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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 17, 2002
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ATLAS MINERALS INC.
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(Exact Name of Registrant as Specified in Its Charter)
COLORADO 1-02714 84-1533604
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
10920 W. Alameda Ave., Ste 205, Lakewood, CO 80226
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 303-306-0823
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
See Press Release attached as Exhibit 99.1 hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ATLAS MINERALS INC.
(Registrant)
Date: June 17, 2002 By: /s/ Gary E. Davis
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Gary E. Davis
President & CFO
ATLAS MINERALS INC. NEWS RELEASE
10920 W. Alameda Avenue 02-2
Suite 205 OTC Bulletin Board: ATMR
Lakewood, Colorado 80226 6.1 million shares outstanding
Tel: 303-306-0823 June 17, 2002
Fax: 303-306-1139
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ATLAS ACQUIRES OPERATIONAL INDUSTRIAL MINERALS PROPERTY
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Denver, Colorado - "ATMR" Atlas Minerals Inc. (the "Company") announced today it
has acquired the White Cliffs Diatomite Mine and processing facilities located
approximately 30 miles north of Tucson, Arizona. The property consists of
approximately 3,200 acres of unpatented placer claims, a fully permitted mine
and an operational processing plant with a nominal annual capacity of 100,000
tons of finished product. It is located adjacent to the Copper Basin Railroad
which accesses the Southern Pacific Line and within five miles of Highway 77.
It is estimated from previous drilling, face sampling, and testing that there
are approximately 2,500,000 tons of diatomite mineralization on the property.
Based on internal and third party analyses, it appears that the known diatomite
material should be able to meet specifications for essentially any end product.
White Cliffs initially commenced operations in 1987 before being temporarily
idled in 1999. As part of the Company's due diligence evaluations of the
operation, the mill and associated equipment were restarted and a small tonnage
of final product produced and stored for later sales. All of the requisite staff
to operate on a commercial basis has been identified. The White Cliffs assets
were purchased from Arimetco, Inc. of which Mr. H. R. Shipes, Atlas' Chairman
and Chief Executive Officer, is President.
According to Gary E. Davis, Atlas' President and Chief Financial Officer, "The
most important aspect of any industrial minerals property, next to the quality
of the ore, is its location relative to transportation and markets. Given the
expected quality of the White Cliffs production, the property's geographic
location, and its proximity to both rail transportation and highway access, the
Company believes it should have a competitive advantage to much of the southern
U.S. and possibly to eastern markets. It is the Company's goal to penetrate 5%
of the U.S. market within the next three years."
Diatomaceous earth deposits are the result of the accumulation of diatoms,
microscopic single-cell aquatic plants, in ancient ocean and lake beds. The
diatom skeleton typically ranges only 10 to 200 micrometers across. The
resulting material is chemically inert (environmentally friendly), chalk-like,
very porous and low density, actually able to float on water until it becomes
saturated.
The largest current use of diatomaceous earth is in filtering applications. It
is also used as an absorbent, in filler applications and in manufacture of
insulation. One of the fastest growing uses is as a livestock feed supplement.
The majority of U.S. production currently comes from California and Nevada which
accounted for 87% of the production in 2000.
Mr. Davis further stated, "Since a new Atlas management team was put in place
last year, it has been its intention for Atlas to again become an operating
company. The acquisition of the White Cliffs Mine achieves this objective. The
Company anticipates that the project will be in production in less than 30 days
from the time of acquisition.
The Company is also pleased to announce that effective May 6, 2002, the Company
successfully moved from the NQB Pink Sheets back onto the OTC Bulletin Board.
For further information contact Gary E. Davis, President and Chief Financial
Officer, at 303-306-0823.
On behalf of Atlas Minerals Inc.
"Gary E. Davis"
President and Chief Financial Officer
The statements contained in this release that are not historical facts are
forward-looking statements under the federal securities law. These
forward-looking statements are no guarantee of future performance, and involve
certain risks, uncertainties and presumptions that are difficult to predict.
Actual outcomes and results may differ materially from what is expressed or
implied by such forward-looking statements. The Company takes no obligation to
update publicly any forward-looking statements, whether as the result of new
information, future events or otherwise. This release is not an offer of
securities for sale in the United States; securities may not be offered or sold
in the United States without registration or an exemption from registration.