Atlas Finds Halloysite Clay Bed in Shaft at Dragon Mine.Business Editors OSBURN, Idaho--(BUSINESS WIRE)--March 5, 2003 Atlas Mining Company (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ALMI ALMI Application Level Multicast Infrastructure ALMI Automated Listing and Mapping Instrument (US Census Bureau) ) personnel recently visited the Dragon Mine site in Juab County, Utah Juab County is a county located in the U.S. state of Utah. As of 2000 the population was 8,238, and by 2005 had been estimated at 9,113. It was named from an Indian word meaning thirsty valley, or possibly only valley. . The purpose of the trip was to assess the condition of the existing underground mine shaft and verify the location of halloysite clay deposits located near the walls of shaft. Minor repair work was completed during the visit to ensure safe access into the vertical shaft. The shaft was inspected to a depth of approximately 125 feet, and halloysite clay was found exposed in the walls at depths of 90 feet and 114 feet. The two exposures appear to be the same bed, which means there is a thick enough structure to mine. Samples were collected and sent to the Phlogiston phlo·gis·ton n. A hypothetical substance formerly thought to be a volatile constituent of all combustible substances, released as flame in combustion. Company in Macon, Georgia for analysis. Although Atlas personnel did not continue deeper, the shaft looked to be open to depth. "We have found deposits of halloysite clay that are easily accessible from the existing shaft. The Company is sending a team to repair the shaft, and mining operations could commence soon thereafter. Although the main ore body is located somewhat to the northwest of the shaft, there is enough material available nearby to keep our miners busy while we develop the rest of the property. We are finally getting all of our necessary needs together. The recent commitment for funding, our approval from the state of Utah to commence mining operations, and the willingness of customers to buy our product, it's only natural that we take this next step," stated Jacobson. The company has also authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a drilling program to verify deposits north and to the west of the Dragon Mine shaft. Previous records indicate a sizable bed of clay in that area, however verification of those records will need to be completed prior to developing a mine plan. The Dragon Mine shaft is approximately 450 feet deep and was originally used to access clay deposits located at greater depths. The original mine was closed in 1977. However, geologists have stated that there are additional beds of halloysite clay located near the shaft at depths of 250 and 400 feet. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. their analysis, these deposits contain more than 40,000 tons of clay. According to geological information provided to Atlas from previous owners, the Dragon Mine contains approximately 300,000 tons of halloysite material. Halloysite clay is a boutique clay used in fine china, porcelains, and ceramics. It is also used as a catalysis catalysis Modification (usually acceleration) of a chemical reaction rate by addition of a catalyst, which combines with the reactants but is ultimately regenerated so that its amount remains unchanged and the chemical equilibrium of the conditions of the reaction is not in filtering systems. With a sales prices of $400 per ton and higher, the company can create a positive cash flow with minimal production. About Atlas Mining Company Atlas Mining Company is an exploration stage natural resource and mining company with an underground mining contracting business. Atlas Mining has mining and timber properties located in the Silver Valley of Shoshone County, in North Idaho. Atlas Mining also has interest in a halloysite clay property in Juab County, Utah, and, in the past, has pursued exploration targets in Mexico. This notice does not constitute an offer of any securities for sale. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement -- As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings. |
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