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November 18, 2003 14:54

Atlas Mining Company Reports on Dragon Mine
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OSBURN, Idaho, Nov 18, 2003 (BUSINESS WIRE) -- In response to numerous investor inquiries, Atlas Mining Company (OTCBB:ALMI) is pleased to announce the transfer of the lease purchase agreement between Atlas and Conjecture Silver Mines, Inc. to Chester Mining Company. The agreement giving Atlas the rights to the Dragon Mine and its halloysite clay deposit in Juab County, Utah has not been affected by the transfer. In a statement by William Jacobson, president of Atlas Mining Company, "I am very pleased that the Dragon has stayed in the hands of another friendly company. Chester has been a long time Silver Valley company and has interest in Shoshone County, Idaho the same as Atlas. We know the management of Chester and look forward to working with them."

An earlier announcement regarding the sale of the Dragon Mine from Conjecture Silver Mines to Chester Mining Company disclosed the transfer of the property and the underlying rights of Atlas Mining Company. Atlas has controlled the rights to the Dragon Mine since July, 2001, when a lease purchase agreement was signed between the then current owner and Atlas. There have been no changes in the agreement. Atlas has completed an independent geological study, a diamond drill program, and has provided samples of halloysite clay to potential buyers. "Our activities to date have moved us to the forefront were the next step is go into full production, which we intend to do very soon. Extensive analysis by Dr. Paul Adler and others have continued to prove that the Dragon Mine halloysite has very unique qualities which make our product even more valuable," commented Jacobson.

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.

SOURCE: Atlas Mining Company

Atlas Mining Company
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Jason Genet, 480-664-3773

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