Attention ALMI holders, & others -- news on acquisition of their mine. Note that CHMN already gapped-big yesterday, still very little trading so far. This news moved at 11:00am EST...
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(COMTEX) B: Chester Mining Acquires the Dragon Halloysite Clay Mine
COEUR D'ALENE, Idaho, Nov 18, 2003 (BUSINESS WIRE) -- Chester Mining Company
(OTC:CHMN) 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), 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.
SOURCE: Chester Mining Company
CONTACT: Chester Mining Company
Bill Hoyt, 785-383-9246
www.chestermining.com
