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January 15, 2008 - Osburn, IDTwo Named to Atlas Mining Board of DirectorsLevy
and Weiss Bring Significant Financial, Legal and
Corporate Governance Expertise and Experience Atlas Mining Company
(Pink Sheets:ALMI) has named John F. Levy and Morris D.
Weiss as independent members of the company’s Board of
Directors and announced that Jack Harvey has retired
from the Board. The Board also announced
the formation of a special committee to be chaired by
Mr. Levy to investigate the conduct of the Company’s
prior management and any issues arising there from and
to review and evaluate the Company’s business,
financial condition, assets, strategy, prospects and
management and recommend to the Board various
alternatives to improve the Company’s performance and
prospects. Mr. Levy is CEO and
principal consultant for Board Advisory Services, a
consulting firm that assists public companies (or
companies aspiring to be public) with corporate
governance, corporate compliance, financial reporting
and financial strategies. He currently serves on the
Board of Directors and as Audit Committee Chairman of
Take Two Interactive Software, Inc. (NASDAQ: TTWO); on
the Board of Directors, Lead Director and Audit
Committee Chairman of Gilman + Ciocia, Inc. (GTAX.PK);
and on the Board of Directors of the New Jersey Chapter
of the National Association of Corporate Directors.
While at Take Two, Mr. Levy led the company’s
well-publicized investigation into its stock option
granting procedures and served as a member of the
Company’s Special Litigation Committee formed to
investigate allegations made in derivative lawsuits
against the Company’s management and Board of
Directors. At Gilman + Ciocia, Mr. Levy chaired the
Board’s Finance Committee charged to review the
corporate financial structure, propose options for
potential financial restructuring and provide a
recommendation to the Board on a financing proposal. His
efforts led to a debt restructuring and a capital
infusion into the Company. Mr. Levy has more than 30
years of financial, accounting and business experience,
including nine years with major public accounting firms
and more than 13 years as Chief Financial Officer of
both public and private companies. Mr. Levy is a
Certified Public Accountant and is a graduate of the Mr. Weiss is Managing
Director and Head of Investment Banking for Tejas
Securities Group, Inc., a subsidiary of Tejas
Incorporated. He co-founded the investment banking
department at Tejas, which has raised capital for
private and public companies in a variety of industries.
Mr. Weiss is a member of the Board of Trenwick America
LLC, a private insurance holding company with its
subsidiaries in run-off. From 1997 to 2001, he served as
Senior Vice President and General Counsel for National
Bancshares Corporation of “John and Morris bring
a wealth of financial, legal and corporate governance
experience to the Atlas Board,” said Company President
William T. Jacobson. “We are fortunate and pleased
that they have agreed to join us. We also thank Jack
Harvey for his service to the Company and wish him a
happy retirement.” Mr. Levy said, “I am
very pleased and excited to be joining the Board of
Atlas Mining. I believe that the Company has substantial
assets that have not been properly exploited, and I look
forward to working with management to help generate
revenue and profits, specifically from the Dragon Mine
halloysite clay deposit in Atlas Mining Company is a
natural resource company that operates the Atlas Fausett
Contracting Division, an underground mining and drilling
contracting business, and owns the Dragon Mine
halloysite clay deposit in Atlas Mining Company December
4,
2007 KELLOGG,
Idaho, December 4, 2007 --- Atlas Mining Company
(OTC: ALMI) announced today the acceptance by the board
of directors of the resignations of Robert Dumont as
President and CEO, and John Gaensbauer, vice
president of corporate development, both of whom joined
the company in July 2007. After
an extensive meeting by the directors, discussing the
progress of the company, lack of shareholder
communications, and overall company status, it was
agreed unanimously that the board reappoint William
Jacobson, former president and CEO, to resume his
duties on an interim basis until a shareholder
meeting can be held. Barbara Suveg was re-hired
as corporate accountant, and interim secretary. Other
discussions by the board included the 3rd
quarter results from company activities. The
Company’s contracting entity, Atlas-Fausett
Contracting, under the direction of operation manager,
Ron Short, created $1.8 million in revenue for the third
quarter and $5.9 million for the first nine months of
the year. The order of priorities set by the board
are: to complete financial restatements and to
file the overdue Quarterly report, complete the
feasibility work at the Dragon Mine in About
Atlas Mining Company: Atlas Mining Company is a natural
resource company that operates the Atlas Fausett
Contracting Division, an underground mining and drilling
contracting business and owns the Dragon Mine halloysite
clay deposit in Certain
statements in this press release are
"forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
These statements involve risks and uncertainties, and
the Company undertakes no obligation to update any
forward-looking information. Risks and uncertainties
that could cause actual results to differ materially
include, without limitation, feasibility of the
Company's resources, general economic conditions,
consumer trends, industry trends, costs and availability
of raw materials and equipment, competition, the effect
of government regulations, and other risks. Readers are
referred to the Company's periodic reports filed with
the SEC, specifically the most recent reports which
identify important risk factors that could cause actual
results to differ from those contained in the
forward-looking statements. The information contained in
this press release is a statement of the Company's
present intentions, beliefs or expectations and is based
upon, among other things, the existing business
environment, industry conditions, market conditions and
prices, the economy in general and the Company's
assumptions. The Company may change its intentions,
beliefs or expectations at any time and without notice,
based upon any changes in such factors, in its
assumptions or otherwise. The cautionary statements
contained or referred to in this press release should be
considered in connection with any subsequent written or
oral forward-looking statements that the Company or
persons acting on its behalf may issue. Contact:
Bruce Whitehead or Patrick Thomas 801-519-2264
October
9, 2007 ATLAS
MINING COMPANY ANNOUNCES INTENTION TO CORRECT ACCOUNTING
FOR 2004 HALLOYSITE CLAY SALE AND CANCELLATION OF ITS
INVESTOR UPDATE CONFERENCE CALL SCHEDULED FOR TODAY AT
4:00 PM EASTERN TIME
In
the course of its review of this transaction, the
Company has identified additional potential areas of
accounting uncertainty that it is currently
investigating. The
Company cannot currently say whether the additional
items will result in further corrections to the Company’s
financial statements.
At
this time it does not appear that there are any
irregularities with respect to revenue earned or
recognized from the Company’s contract mining services
division, which is currently generating approximately
$2.0 million in gross revenues per quarter.
As a
result of these issues, the Company is cancelling today’s
investor update conference call. On the call, the
Company’s newly appointed management intended to
discuss the status of the Dragon Mine and provide an
update on their activities and discoveries since joining
the Company in July and August, 2007. Specifically,
on the call, management planned to inform investors that
in their opinion, a current lack of a comprehensive,
independent, third-party resource evaluation and
estimation, insufficient mine planning, and inadequate
processing facilities at the Dragon Mine are significant
ongoing factors in the Company’s inability to enter
into definitive contracts for the supply of halloysite
clay from the Dragon Mine.
Accordingly, no short or long term contracts for
halloysite clay from the Dragon mine are pending or
imminent in the near future.
New management further intended to inform
investors that the Company has suspended mining
activities at the site pending an independent,
third-party geologic review and detailed evaluation of
the nature and extent of the Dragon Mine halloysite
deposit, and note that the Company is presently in
discussions with potential contractors to begin this
process in the near future.
Management
also intended to update investors with respect to the
Company’s efforts to grow its contract mining services
business and ongoing efforts to improve the Company’s
corporate governance and internal controls and
procedures. The
Company will provide additional detail with regard to
those items at a later time.
About
Atlas Mining Company:
Atlas Mining Company is a diversified natural resource
company with a focus on the development of the Dragon
Mine halloysite clay deposit in Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties, and the Company undertakes no obligation to update any forward-looking information. Risks and uncertainties that could cause actual results to differ materially include, without limitation, consumer interest in the Company’s products, feasibility of the Company's resources, general economic conditions, consumer trends, industry trends, costs and availability of raw materials and equipment , competition, the effect of government regulations, and other risks. Readers are referred to the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The information contained in this press release is a statement of the Company’s present intentions, beliefs or expectations and is based upon, among other things, the existing business environment, industry conditions, market conditions and prices, the economy in general and the Company’s assumptions. The Company may change its intentions, beliefs or expectations at any time and without notice, based upon any changes in such factors, in its assumptions or otherwise. The cautionary statements contained or referred to in this press release should be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on its behalf may issue.
