OSBURN, Idaho, Dec. 9, 2002 (PRIMEZONE) -- Atlas Mining Company (OTCBB:ALMI), an exploration stage natural resource and mining company with an underground mining contracting business, announced today that its President & CEO, William Jacobson, has been interviewed by IPOdesktop.com as part of a continuing series profiling the company's advancements.
The interview, conducted by IPOdesktop's Editor Francis Gaskins, can be heard on RealAudio at: http://gaskinsco.com/almi.ram and Windows Media at: http://gaskinsco.com/almi.asx .
During the interview, Jacobson explained how Atlas Mining has been in the mining business for some 75 years, and given present opportunities, the company "intends to be a mining company for the next 75 years." The CEO focuses the majority of his comments in this initial interview on the company's efforts to become the nation's largest producer of halloysite clay.
Halloysite, he explained, is an extremely high quality clay, currently being produced predominantly in New Zealand. Originally used in the manufacturing of fine china and porcelain, it today has industrial applications, including its use in oil production filtering systems.
Under a lease/purchase agreement, the company has acquired the Utah-based Dragon Mine, last in operation 25 years ago, but a site that geological records indicate contains reserves of more than 300,000 tons of halloysite. The company has verified the existence of the halloysite deposits after examining the prior owners' records and drill cores, and from accessing the existing mine shaft. It is in the process of developing a mining plan that targets these higher quality deposits and moves the site into production. The State of Utah recently approved all aspects of the development plans.
"Our initial marketing efforts have generated substantial interest in our product," Jacobson said, noting that although annual demand for the product is in the range of 30,000 to 40,000 tons, its per ton price of more than $400 per ton makes for an attractive return. "Therefore," he said, "we would like to begin production as soon as possible. We will initially target orders with smaller quantities that we know we can fill and then move to meet larger orders as we develop the property."
About Atlas Mining Company
Atlas Mining has mining and timber properties located in the Silver Valley of Shoshone County, in North Idaho. It also has interest in a halloysite clay property in Juab County, Utah, and, in the past, has pursued exploration targets in Mexico.
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.