Atlas Mining Company Signs Lease Purchase Agreement on the Dragon Mine, Juab County, Utah.Business Editors OSBURN, Idaho--(BUSINESS WIRE)--July 11, 2001 Atlas Mining Company (Pink Sheets:ALSM ALSM Airborne Laser Swath Mapping (land survey) ALSM Aqualogic SOA Management ALSM Acquisition Logistic Support Manager ALSM Associate, London School of Music ) announced today that it has signed a lease purchase agreement to acquire the Dragon Mine 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 Dragon Mine consists of 38 patented claims and has a reserve of approximately 300,000 tons and a potential resource of one million tons of high grade halloysite clay. After completion of the company's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. on the property, it was ascertained that the property merits further development. It is Atlas' intent to move into some limited production as soon as permits are obtained. Under the terms of the lease purchase agreement, Atlas will make a payment in restricted shares of Atlas common stock for the rights to the property for one year. At the end of the year the lease can be renewed for additional shares of stock, and if sales from production from the property exceeds one million dollars during any year, Atlas has the right to purchase the property for $500,000.00. Atlas has commissioned 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, Macon, Ga., to analyze samples and research potential markets for the halloysite clays found at the Dragon Mine. Preliminary analysis has proven Management's suspicions that the clay is of a high quality used predominately in 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 and fine china. Through The Phlogiston Company Atlas intends to find additional high quality use markets as well. Halloysite clays sell in a range between $300 to over $500 per ton. Currently the only other major source is in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . "Although we still have a number of steps to take before we can actually start mining," explained William Jacobson William Jacobson (1803-1884) was Regius Professor of Divinity at Oxford University (1848–1865) and Bishop of Chester (1865–1884). He married Eleanor Jane Turner, the youngest daughter of the banker Dawson Turner in 1836. Their son was the surgeon W.H.A. Jacobson. , president of Atlas Mining Company, "we hope to move this project forward at a fast pace. We think the market in the U.S. is ready for this product and we want to be the people to supply it." Atlas Mining Company is a long established resource company with properties in Idaho and Mexico, and is traded on the over the counter pink sheets under the symbol ALSM. More information can be found on the company at www.atlasmining.com or by contacting William Jacobson at 800/356-6463. |
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