Contact:
John S. Gaensbauer E.V.P.,
Corporate Development & Strategy Atlas
Mining Company 208.783.0862 Return to Media CenterOctober
5, 2007 Call
Details
For
those wishing to participate in the question and answer
portion of the conference call, please utilize the
dial-in number. Additionally, the conference call will
be archived for a limited time on the Company’s
website About
Atlas Mining Company:
Atlas Mining Company is a diversified natural resource
company with a focus on the development of the Dragon
Mine halloysite clay deposit in Contact:
John S. Gaensbauer E.V.P.,
Corporate Development & Strategy Atlas
Mining Company
About
Atlas Mining Company:
Atlas Mining Company is a diversified natural resource
company with a focus on the development of the Dragon
Mine halloysite clay deposit in Contact:
John S. Gaensbauer E.V.P.,
Corporate Development & Strategy Atlas
Mining Company 208.556.1181 January 17, 2006 Osburn, Idaho Atlas Mining Company's Exploration Parner Signs exploration Agreement Osburn, Idaho – January 17, 2006 - Atlas Mining Company (OTCBB: ALMI) announced today that its 50% joint venture partner, KAT Exploration, Inc., has entered into an Option Agreement with Celtic Minerals, LTD, an Alberta based company. Under the agreement, Celtic has the right to acquire 75% of the jointly held Colliers property on an earn-in basis. Celtic intends to immediately start a drilling program. The Colliers property, located on the eastern portion of the province of Newfoundland, is a copper mineralization occurrence in the subaerial mafic volcanic rocks which usually contain one or more of the native copper, chalcocite, chalcopyrite, covellite or bornite in veins, amygdule fillings, disseminations and shear zones. Malachite stains are abundant on the surface of the host rock. High grade Copper/Silver with assays have been found returning values in grab samples as high as 23.6% Copper and 236.3 g/t Silver The occurrence was first discovered in 1858 at which time a small shaft was sunk, however no other work was completed. Under the agreement Celtic Minerals, LTD will pay KAT Exploration cash and stock over a three-year period and commit to exploration on the property, which will amount to diamond drilling, mapping, and establishing a reserve basis. After the three-year period, Celtic and KAT will enter a 75%/25% Joint venture arrangement to further develop the property. The agreement also allows a 2% net smelter royalty in KAT’s favor. According to Ken Stead, president of KAT Exploration, "Celtic Minerals has an excellent reputation, and we know they will do everything possible to bring this property to the development stage. I’m very pleased we have been able to establish this relationship. Celtic Minerals, LTD and our partner Atlas Mining Company have been very supportive of our efforts, and hopefully this project will turn out to be of great benefit to all involved." About KAT Exploration: Kat Exploration Inc. is an exploration company based in Newfoundland and was incorporated in December 02, 2005. The company has a variety of mineral properties consisting of Gold, Copper and Silver. The company's main focus is on Sediment-Hosted Stratiform Copper Deposits in the eastern portion of the province. The company also has interest in gold properties in and around the central area of the province. With the dramatic rise in gold, copper and silver, the company feels that its focus is in the right areas and will proceed to bring its properties to their full potential. About Atlas Mining Company: Atlas Mining Company is a diversified natural resource company with its primary focus on the development of the Dragon Mine in Juab County, Utah, the only known commercial source of halloysite clay outside of New Zealand. The unique purity and quality of the Dragon mine halloysite is unmatched anywhere in the world and has spawned considerable research into new and exciting applications for this product. Atlas also holds mining and timber interests in Northern Idaho, and operates an underground mining contracting business. Atlas stock trades on the OTC Bulletin Board under the symbol "ALMI". More information about Atlas Mining Company can be found at www.atlasmining.com. Safe Harbor Statement: As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings. Return to Media Center December 5, 2006 Osburn, Idaho Atlas Mining Company Begins Exploration Drilling Job at Sunshine Mine Osburn, Idaho – December 5, 2006 - Atlas Mining Company (OTCBB: ALMI) announced today that its contracting entity, Atlas Fausett Contracting (AFC), has expanded the scope of its services beyond the ongoing development contract at the Sunshine Mine in north Idaho. Sterling Mining (OTCBB: SRLM), the operator of the Sunshine Mine has awarded AFC additional work, which includes 53,000 feet of underground exploration core drilling. The job calls for exploration drilling from underground drill stations that are being excavated during the course of the decline adit currently being driven by AFC. According to William Jacobson, President and CEO of Atlas Mining Company, “We are really excited about the future of this project. The Sunshine Mine has always been a major silver producer, and we are very fortunate to be part of its resurrection.” Sterling Chief Engineer, Michael McClean, stated, “Atlas Fausett is our contractor of choice, and we are very happy to have them take on this additional work for us. We work well together, and are looking forward to some great results.” About Atlas Mining Company: Atlas Mining Company is a diversified natural resource company with its primary focus on the development of the Dragon Mine in Juab County, Utah, the only known commercial source of halloysite clay outside of New Zealand. The unique purity and quality of the Dragon mine halloysite is unmatched anywhere in the world and has spawned considerable research into new and exciting applications for this product. Atlas