ALMI News............
October 09, 2003 13:37
Atlas Mining Company Acquires Additional Timber Land from Louisiana Pacific Corp
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OSBURN, Idaho--(BUSINESS WIRE)--Oct. 9, 2003--Atlas Mining Company (OTCBB:ALMI) announced today that they have entered into an agreement to purchase 115 acres of timberland from Louisiana Pacific Corporation. Through the cooperation of Regulus Timber Company, St Maries, Idaho, Atlas will has acquired the property adjacent to the existing Atlas holdings in Shoshone County Idaho. Under the terms of the agreement, Atlas will purchase the property for $55,000, which will be paid out of logging proceeds. The transaction was completed through the cooperation of Regulus, who funded the purchase price and will be repaid over the next two months through logging efforts now taking place on the property. According to Atlas timber manager, Randy Mattson, the property being acquired by Atlas will produce approximately 800,000 board feet this year with a net return to Atlas of between $80,000 and $100,000.
According to Atlas president, William Jacobson, "This is a transaction we have been working on for some time now. With the timber prices getting better, is seemed like now was the time to complete the deal. One of our goals is to acquire property, paying for it with its own resource and supplementing our working capital while doing so. Logging in north Idaho was delayed this year first due to lower timber prices, then fire dangers, however there is a window of opportunity today to create some revenue before winter gets here."
Atlas Mining Co will utilize a portion of its logging proceeds to help move the Dragon mine into production. Jacobson went on to state: "We are getting more and more interest in our halloysite clay, due to its unique quality. We know that any clay we can produce we will be purchased. We recently sent samples of our clay to the Yale Medical Research Laboratory where mircotubular experiments are being conducted. If the results of this experiment are successful, we have opened up yet another use for our product."
Please visit the Atlas website at www.atlasmining.com for more information.
Atlas Mining Company is a diversified natural resources company with its primary 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 purity and quality of halloysite from the Dragon Mine is unmatched anywhere in the world and has spawned considerable research into new applications for this unique product. Atlas also holds mining and timber interests in northern Idaho, and operates an underground mining contracting business. Atlas stock trades on the OTC Bulletin Board under the symbol "ALMI".
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.
CONTACT: Market Advantages
Jason Genet, 480-664-3773
www.atlasmining.com
