Atlas Mining Co. Entered Into Intent to Acquire Mexican Properties.

OSBURN, Idaho--(BUSINESS WIRE)--Dec. 2, 1998--Atlas Mining Co. (OTC BB:ALSM) has entered into a letter of intent with Olympic Silver Resources Inc., a Nevada Corporation, under which Atlas will acquire Olympic Silver through a stock purchase or merger.

Olympic's mining assets are held under the company's Mexican subsidiary, Minera Argentum, S.A. de C.V. and include, among other properties, a 14.4 million ounce resource at the San Acacio Mine in the State of Zacatecas, approximately 650 kilometers north of Mexico City. The San Acacio Mine is located on the Veta Grande, a vein structure that was first discovered 450 years ago by the Spaniards. Modern exploration on the property was completed in 1995 by Silver Standard Resources. The drilling program defined 14.4 million ounces of silver resource in an area approximately 600 meters along the strike and to a depth of 70 meters. The vein is two to 30 meters wide and about seven kilometers long.

Olympic president, Richard Tschauder, has several years' experience in the state of Zacatecas and was instrumental in formalizing the acquisitions of this prime silver property and other properties in this long established mining district. The properties of Minera Argentum, S.A. de C.V. provide excellent potentials for exploration, development and production that will be of a profitable nature even at today's metal prices.

Atlas Mining Co. has been in a growth mode for the past year, and has recently increased its authorized capitalization from 6 million shares to 60 million shares in order to help continue its growth. The company has targeted a number properties toward its goal of increasing company assets. According to Atlas president, William Jacobson, the properties of the Minera Argentum S.A. fall exactly into the category of properties that can be economically mined.