OSBURN, Idaho, May 16, 2003 (PRIMEZONE) -- Atlas Mining Company (OTCBB:ALMI) announced today that it has launched a new Website for the company, and has filed its financial report on Form 10-Q for the first quarter of 2003.
"This is the first major upgrade to our Website in several years," said Atlas President & CEO William Jacobson. "We felt it was time to update the presentation of the company, and provide better access to important information. The site is designed to give investors a more accurate picture of who we are, and where we're going. We think it will be well received, and look forward to receiving feedback."
Visitors can access the new Website at www.atlasmining.com.
Jacobson said in the first quarter, ended March 31, 2003, the company's Atlas Fausett Contracting operations continued to provide services to other mining companies, but that weather conditions in northern Idaho prevented any timber harvesting. The company's main contracting work during the period was for Echo Bay Mines, Ltd. at an underground property in northeast Washington.
Revenues for the first three months totaled $58,434, down slightly from the $62,154 reported for the same period last year. The company experienced a gross operating profit for the quarter of $16,858, compared with a loss of $1,959 in the first quarter of 2002. Operating expenses increased significantly in the first quarter, with exploration and development costs amounting to $50,268, up from $11,522 in the year earlier quarter. General and administrative expenses in the quarter also were up substantially, rising from $172,744 in the first quarter of 2002 to $271,685 in the same quarter of 2003. The increase primarily reflects professional fees related to becoming a fully reporting company.
The company had a net loss in the first quarter of $337,452, or $.03 per share, compared with a profit of $61,216, or $.01 per share, in the first quarter last year. Last year's first quarter results were favorably impacted by a gain on settlement of debt amounting to $262,732.
The company anticipates logging activities to resume in the second quarter, with additional progress being made on exploration at the Dragon Mine. It recently completed a diamond-drilling project at the mine, located in Juab County, Utah, where a high-grade deposit of halloysite clay is being evaluated for production.
The drilling verified the existence of the clay bed in the north side of the deposit, and provided the company with three major targets to evaluate in its mine development plans. "This drilling project gave a much better idea of the lay of the clay bed, and confirms the previous owners' claims of a 300,000 ton deposit available to us," said Jacobson. "We are now evaluating mining strategies that will give us the greatest access to the halloysite with the least amount of costs."
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.