Applied Minerals Inc (AMNL)

[e-ore]

I took interest in this in early 2007. The most interesting objective DD I came across was this spectral survey done before Atlas was involved, showing an environmentally clean site:
http://www.pimausa.com/NASA6.html
I was in California and on my way back to NY in May 07 I went to the mine. No one was there (it was Sunday) but it was obviously "alive." A trench for electricity had recently been dug along the roadway to the mine. There was a new prefab steel building, maybe 100X200ft. There was a lot of equipment on site that looked like it had been recently in use. In town I spoke with an 80ish retired gentleman who had worked there for Filtrol. He told me that "they were working real hard up there to see what they had." He said a white haired gentleman, I assume Dr. Price, spent a lot of time in town and was very well respected. He said over the years many people had come to that area, punching holes in the ground and promising things that all came to nothing. He thought these people were different and wished them luck. When I asked what he thought of their prospects with the clay he said they were having a "tough time" with the processing and hadn't figured it out yet. I believe they had the KDS machine at that time and were trying a new machine.
http://www.globenewswire.com/newsroom/news.html?d=100257
He said the clay was so fine you couldn't sweep it up, it would just "disappear." He seemed very aware of what they were trying to use the clay for and thought there was little chance they'd be able to purify it. I ended up not buying the stock because the market cap of about $150,000,000 at the time in my opinion fully valued the product while still in the ground. Filtrol estimated 300,000 tons of haloysite left when they closed the mine. There's no reason I can think of why that would not be accurate. Also, their latest 10q showed R&D expense dropped to near nothing, implying to me maybe they'd stopped trying, and the nanoclay and technology website seemed abandoned. Anyway, it's beautiful country, right off US6 and near I-15 and if I remember about 75 miles from Salt Lake City. My guess would be if they held long enough it would end up being suburbia. Still, there's no doubt that there's an exclusive, unique clay in the ground. Processing is the key to its nano use. Dr. Price, who developed controlled release antifouling paint for the Navy in the 80's couldn't get it done. I'd wait to see if someone else can.