SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 25, 2003
ATLAS MINERALS INC.
(Exact Name of Registrant as Specified in Its Charter)
COLORADO 1-02714 84-1533604
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) (Identification No.)
Suite 205, 10920 West Alameda Avenue, Lakewood, CO 80226
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 303-292-1299
NOT APPLICABLE
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(Former Name or Former Address, if Changes Since Last Report)
ITEM 5. OTHER EVENTS
See Press Release attached as Exhibit 99.1 hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ATLAS MINERALS INC.
(Registrant)
Date: September 25, 2003 By /s/ Gary E. Davis
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Gary E. Davis
Corporate Secretary
ATLAS MINERALS INC. NEWS RELEASE
10920 W. Alameda Avenue 03-6
Suite 205 OTC Bulletin Board: ATMR
Lakewood, Colorado 80226 6.2 million shares outstanding
Tel: 303-292-1299 September 25, 2003
Fax: 303-297-0538
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ATLAS ACQUIRES PERLITE PROPERTY IN NEW MEXICO
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Denver, Colorado - Atlas Minerals Inc. (the "Company") announced today it has
reached an agreement to purchase the majority (88%) of the outstanding common
shares of Toro Mining and Minerals, Inc. ("Toro"), which owns the Toro perlite
property located approximately 37 miles northwest of Deming, New Mexico. The
final acquisition is conditional on the Company successfully completing a
financing adequate to effect closing, scheduled for October 15, 2003, or sooner
pending the availability of funds. The Company has retained IBK Capital Corp. of
Toronto to assist with such financing.
The Toro perlite property is comprised of approximately 2,800 acres of
unpatented placer claims. It is anticipated that ore produced from the property
will be trucked approximately 19 miles to Gage, New Mexico, where the Company
intends to construct processing and train/truck loadout facilities. The Gage
site is located on the mainline of the Union Pacific Railroad and Interstate 10,
thus providing excellent logistics for transport of product to end users.
It is estimated from previous drilling, sampling and testing that there are over
15,000,000 tons of perlite mineralization on the property. Toro has recently
completed a 29-hole drilling program which has delineated a 34-acre mine plan
containing over 1,400,000 tons of reserves, adequate to support a proposed
200,000 ton per year operation for an initial seven years. Internal and third
party analyses have confirmed that perlite from the Toro property compares
favourably to that produced elsewhere for consumption in the U.S. Testing
results, including those from the running of bulk samples (greater than 10
tons), have demonstrated that the Toro ore consistently meets or exceeds the
user specifications for horticulture grade product, one of the highest value end
uses.
Toro has completed essentially all permitting required to commence construction
of both the mine and the mill facilities. This work also includes acquisition of
needed right-of-ways, water rights, and plant site lease.
According to Gary E. Davis, Atlas' President and Chief Financial Officer, "We
are excited about the prospects of this acquisition. Given the anticipated high
quality of the Toro ore, the property's geographic location, and its proximity
to both rail transportation and highway access, the Company believes it should
have a competitive advantage to much of the U.S. Because of certain structural
changes in the perlite industry over the last couple of years, this appears to
be an excellent time to bring a new producer onstream. It is the Company's goal
to penetrate 10-15% of the U.S. market within the next three years. While this
sounds aggressive, we believe that it is achievable given the disarray which
currently prevails within the industry."
Perlite is a naturally occurring siliceous rock (~35% silica), ranging from
light gray to dark gray in color. It contains up to 6% water. As part of the
processing phase, the raw ore is crushed and milled to produce a particle
nominally the size of sand. Upon heating this material to about 1800(degree)F,
it will expand (pop) up to twenty times its original volume, with a density in
the range of 4 to 6 pounds per cubic foot.
The primary uses of expanded perlite include manufacture of formed construction
products, horticulture, fillers and filtration. Perlite is currently produced by
in the U.S from 10 mines, all located in the western U.S., operated by 8
companies. Total U.S. consumption in 2002 was approximately 750,000 tons of raw
ore.
Mr. Davis further stated, "We believe the Toro perlite property will solidify
the Company as a well-diversified industrial minerals company. Toro is a perfect
complement to the Company's 100%-owned White Cliffs diatomite mining operation
located in southern Arizona, also with access to the UP Railroad. With the
potential acquisition of the La Barra fluorite property located in northern
Sonora, Mexico, all of the Company's operations will be within an approximate
200-mile radius, thus being conducive to consolidation of operational support
and management."
For further information contact Gary E. Davis, President and Chief Financial
Officer, at 303-292-1299.
On behalf of Atlas Minerals Inc.
"Gary E. Davis"
President and Chief Financial Officer
The statements contained in this release that are not historical facts are
forward-looking statements under the federal securities law. These
forward-looking statements are no guarantee of future performance, and involve
certain risks, uncertainties and presumptions that are difficult to predict.
Actual outcomes and results may differ materially from what is expressed or
implied by such forward-looking statements. The Company takes no obligation to
update publicly any forward-looking statements, whether as the result of new
information, future events or otherwise. This release is not an offer of
securities for sale in the United States; securities may not be offered or sold
in the United States without registration or an exemption from registration.