ALMI [EDIT] "change in ownership of" the Hallowsite Clay Mine to Chester
NOT SOLD lol
Chester Mining Acquires the Dragon Halloysite Clay Mine
Tuesday November 18, 11:00 am ET
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Nov. 18, 2003--Chester Mining Company (OTC:CHMN - News) is pleased to announce that it has acquired the Dragon Halloysite Clay Mine. The Dragon Mine is currently under lease to Atlas Mining Company (OTCBB:ALMI - News), subject to a three percent gross royalty and an annual payment of 100,000 shares of Atlas stock.
The Dragon Mine is located in Juab County, Utah and is the only known commercial source of halloysite clay outside of New Zealand. Mine operations closed in the 1970s and geological records indicate that over 300,000 tons of high-grade halloysite reserves remain on the property.
Halloysite is a special clay traditionally used to make fine china and porcelains, but also with significant industrial applications such as filtering systems and high-tech ceramics. The purity and quality of halloysite from the Dragon is unmatched anywhere in the world and has spawned considerable research into new product applications. Industry experts from The Phlogiston Company, a Georgia-based consulting firm, concluded that, "The grain size and lack of significant impurity make Dragon Mine halloysite superior to products currently on the market." They added that new applications for the Dragon halloysite could ultimately more than double the current market price of about $500 per ton for currently available, lower grade products.
Halloysite is considered unique partly due its microtubular structure. These microtubules, cylindrical in shape with a hollow core, can be used as time-release mechanisms. The U.S. Naval Research Laboratory is at the forefront of microtubular research, having patented a process that allows the sustained release of anti-barnacle agents from paints applied to the hulls of ships. Additional studies have demonstrated that variations of their process have many other commercially-viable uses, ranging from agricultural chemicals to household products. Although microtubules can be produced synthetically, researchers believe that natural halloysite may be preferred as it is environmentally friendly, nontoxic and biodegradable.
Chester Mining Company is a unique mineral exploration company with a strategy of acquiring properties in proven mining districts and leasing them out to generate an income stream while retaining speculative leverage to exploration success through royalty interests. Chester has approximately 2.3 million shares outstanding, positive working capital and no debt. Chester stock trades on the OTC Market under the symbol "CHMN".
Certain statements contained in this press release are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
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Contact:
Chester Mining Company
Bill Hoyt, 785-383-9246
www.chestermining.com
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Source: Chester Mining Company
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