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Atna Resources Reports First Quarter
2011 Results
Golden, CO - Atna
Resources Ltd. ("Atna" or the
"Company") (TSX:ATN / OTCBB:ATNAF) today reported unaudited
interim financial results for the Company's first quarter ended March 31,
2011. Unless otherwise designated, all amounts are in U.S. dollars.
Additional details may be found in the first quarter MD&A and
Financials filed on SEDAR and EDGAR or it may be found on the Company's
website at www.atna.com.
Highlights for First Quarter 2011:
- Atna's Briggs Gold Mine
produced $2.4 million in positive operating cash flow and $1.7
million of net operating profit;
- New
drilling at Briggs expanded the Deep Briggs Zone, which may increase
mineral reserves upon further study;
- Estimated
recoverable in-process gold inventory at Briggs increased during the
first quarter due to limitations in leach system capacity, to
approximately 14,100 ounces with a potential quarter end market
value of $20.3 million based on a gold price of $1,439;
- Completed
work in May to double the capacity of the gold absorption and leach
recovery system to reduce future in-process gold inventory;
- Expansion
of the leach pad is expected to be complete in June 2011;
- $2.1
million of notes payable were converted to equity or repaid during
the quarter significantly reducing outstanding debt;
- Water
well and wildlife exclusion fencing has been completed at Reward;
and
- First
quarter interim financial statements were prepared in accordance
with IFRS.
First Quarter Financial Results:
For the three months ended March 31, 2011, Atna
recorded a net loss of $0.1 million, or basic loss per share of less than
$0.01, on revenues of $9.2 million. This compares to a net loss of $1.6
million, or a basic loss per share of $0.02, on revenues of $6.1 million
for the three months ended March 31, 2010. For the first quarter ended
March 31, 2011, cash and cash equivalents were $6.2 million, a decrease
of $3.4 million from December 31, 2010. Please see the following
summarized table of financial data for more information on the financial
balances and results.
Conference Call:
Management will host a conference call on Tuesday, May 24th, 2011, at
2:00p.m. Eastern time, to discuss these results and general corporate and
project activities. Participants in the U.S. and Canada dial (877)
559-1977; International callers dial (660) 422-4979. Please reference
conference ID # 69741859
A replay of the first quarter call will be available through midnight
Eastern on Thursday, May 26, 2011, by dialing (800) 642-1687 or (706)
645-9291, reference conference ID # 69741859
For additional information on Atna, its mining,
development and exploration 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 2010
Form 20-F dated March 23, 2011.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO - (303)
278-8464
Valerie Kimball, Investor Relations - toll free (877) 692-8182
www.atna.com
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