Atlas Mining Company Updates on NanoClay and Technologies Inc. Collaborative Agreement

Dr. Yuri Lvov Enters Into Collaborative Agreement with NanoClay and Technologies, Inc.

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| Source: Atlas Mining Company

OSBURN, Idaho, Aug. 7, 2006 (PRIMEZONE) -- Dr. Ron Price, president of NanoClay and Technologies, Inc. (an Atlas Mining Company (OTCBB:ALMI) subsidiary) reported that Dr. Yuri Lvov, CEO of Pulp and Paper LLC and a professor at Louisiana Tech University Center for Nano-Engineering, has joined NanoClay and Technologies, Inc. in a collaboration to further exploit halloysite nanotubules in a range of technologies. A former research collaborator from the Naval Research Laboratory, Dr. Yuri Lvov has continued his work in the use of Nanocapsule technology and is a very productive scientist and the author of many scientific books and articles. Dr. Lvov and Dr. Price have published and patented works together in the past and intend to expand the range of intellectual property in the area of nanotechnology in an effort to further add value to NanoClay and Technologies, Inc. products.

Dr. Price stated, "We are very happy to have established this collaboration with one of the world's most experienced nanotechnology experts and expect great things from this collaboration. We have another agreement with Dr. J. Schomburg, of Durtec in Germany, who has been involved in Europe's clay technologies, uses and innovations for over 25 years. We believe NanoClay and Technologies Inc. is assembling a critical mass of experts in the field and is poised to bring quality products to market."

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, copper and gold properties in Newfoundland, 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 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.

The Foothills Group
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