Atlas Mining Company Signs Lease Purchase Agreement on the Dragon Mine, Juab County, Utah.
OSBURN, Idaho--(BUSINESS WIRE)--July 11, 2001
Atlas Mining Company (Pink Sheets:ALSM) announced today that it has signed a lease purchase agreement to acquire the Dragon Mine in Juab County, Utah.
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 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 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 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.
"Although we still have a number of steps to take before we can actually start mining," explained William 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.
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 11, 2001|
|Previous Article:||Shamrock Logistics Buys Southlake, Texas Terminal.|
|Next Article:||Willbros Group Elects Rodney Mitchell to Board.|