also holds mining and timber interests in Northern Idaho, and operates an underground mining contracting business. Atlas stock trades on the OTC Bulletin Board under the symbol "ALMI". More information about Atlas Mining Company can be found at www.atlasmining.com. More information about Nano Clay & Technologies, Inc. can be found at www.nanoclaytech.com. Safe Harbor Statement: As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings. Return to Media Center November 28, 2006 Silver City, Utah Atlas Mining Determines Production Potential at Dragon Mine Silver City, Utah – November 28, 2006 - Atlas Mining Company (OTCBB: ALMI) disclosed today the Dragon Mine production and processing potential for halloysite clay. After reviewing the past several months of underground production at the Dragon Mine, the only halloysite mine in the U.S. with commercial production capabilities, Atlas management has determined its mining operation has the ability to produce over 30,000 tons of raw halloysite material annually with its existing equipment and crew structure. The Company’s wholly owned subsidiary, Nano Clay and Technologies, Inc., under the direction of Dr. Ron Price, has completed initial runs on the newly improved processing facility. According to Dr. Price, “We still have some adjustments to make to the plant, but every piece of equipment we have is operating correctly and doing what we expected of it. At one shift per day our processing plant has the capacity to produce 12,000 tons of quality halloysite on an annual basis. Two shifts per day would double this figure and three shifts would bring the plant production up to matching the underground mine production. Our need to increase run time by adding shifts will depend on sales as we move into the new year.” Dr. Price went on to say, “Our customers have conducted extensive research and product development using the unique aspects of our halloysite clay. We will make sales of our halloysite clay as soon as we have built a stockpile of completed product and can be assured we can match production and quality with sales orders.” William Jacobson, President and CEO, added, “As we move forward, we, of course, plan to add and replace machinery at both the mining operation and the processing plant in order to enhance the entire production process. But overall, right now, I’m very pleased with the capacity we have been able to establish, knowing we will now be able to meet immediate and intermediate demands.” About Atlas Mining Company: Atlas Mining Company is a diversified natural resource company with its primary focus on the development of the Dragon Mine in Juab County, Utah, the only known commercial source of halloysite clay outside of New Zealand. The unique purity and quality of the Dragon mine halloysite is unmatched anywhere in the world and has spawned considerable research into new and exciting applications for this product. Atlas also holds mining and timber interests in Northern Idaho, and operates an underground mining contracting business. Atlas stock trades on the OTC Bulletin Board under the symbol "ALMI". More information about Atlas Mining Company can be found at www.atlasmining.com. More information about Nano Clay & Technologies, Inc. can be found at www.nanoclaytech.com. Safe Harbor Statement: As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings. Return to Media Center October 10, 2006 Osburn, Idaho Shareholder Message Dear Fellow Shareholders, It’s been an exciting and productive year so far here at Atlas Mining Company (Atlas), and our pace of development looks like it will not slow down any time soon. Dr. Price, president of our wholly owned subsidiary, Nano Clay and Technologies, Inc., has aggressively revamped our processing plant to better accommodate the buyers of our halloysite clay. With Dr. Price’s efforts we expect to meet the strong demand from the building products, plastics, oil and gas and ceramics industries. Our contracting group, Atlas Fausett Contracting, under the guidance of Ron Short and Frank Fausett, continues to contribute cash flow to the company by capitalizing on the burgeoning demand for mining services in the western part of the United States. We have been able to bring together a group of very qualified and professional individuals who are playing a pivotal role in growing the company and creating additional value for our shareholders. Significant resources have been focused on the development and ultimate commercialization of our Dragon Mine property. The Dragon Mine currently has 13 employees and the mine is moving forward quite well. One of the more exciting things we have discovered at the Dragon Mine is that the hundreds of thousands of tons in the waste piles above ground which were left from previous mining activities contain from 30% to 60% halloysite clay. With Dr. Price’s processing system, we intend to reprocess much of this material with very little mining cost to us. This additional resource will be a great supplement to the over 300,000 tons of material in the underground deposit. We are not in the position to estimate the quantity of this additional resource, however, we do know it will add years to our mine life. Other accomplishments at the Dragon include the installation of power and phone lines to the mine. We have finally been able to wean ourselves from the generated power that has supported us for the past couple of years. We have added additional storage space and a shop. And we have also applied for a large mine permit to accommodate the “mining” of the waste piles, and to give us more freedom to operate. The main question on everyone’s mind is when will we make some sales? Dr Price has distributed samples of our product to numerous potential buyers in the plastics, building materials, oil, and the ceramics industry, and he has been guiding them on how best to incorporate our processed halloysite into their products. For example, a