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Re: News Releases - Tuesday, May 15, 2007
Atna Reports First Quarter Results
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Vancouver, B.C. (May 15, 2007) Atna Resources Ltd. (ATN:TSX) is pleased
to release its interim consolidated financial statements, prepared
without audit, for the three months ending March 31, 2007, and the
Management's Discussion and Analysis ("MD&A") dated May 10, 2007. The
following is a summary of the information contained in the interim
consolidated financial statements and MD&A, both of which can be found
on the Company's website at
http://www.atna.com/s/FinancialStatements.asp. and on the SEDAR website
at http://www.sedar.com.
Highlights
.. Pinson Property: no significant work by Pinson Mining Company
(Barrick).
.. Beowawe Property: a 6,000 foot drilling program commenced in late
March.
.. Clover Property: Meridian Minerals plans drilling to commence later
in 2007.
.. Jarbidge Property: drilling to begin in June.
.. Cachinal Property, Chile: significant silver mineralization
discovered adjacent to Atna claims.
Results of Operations
The Company incurred acquisition and exploration expenditures of
$232,760 (2006 - $1,386,407) of which $54,086 (2006 -- $1,744) were
attributed to the Jarbidge project, $94,882 (2006 -- Nil) attributed to
the Clover project, $23,496 (2006 - $1,370,183) attributed to the
Pinson project and $60,296 (2006 - $14,480) attributed to other
projects. The Company received recoveries of $40,859 on the Clover
project (2006 -- $69,993 recovered on the Beowawe project). The
Company had no write-offs (2006 - $136,015).
General and administrative expenses of $888,949 (2006 - $1,039,524)
represented a decrease of $150,575 over the previous period. General
and administrative expenses of note included an increase in investor
relations of $31,449; an increase in exploration and business
development of $57,401 as a result of the Company's focus on growth
opportunities through the evaluation of properties and companies with
the potential to add value through mergers or acquisitions; a decrease
in wages and benefits of $123,682 as a result of a reduction in the
amount of the bonus and salary increases; and a decrease in stock-based
compensation, a non-cash item, of $141,929.
Investment and miscellaneous income of $179,727 (2006 - $134,691)
represented an increase of $45,036 over the previous period which was
as a result of the investment of a certain portion of the funds in
longer term financial instruments.
Outlook
Atna plans to drill 16,000 to 20,000 feet on the Jarbidge and Beowawe
properties during the upcoming field season. Additional footage is
allocated for other projects. Atna's joint venture partner at Clover,
Meridian Gold, is expected to begin a significant round of drilling in
the third quarter after completing its surface target mapping. Atna
remains well funded and will continue to build its portfolio of
exploration projects in the Great Basin throughout the field season.
Atna has had some discussion with Pinson Mining Company (PMC) about the
possibility of regaining its position as Operator of the Pinson project
to enable accelerating the work program. PMC continues to consider its
alternatives. To the present time, PMC has spent less than $1 million
to advance exploration and development of the property. PMC may spend
$30 million to explore and develop the property prior to April 6, 2009
in order to earn back to a total interest of 70% in the project; if PMC
fails to spend the required amount during the allotted time, Atna would
resume control as Operator and ownership would remain 70% Atna -- 30%
PMC in a joint venture structure.
For further information and the forward looking statement,
please visit our website, www.atna.com, or contact:
ATNA RESOURCES LTD., Kendra Johnston, Investor Relations Manager &
Geologist
Tel: (604) 684-2285, E-mail: kjohnston@atna.com
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Copyright (c) 2007 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 Tue May 15, 2007 at 2:39:13 PM Pacific Time
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