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ATLAS CONSOLIDATED MINING & DEVELOPMENT CORP. REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

 MANILA, Philippines, Nov. 16 /PRNewswire/ -- Atlas Consolidated Mining (AMEX: ACMB) reported a net loss of $5.987 million on revenues of $17.036 million in the quarter ended Sept. 30, 1993, compared to a loss of $4.667 million on revenues of $22.799 million for the same period a year ago.
 For the nine month period the company reported a loss of $19.720 million on revenues of $54.087 million, compared to a loss of $11.060 million on revenues of $61.003 million for the same period the previous year.
 Losses were attributed by management to lower copper and metal prices and reduced production. Copper production at the Cebu mines was down 17 percent to 16 million pounds for the quarter; and gold production at the Masbate operation was 13,308 ounces or 31 percent less than the corresponding period last year.
 Negotiations are continuing with several buyers to spin-off the company's power plant. Proceeds from a sale would be used to pay and retire a major portion of the company's foreign loan obligations.
 -0- 11/16/93
 /CONTACT: Rockwell Associates, 203-262-6596, or Atlas Consolidated Mining & Development, 212-688-2759/
 (ACMB)


CO: Atlas Consolidated Mining & Development ST: IN: MNG SU: ERN

TM-WB -- NY107 -- 5178 11/16/93 17:42 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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