Message #28 From:
NewsBot Date: November 28, 2006 04:04:00 AM
ALMI News Atlas Mining Determines Production Potential at Dragon Mine
SILVER CITY, Utah--(BUSINESS WIRE)--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 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 in the nanotechnology fields and has
created exciting new applications for this product. Atlas also holds
mining and timber interests in Northern Idaho, and operates an
underground mining contracting business, and holds interests in copper
and gold properties in Newfoundland. Atlas stock trades on the OTC
Bulletin Board under the symbol “ALMI”.
More information about Atlas Mining Company can be found at http://www.atlasmining.com.
Safe Harbor Statement: Except for the historical statements made herein,
the statements made in this release are forward-looking statements. Risk
factors that could cause actual results to differ materially from those
projected in forward-looking statements include, but are not limited to,
general business conditions, managing growth, and political and other
business risks. All forward-looking statements are expressly qualified
in their entirety by this Safe Harbor Statement and the risks and other
factors detailed in the Company's reports filed with the Securities and
Exchange Commission. Atlas Mining Company undertakes no duty to update
these forward-looking statements.
