OSBURN, Idaho, May 31, 2006 (PRIMEZONE) -- Atlas Mining Company (OTCBB:ALMI) announced today it has scheduled further work on the Handcamp gold property in Newfoundland to identify the size of the large gold anomalies on the property.
Mr. Bill Jacobson (CEO) Atlas Mining stated, "Due to the historical drill results on the Handcamp property further sampling will be performed to understand the gold anomaly of 5 ounces on 7 feet of core drilling." This was completed by the Newfoundland Government prior to our purchase of the property. Other areas of interest on the property came from grab samples that reached as high as 158g/t au (over 5 oz/ton).
Mr. Jacobson also stated, "Because we now hold title to the property and our low acquisition cost we feel we have the best situation possible. Our partner on this property, KAT exploration, will head up the further sampling and will advise us on future core drilling and aerial surveys to best define the true worth of this unique property. Although no future plans have been finalized they may include a joint venture with a major mining company or outright sale. We continue to search for other outstanding opportunities as we move forward and maintain our discipline of increasing shareholder value."
About Atlas Mining Company: Atlas Mining Company is a diversified natural resource company with 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 unique purity and quality of the Dragon mine halloysite is unmatched anywhere in the world and has spawned considerable research in the nanotechnology fields and has created exciting new applications for this 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". More information about Atlas Mining Company can be found at www.atlasmining.com.
Safe Harbor Statement: Except for the historical statements made herein, the statements made in this release are forward-looking statements. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. Atlas Mining Company undertakes no duty to update these forward-looking statements.
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