Applied Minerals Inc (AMNL)

[Jagman]

American National Mortgage Company was the big debt and that looks like it has been resolved. Halo-Nano Hype was able to accomplish that.

"On February 16, 2005, a Settlement Agreement was entered into between the Company and the court appointed receiver for American National Mortgage Company regarding the resolution of approximately $711,174 principal debt owed by Atlas plus unpaid interest. According to the agreement, Atlas is to pay $406,000 plus 175,000 shares of common stock valued at $78,750. The agreement became effective upon approval by the courts in April 2005. The Company paid the $406,000 on June 30, 2005 and has not yet issued the stock portion of the settlement agreement. The Company settled an outstanding debt with Moss Adams, LLP by making payments of $53,250 during the month of June 2005."

It appears to me that Halo-Nano biz is probably years away if at all. If they are lucky, they may tap conventional markets for the clay, the big "Purchase Order" now appears just to have been a hype play to promote the company and get the share price up to take care of the debt problems. "Near future" in OTC-speak could be decades or never, IMO.

"We consider this property, the Dragon Mine, to be in the development stage, and it is our intent to bring it into a production stage in the near future.

We have also contacted potential customers, distributors and suppliers in the clay businesses. Each buyer may have a different use for the product and the price and quantity will vary as a result. The sale of product cannot be formalized until we have developed the mine and become production ready.