building products manufacturer intends to utilize our processed halloysite in the commercialization of anti-mold applications pending regulatory review. We have a few open offers from interested buyers and expect to execute some sales in the near future. Dr. Price’s newly installed systems must be tested and calibrated so that large volumes of quality material can be consistently produced. That said, our machinery is in place and operational and we expect to be able to make those supply commitments soon Atlas Fausett Contracting has been very busy these past several months. This entity is currently employing 29 miners and is creating revenue in the neighborhood of $500,000 per month. Our reputation in the industry continues to bring us additional opportunities, and our current contracts should carry us through the remainder of the year and well into 2007. I had the opportunity to inspect the work we are doing at the Sunshine Mine this past week and I am quite pleased with the efforts of our crews, as they have approached the 1,800 foot mark on this 5,000 foot project. This project, plus the one at the Stillwater Mine and the Lucky Friday Mine, has helped add revenue to our company while we wait for halloysite sales. Third quarter revenue from contract mining was $1.2 million and year to date revenues through September has reached over $2.25 million. Our continued growth has required us to increase our two person administrative staff. Therefore, we recently hired Barbara Suveg, CPA, to assist in the office and help complete financial statements and SEC filings. Besides being a CPA, Barbara also has a Master’s Degree in Business Administration. Barbara has done accounting and audit work with publicly traded companies, and has worked in the mining industry for a number of years. Some of you may recognize the Suveg name. Barbara’s father was a mine manager for Day Mines and Hecla for many years. Needless to say, Barbara is very familiar with the mining industry and will fit in well with our company and help create financial reporting and control structures that will support Atlas’ future growth. In regards to our endeavors in New Foundland our efforts have cost us a little more than anticipated; however, the properties we have under our control, we believe, have great potential. In fact, we are currently negotiating with several well-established companies on at least two of these properties. Currently, our attorney is working on our annual shareholders meeting proxy statement. When you get your proxy, please vote and return it to us as early as possible, in order to make sure your vote is counted on the issues presented. As we move into the final quarter of 2006, we look forward to accomplishing the goals we have set for ourselves. We mad a strategic decision to forgo the traditional ceramic markets and focus our halloysite sales efforts on the more profitable markets available to our unique product. We believe this strategy will soon be realized and the shareholders will be rewarded for their patience. As these goals are achieved, we hope and believe that your commitment to our company will be rewarded through the appreciation of your investment. The continued creation of shareholder value is our top priority. Thank you for your support and patience. William T. Jacobson President and Chief Executive Officer Return to Media Center October 3, 2006 Osburn, Idaho Atlas Mining Company Applies for Large Mine Permit at Dragon Mine Osburn, Idaho – October 3, 2006 - Atlas Mining Company (OTCBB: ALMI) is pleased to announce that the Company recently applied for a large mine permit through the State of Utah Department of Natural Resources, Division of Oil, Gas and Mining. The application is asking for the permit to mine approximately 100 acres of prior disturbed areas. Although the total permit will cover approximately 100 acres, it is the Company’s intent to limit disturbance by mining in phases each of approximately 20 acres or less. The mining will include underground mining of the known beds left by previous operators, and the reprocessing of surface waste material left from previous mining activities. According to President and CEO, Bill Jacobson, “Our previous permit limited us to a 5 acre disturbance, on which we were starting to push the limits. We want to make sure we follow the regulations, and this application will help us in that area and give us more freedom to operate.” Mr. Jacobson further stated: “We have an extensive area of waste material on the property which supports no vegetation. We have done some sampling of these waste piles and have found the material to contain anywhere from 30% to 60% halloysite. With the processing improvements we are making, this material becomes a sellable commodity. By taking out the halloysite, we may even be left with material that may actually support vegetation. And that can only improve the area. And if we can increase our estimated mine life by doing this, all the better.” About Atlas Mining Company: Atlas Mining Company is a diversified natural resource company with its primary focus on the development of the Dragon Mine in Juab County, Utah, the only known commercial source of halloysite clay outside of New Zealand. The unique purity and quality of the Dragon mine halloysite is unmatched anywhere in the world and has spawned considerable research into new and exciting applications for this product. Atlas also holds mining and timber interests in Northern Idaho, and operates an underground mining contracting business. Atlas stock trades on the OTC Bulletin Board under the symbol "ALMI". More information about Atlas Mining Company can be found at www.atlasmining.com. More information about Nano Clay & Technologies, Inc. can be found at www.nanoclaytech.com. Safe Harbor Statement: As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings. Return to Media Center |
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