=======================================================================
Re: News Releases - Tuesday, June 02, 2009
Atna Enters into New Agreement in the Sand Creek Uranium Joint
Venture; Drilling to Resume
=======================================================================
Golden, CO -- Atna Resources Ltd. ("Atna") -- (TSX:ATN) has entered
into a Supplemental Agreement to the Sand Creek Uranium Project
Exploration, Development and Mine Operating Agreement dated August 25,
2006, with High Plains Uranium Inc. ("High Plains"), a subsidiary of
Uranium One Inc. (TSX:UUU). Under this Supplemental Agreement, High
Plains shall assume the role of project manager and may spend up to
US$1.6 million before December 31, 2012 to increase its interest in the
project from 30 percent to 51 percent. Atna's equity position may
decrease from 70 percent to 49 percent, should High Plains meet this
commitment.
Atna will be carried at no expense while High Plains spends the funds
to increase its interest. High Plains may either provide notice of
completion of its expenditures or terminate their earn-in right with
prior notice. If High Plains terminates its accelerated earn-in right,
they will be credited for expenditures made and their equity in the
project will increase accordingly. If they do not earn up to a 50
percent position, then Atna will assume the role of operator in the
project. At termination or completion of the Supplemental Agreement,
the existing Exploration, Development and Mine Operating Agreement will
remain effective and the partners' operating interests will be set in
proportion to the amount of their respective expenditures.
High Plains has submitted a work plan and budget for 2009 detailing
$320,000 in expenditures. These expenditures cover the cost of property
maintenance for the remainder of 2009, permitting activities and a
20,000 foot drilling program with associated analytical testwork.
The Sand Creek uranium joint venture area of interest, located south
east of Douglas, Wyoming, was identified by a subsidiary of Atna and
its former joint venture partners during a uranium exploration effort
in the early 1980's. The company drilled 88 holes for approximately
69,000 feet in 1981 and 1982, discovering several zones of uranium
mineralization. In late 2006, the current partners' drill program began
in the western portion of the Sand Creek JV area. Fourteen holes
totaling 10,395 feet clearly demonstrated the presence of "roll front"
style uranium mineralization. A follow up drill program consisting of
16 drill holes totaling 11,700 feet was completed in mid-2007 and the
favorable results were announced in a press release in August 2007.
Three of the 16 holes intercepted significant uranium grades. The
drilling program consisted primarily of wide-spaced, reconnaissance
style drilling with drill hole spacing of 500 to 1,000 feet. Uranium
mineralization in the area is hosted in sandstones of the White River
Formation, which is composed of sandstones, conglomerates, and red to
green siltstones and claystones. The sandstones are lenticular in
nature and average from five to 20 feet in thickness and occasionally
range up to 45-feet thick. The White River Formation is being mined for
uranium using In-situ Recovery methods at the Crowe Butte mine in
Nebraska.
This press release was prepared under the supervision and review of
William Stanley, V.P. Exploration of Atna, a Licensed Geologist, and
Qualified Person with the ability and authority to verify the
authenticity and validity of information contained within this news
release.
For additional information on Atna and its exploration and development
projects, 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.
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 exploration programs; 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 2008 Form 20-F dated March 31, 2009.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO - (303) 278-8464
Valerie Kimball, Investor Relations - toll free (877) 692-8182
www.atna.com
=======================================================================
Copyright (c) 2009 ATNA RESOURCES LTD. (TSX:ATN) All rights reserved.
For more information visit our website at http://www.atna.com/ or send
mailto:info@atna.com
Message sent on Tue Jun 2, 2009 at 6:11:13 AM Pacific Time
=======================================================================
.
<
|
Atna Resources Ltd
|
|
PRODUCER |
CODE : ATN.TO |
ISIN : CA04957F1018 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Atna Resources is a zinc and gold development stage company based in Canada. Atna Resources develops zinc, gold, copper, lead and silver in Canada, and holds various exploration projects in Canada. Its main asset in production is BRIGGS in USA, its main asset in development is WOLVERINE in Canada and its main exploration properties are KENDALL GOLD MINE, CONVERSE, ATLANTA (NEVADA), MOUNT EDNA, CLOVER, WOLF PROPERTY, TRAM PROSPECT, SAND CREEK JV, TREE PROPERTY, WHITE BULL, BEOWAWE, TY, UDUK, JARBRIDGE, ECSTALL PROPERTY, CONVERSE & SAND CREEK URANIUM, TRIPLE JUNCTION, GOLDTOOTH - BRIGGS, SEVEN-UP PETE GOLD, COLUMBIA PROPERTY, REWARD PROPERTY, PINSON, MT. EDNA and MCDONALD in Canada and CACHINAL and CELESTE in Chile. Atna Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 10.6 millions as of today (US$ 7.7 millions, € 7.0 millions). Its stock quote reached its highest recent level on December 29, 2006 at CA$ 2.56, and its lowest recent point on December 29, 2015 at CA$ 0.05. Atna Resources has 212 090 000 shares outstanding. |