OSBURN, Idaho, May 12, 2003 (PRIMEZONE) -- Atlas Mining Company (OTCBB:ALMI), today announced that it intends to significantly change its operational focus in the near term through new strategic partnerships, joint ventures, potential acquisitions, and other evolving projects designed to maximize shareholder value.
"Based just on existing projects, we believe our stock valuation does not currently reflect our future prospects, nor the experience and perspective the company has gained through its almost 80 years of experience in the mining business," said Atlas Mining President & CEO William Jacobson.
"So, today, I take great pleasure in announcing that the company has launched a new and exciting pattern for progress - one that we believe will reward both current and future shareholders.
"As a resource company, we have a pioneering history. We have applied it to the development of our halloysite clay mine, as well as to the continued harvesting of our timber property. Now we intend to expand beyond our concentration on our current core business to take advantage of other emerging opportunities," Jacobson continued.
"We are already focused on additional mining properties - including precious metals, base metals and industrial minerals - that can be exploited at minimal cost and that are environmentally sound. In addition, and perhaps even more important, we are actively exploring participation in other rapidly growing areas that will play an important role in the world's future. In that arena, as a mining company, Atlas is uniquely qualified to identify and develop those minerals that may have very significant and ongoing potential for increased value in the future," the CEO noted.
"Our mission statement, and, indeed, our legacy, is to seize the opportunity, and attempt to develop mining or any other activity that will benefit the company and its shareholders. In addition, we will concurrently seek out additional higher growth, higher multiple businesses and opportunities."
Jacobson revealed that the company, with the help of its advisory consultants, is currently seeking out and identifying potential acquisition targets, strategic partners and joint venture candidates to help accelerate this new and expanded corporate direction.
"We are intent on building a company with rapidly increasing and continually growing value for our shareholders. The scope of our activities suggest that, by the end of this year, we anticipate that our company will be substantially different in its composition than it is today," the CEO concluded.
About Atlas Mining Company
Atlas Mining Company is an exploration stage natural resource and mining company. The company's current main interest is the development of it halloysite clay property in Juab County, Utah. Halloysite clay is the whitest clay available and has several unique features, including fine particle size, high brightness, purity and uniformity of composition. Currently available only from suppliers in New Zealand, halloysite is naturally derived, nontoxic and biodegradable, and is best known for its use in the highest quality porcelain and bone china. However, researchers are identifying a number of new applications for the product. Atlas Mining Company also has mining and timber properties located in Shoshone County, Idaho, as well as an underground mining contracting business.
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.