Atna Resources Ltd To Our Shareholders... by 24hgold

To Our Shareholders

I am pleased to report that Atna achieved its primary goal for 2009 in becoming a gold producer at the Briggs Mine in California. During the year, we were successful in adding value to our existing gold assets by increasing our gold resource base to over 3.2 million ounces of gold contained in all categories. This represented an 81 percent increase in measured and indicated resource and a 112 percent increase in inferred resource over 2008.

Conservative financial management has been the backbone of our growth. Using a portfolio management approach to our business, we raised sufficient funds to build the Briggs Mine and advance other core projects closer to development through the sale of non-core assets, use of vendor financing facilities, and the forward sale of a minor portion of our future gold production. This has allowed us to grow the Company with minimum share dilution.

Strategy

Atna's business strategy is centered on developing a strong gold resource base, which will be used to build gold production. Cash flow from operations at Briggs and other future developed operations will be used to leverage the construction of additional mines with the goal of propelling the Company to become a mid-tier gold producer. We believe that this strategy will allow us to create sustainable long-term value for our stakeholders.

Western U.S. Focus

Our geographic focus is in the politically stable western U.S., an area that has a long history of gold production. The Great Basin area currently supplies 11 percent of total world gold production and 76 percent of U.S. gold production. This is an environment where permitting requirements are well codified and where a strong mining supply and support infrastructure already exists. This low risk focus is enhanced by our portfolio of development projects, which reduces individual project risk. To support this strategy, we have assembled a solid team of mining and exploration professionals who possess the skills required to assess exploration projects, discover and develop gold resources, convert those resources to economic ore reserves, and permit and develop those resources into producing mines.

Project Portfolio

Our gold resources are contained in our four principal properties: the Briggs Mine in California, the Reward Mine in southern Nevada, the Columbia Mine in Montana and in our 30 percent equity position in the Pinson Mine in north-central Nevada. We believe that these four properties have substantial upside and that we can continue to build additional gold resources through additional drilling at these sites.

We have also adopted a strategy of farming-out or optioning selected exploration properties to third parties to add value while we concentrate on our core development projects. This strategy is working well and our partners are continuing to add value to our joint ventures and optioned projects.

Mine Operations and Development

Briggs was developed with minimal delays and within its capital budget. We encountered normal start-up issues for an open pit heap leach mine operation and our team met those challenges with determination. Gold production is now steadily increasing and our production goal for 2010 is 36,000 to 40,000 ounces. Our successful start-up was enhanced by having completed our first year of operations without a single employee or contractor lost time accident. This is an accomplishment in which we and our employees take great pride.

In addition, the commencement of gold production at the Briggs Mine and hiring of over 100 employees has helped to strengthen communities near Briggs by generating hundreds of spin-off jobs in a difficult economy.

In the third quarter of 2009, we successfully completed the permitting process for the Reward Mine. A project office was opened near the site and we are in the early stages of project development. We believe Reward will produce strong operating cash flow to support further growth of the Company. We expect to fund this project through ongoing cash flow from existing operations as well as non-dilutive financing solutions.

The Year Ahead

Our goals for 2010 include increasing productivity at our Briggs Mine while reducing cash operating costs and maintaining our outstanding safety record. At Reward, we will continue our development efforts with the goal of commencing gold production in 2011. At Columbia, we have initiated work on a feasibility study to justify the permitting and development of that mine. At Pinson, we will continue working with our joint venture partner, Barrick, in an effort to advance the project. In addition, we are planning 2010 drill programs at both Briggs and Reward with the goal of increasing both our resource and economic reserve bases.

Atna's goal is to build a strong and growth oriented company for its stakeholders. As the business continues to grow, our shareholders, employees, their families and the communities in which we work will all benefit. I wish to thank Atna's employees, whose individual and collective efforts resulted in a remarkable year for the Company. I am confident that achievements in 2010 will also be rewarding.

James K. B. Hesketh

President and CEO

Légende
	Production
	Mine développement
	Découverte
	Exploration
	Ancien producteur
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