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Atna Reports Second Quarter Results
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Vancouver, B.C. (August 13, 2007) Atna Resources Ltd. (ATN:TSX) is
pleased to release its interim consolidated financial statements,
prepared without audit, for the six months ending June 30, 2007, and
the Management's Discussion and Analysis ("MD&A") dated August 7, 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:
- Pinson Mining Company (PMC) advised the Company that
exploration and development work will begin on the Pinson property in
August.
- Resource estimate revised to include drill holes and assays
completed subsequent to the January 2006 resource estimate,
significantly increasing the amount of gold in all categories.
- Beowawe Property: 6,000-foot drill program completed; anomalous
gold in all drill holes, but insufficient values to warrant maintaining
the property; option agreements have been terminated.
- Clover Property: Meridian Gold completed ground exploration;
multiple targets being permitted for drilling in 3rd and 4th quarters,
2007.
- Jarbidge Property: drilling began in June with 2 rigs operating;
10,000 to 12,000 feet planned.
Results of Operations
During the six months ended June 30, 2007, exploration expenditures of
$788,942 (2006 -$2,673,238) were incurred and attributed as follows:
Jarbidge property in the amount of $208,339 (2006 - $82,355); Beowawe
property in the amount of $304,831 (2006 - $19,066); Pinson property in
the amount of $70,567 (2006 - $2,532,860); and other U.S. and Canadian
properties in the amount of $205,205 (2006 - $38,957). Option payments
of $77,222 (2006 - $28,171) and cost recoveries of $49,195 (2006 --
$69,088) were received. Writes-off of $323,193 (2006 -- $136,015) were
incurred for the write-off of the Beowawe project (2006 -- on the Sno
project). Building and equipment costs of Nil (2006 - $815,605 in
respect of the Pinson project) were incurred.
During the six months ended June 30, 2007, a loss of $1,391,845 (2006 -
$89,587) was incurred for an increase of $1,302,258 over the previous
period. The increase was primarily due to the offset of a smaller gain
on sale of marketable securities against expenses incurred in 2007
versus 2006 (see other income and expenses below). General and
administrative expenses of $1,226,163 (2006 - $1,634,166) represented a
decrease of $408,003 over the previous period. The most significant
components of operating expenses were: investor relations of $209,076
(2006 - $146,928) for an increase of $62,148 as a result of increased
investor relations activities during the period; stock-based
compensation (a non-cash item) of $455,252 (2006 - $776,638) for a
decrease of $321,386 as a result of the fair value of options vested
during the period; and wages and benefits of $199,072 (2006 --
$324,293) for a decrease of $125,221 as a result of changes in
allocation in reporting salaries and wages from the previous period.
During the six months ended June 30, 2007, other income and expenses
included: exploration and business development of $113,902 (2006 --
$80,734) for an increase of $33,168 as a result of increased generative
activities over the previous period; the gain on sale of marketable
securities of $38,278 (2006 - $1,684,206) for a decrease of $1,645,928
as a result of the sale of a fewer number of securities during the
current period; and property write-offs of $323,193 (2006 - $136,015)
for an increase of $187,178 as a result of the Beowawe project having a
higher carrying value than the Sno project, which was written-off in
the previous period.
Outlook
Activity during the forthcoming quarter is expected to include:
- Drilling and the beginning of underground work by PMC at the
Pinson mine property
- Drilling by the Company of bonanza vein targets at Jarbidge
- Drilling of gold targets by the Company's partner, Meridian Gold,
at the Clover property
The Company is well funded to continue its activities, which, in
addition to the above, includes continuing to build its portfolio of
exploration projects in the Great Basin and analyzing and pursuing
acquisition opportunities.
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
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