Message #24 From:
Stock News Bot Date: October 3, 2006 06:22:00 AM
ALMI News Atlas Mining Company Applies for Large Mine Permit at Dragon Mine
OSBURN, Idaho--(BUSINESS WIRE)--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 know
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 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, 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.
An online investor kit including press releases, stock charts, current
price quotes, and other valuable information may be found at http://www.foothillsgroup.com.
