses -- --
 Gain in payment of long-term debt 4,512 --
 Net income (loss) (6,280) (5,297)
 Earnings (loss) per share (C)
 Income (loss) before extraordinary items (0.129) (0.063)
 Extraordinary items, net of income tax (0.054) --
 Net income (loss) (0.075) (0.063)
 (A) Converted at P. 26.0008 to $1.00 for 1992
 (B) Converted at P. 28.0367 to $1.00 for 1991
 (C) Based on 83,611 shares
 -0- 8/27/92
 /CONTACT: Henry T. Rockwell of Rockwell Associates, Inc., 203-262-6596, for Atlas Consolidated Mining & Development Corp./
 (ACMB) CO: Atlas Consolidated Mining & Development Corp. ST: IN: MNG SU: ERN


LR-KW -- NY043 -- 3950 08/27/92 12:29 EDT
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Date:Aug 27, 1992
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