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Re: News Releases - Monday, June 16, 2008
ATNA COMPLETES CONSOLIDATION OF SEVEN-UP PETE GOLD PROPERTY
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ATNA COMPLETES CONSOLIDATION OF SEVEN-UP PETE GOLD PROPERTY
Golden, CO -- Atna Resources Ltd. ("Atna") -- (TSX:ATN) is pleased to
announce that it has consolidated the Seven-Up Pete gold property with
the acquisition of nine patented mining claims and a 50 percent
interest in two additional patented mining claims, that it did not
already own or lease. The property is located near Lincoln, Montana.
The purchase consolidates the entire known body of mineralization at
Seven-Up Pete and increases Atna's land position to 23 patented claims
and 74 unpatented claims.
An historic, non NI43-101 compliant, estimate of mineralized material
for Seven-Up Pete, including the acquired claims, was completed by
Phelps Dodge Corporation in 1991 and 1993. This estimate totaled 23.7
million tons grading 0.035 ounces of per ton gold ("opt") and
containing 837,000 ounces gold at a 0.02 opt gold cutoff grade.
Approximately 28 percent of this total is attributed to the newly
acquired claims.
The aggregate acquisition cost is US$500,000 in cash and 604,308 common
shares of Atna, the issuance of which was approved by the Toronto Stock
Exchange. The Seller retains a four percent net smelter return royalty
on the claims purchased.
"We are delighted to complete this transaction, which is the final step
in consolidating the overall property at Seven-Up Pete. This
acquisition creates a project of sufficient size to justify an
investment in feasibility study work and permitting. Our first step
will be to complete a NI43-101 compliant estimate of mineral
resources," states James Hesketh, President & COO.
Between 1989 and 1993, exploration, bulk sampling, development studies,
metallurgical testing, and environmental baseline studies were
conducted on the Seven-Up Pete property. By 1993, a total of 378 drill
holes totaling 159,410 feet of drilling and some 8,000 feet of surface
trenching was completed. The project remains open for possible
extension both along strike and to depth. Feasibility studies were
completed in 1993 and 1991 that described an open pit mining operation
with a CIL mill that utilized cyanide based gold recovery systems
producing 75,000 ounces of gold per annum over a 7.5 year life. Atna
retains the information from these studies including drill core and
reverse circulation ("RC") chips.
Preliminary metallurgical test work indicates that a high 92 percent to
96 percent of the gold can be recovered by conventional gravity and
flotation methods to make a higher grade gold concentrates. Final
processing of the gold concentrate may be done off site. State law
currently prohibits the use of cyanide gold recovery for open pit
mining in Montana. Additional metallurgical test work and optimization
studies will be required to determine the most economic treatment
process.
The Seven-Up Pete property is covered by middle Tertiary andesitic
volcanic rocks. The most important controls on mineralization at
Seven-Up Pete are north to northwest-trending faults that have
localized quartz-pyrite-precious metal mineralization. The structures
generally dip to the west and can be up to 150 feet wide. Gold and
silver occur in high grade quartz veins localized near the margins of
the shear zone and in lower grade shattered zones between the high
grade veins. Gold occurs as free gold and submicroscopic particles
associated with pyrite.
For additional information on Atna Resources and the Seven-Up Pete
Property, please visit our website at www.atna.com.
This press release contains certain "forward-looking statements", as
defined in the United States Private Securities Litigation Reform Act
of 1995, and within the meaning of Canadian securities legislation,
relating to possible historic estimates of non-NI43-101 compliant
estimates of mineralized material at Seven-Up Pete. Forward-looking
statements are statements that are not historical fact. They are based
on the beliefs, estimates and opinions of the Company's management on
the date the statements are made and they involve a number of risks and
uncertainties. Consequently, there can be no assurances that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include: the Company might encounter
problems such as the significant depreciation of metals prices,
accidents and other risks associated with mining exploration and
development operations, the risk that the Company will encounter
unanticipated geological factors, the Company's need for and ability to
obtain additional financing, the possibility that the Company may not
be able to secure permitting and other governmental clearances
necessary to carry out the Company's mine development plans, and the
other risk factors discussed in greater detail in the Company's various
filings on SEDAR (www.sedar.com) with Canadian securities regulators
and its filings with the U.S. Securities and Exchange Commission,
including the Company's Form 20-F dated March 25, 2008.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and COO - (303) 278-8464
Valerie Kimball, Investor Relations - toll free (877) 692-8182
www.atna.com
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Copyright (c) 2008 ATNA RESOURCES LTD. (TSE:ATN) All rights reserved.
For more information visit our website at http://www.atna.com/ or send
mailto:info@atna.com
Message sent on Mon Jun 16, 2008 at 6:20:06 AM Pacific Time
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