Chester Mining Company Begins Receiving Royalties from Production at the Dragon Mine.SPOKANE, Wash. -- Chester Mining Company (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CHMN CHMN Chairman ) has begun receiving royalties from its Dragon Mine in Utah under lease to Atlas Mining Company (OTC:ALMI ALMI Application Level Multicast Infrastructure ALMI Automated Listing and Mapping Instrument (US Census Bureau) ) of Osburn, Idaho. The Chester royalties (which are in addition to annual lease payments) are based on a 3 percent gross production royalty from the mine, from which Atlas Mining Co. has been shipping ore since December when it received a purchase order for up to 5,000 tons of its processed halloysite clay from NanoDynamics at a price of $500 per ton. Halloysite is high-value clay and its fine particle size enables it to be used extensively as a suspension agent in glaze preparations. The Dragon Mine is located 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. , and is the only known deposit of halloysite clay in North America that is large enough to be mined commercially. Industry experts from 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 concluded "the grain size and lack of significant impurity im·pu·ri·ty n. pl. im·pu·ri·ties 1. The quality or condition of being impure, especially: a. Contamination or pollution. b. Lack of consistency or homogeneity; adulteration. c. make Dragon Mine halloysite superior to products currently on the market." Therefore, Atlas should continue to have both geographical and qualitative advantage when serving North American customers. Wallace, Idaho-based Chester Mining Company is a multi-resource-based royalty company with projects in Idaho and Utah, all of which are successfully leased to operators. In addition to its clay mine, Chester holds a substantial land position adjacent to the legendary Sunshine Silver Mine in Kellogg, Idaho, and holds aggressive lease-exploration agreements there, as well as in the Conjecture Silver Mine currently under lease to Shoshone Silver. Certain statements contained in this press release are "forward-looking statements" 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 statements are based on beliefs of management, as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. |
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