Atlas Minerals Inc.

Atlas Minerals Inc.

January 15, 2008 09:00 ET

Atlas Commences Diamond Drilling; Discovers Presence of Significant Rhenium Values

CALGARY, ALBERTA--(Marketwire - Jan. 15, 2008) - Atlas Minerals Inc. ("the Company" or "Atlas") (TSX VENTURE:AMR) is pleased to provide the following update on the status of the Company's Tres Chorreras project ("the Project"), located in southern Ecuador, Azuay Province, within the highly prospective "Quimsacocha - Ponce Enriquez Copper-Gold District."

The Tres Chorreras concession is underlain by Tertiary volcanic rock intruded by microdiorite dacite stocks and diatreme breccias. Two styles of mineralization have been recognized on the Tres Chorreras concession area. The 3C zone comprises fracture-controlled disseminated mineralization intruded by breccia pipes containing high grade copper-molybdenum-gold-silver values. The epithermal zone, not yet fully defined, lies immediately to the southeast of 3C, where anomalous and locally potentially economic values of gold and silver occur over an area of approximately 150 - 300 by 400 metres in dimension and is open to depth and open to the south and southeast. The association of breccias and epithermal mineralization suggest a third potential target - large tonnage porphyry style copper molybdenum mineralization.

The current exploration program at Tres Chorreras therefore is designed to evaluate: 1) the extent along strike and to depth of the mineralization of the 3C polymetallic zone, which appears to have a modest but potentially economic tonnage potential, and ultimately to define an NI 43-101 compliant resource; 2) to define the limit and test grades of precious metal mineralization of the epithermal zone; and 3) to test for porphyry style mineralization.

All three types of mineralization mentioned above occur in the Quimsacocha - Ponce Enriquez district. Several companies are working on establishing significant mineral resources; for example International Minerals at Ponce Enriquez, 24 km to the northwest (porphyry Au-Cu: 165.9 Mt 0.73 g/t Au) and Rio Blanco, 41 km to the north northeast (high sulphidation epithermal Au-Ag: 2.0 Mt 8.8 g/t Au, 6.7 g/t Ag); Ascendant Copper at Chaucha, 29 km to the north northeast (porphyry Cu-Mo. 216 Mt +0.2% Cu, +0.01% Mo); and IAMGOLD at Quimsacocha, 39 km to the northeast (high sulphidation epithermal Au-Cu: 33 Mt 3.2 g/t Au). Atlas' interests in the region cover a total of 48,000 hectares (480 square kilometres) of unexplored terrain which will be the focus of regional exploration and evaluation once permitting has been received.

Drilling program

The company recently completed a financing (see News Release dated December 28, 2007). A 6000 metre Phase I drilling program, of diamond core drilling (approximately 30 drill holes), has been budgeted and recently commenced on December 22 , 2007. Most of the first series of relatively short holes (100 to 200 metres) will be drilled on the upper part of the 3C zone to test the grades of the remaining mineralization. The first 7 drill holes 3C 07-16, 07-17, 07-18, 07-19, 08-20 and 08-21 have been successfully completed. Logging and sample preparation for assaying is currently underway. The ninth drill hole (site G-7 on the accompanying map), the first of several planned to 600 metres in length, will target potential porphyry mineralization.

The epithermal zone will be targeted with about the 20th drill hole of the program. In general, the holes will be started in epithermal mineralization and extended to test the 3C zone at depth.

Lastly, the Company plans to conduct underground core drilling using two air powered drills to sample both the 3C and epithermal zones. This detailed data will be used to help contribute to a resource calculation.

Underground sampling

To complement results presented in the company's 43-101 report, a total of about 700 additional samples have been recently collected from the more than 5000 metres of underground workings of the 3C and epithermal zones. Most results have been received and upon compilation, will be presented in forthcoming news releases

Of note, the Company originally had not targeted rhenium, a rare element found in significant concentrations in some but not all porphyry copper-molybenum deposits, but decided for due diligence to re-analyze several underground samples for this element. Positive unexpected results were returned to the Company and are presented below.

Rhenium analyses

Preliminary rhenium analyses indicate that the 3C zone has significant concentrations of this element associated with higher molybdenum grades. Nine samples with relatively high molybdenum values (representing mineralization that still remains in place) were selected from the series collected during the systematic underground sampling program. Six of the nine returned rhenium values of greater than 2500 parts per billion (greater than 2.5 grams per tonne) as follows:

Sample No. Length m. Mo % Cu % Au g/t Ag g/t Re ppb
T101229 2.00 1.28 0.28 0.29 5.3 greater than 2500
T101231 3.00 0.48 0.27 0.26 5.3 greater than 2500
T101232 3.00 0.33 0.19 0.22 2.5 greater than 2500
T101233 3.00 1.56 0.19 0.21 5.4 greater than 2500
T101234 3.00 0.25 0.14 0.11 2.8 greater than 2500
T101242 1.00 0.33 0.03 0.07 1.9 1938
T101243 3.00 0.99 0.21 0.33 25.9 greater than 2500
T101248 3.00 0.42 0.05 0.27 6.9 157
T101249 3.00 0.47 0.03 0.20 1.8 81

Analysis was conducted by ICP Mass Spectrometer at Acme Laboratories of
Vancouver B.C. on panel samples 1 - 3 metres long by 0.5 metres wide
collected from the Chorrones adit (see accompanying map).

According to the U. S. Geological Survey, rhenium (Re) is one of the rarest and most dispersed metallic elements in Earth's crust, with abundance estimated to be about 1 part per billion. Although traces of rhenium occur in some minerals, molybdenite is the only significant host mineral. Most of the world's reserves of rhenium are found in porphyry copper-molybdenum deposits of the Western Cordillera of North America and South America, extending from Alaska and British Columbia through the United States and Central America to the Andes Mountains of Peru and Chile. At Island Copper, for example, a past producer in British Columbia, rhenium grades in molybdenum concentrate ranged from 1800 to 2400 parts per billion.

Principal uses of rhenium are as alloys, catalysts and in electronics. Current rhenium prices, reported by BASF Corporation ( are $3,000 per pound ($6,600 per kilogram or $6.60 per gram).

Further studies, to determine actual absolute values for the above samples are underway, and the determination of rhenium distribution in the 3C zone are planned. Results of this study will be reported in future news releases.

Click the following link to view the Tres Chorreras Drill Hole Plan:

Donald G. Allen, PEng (B.C), is the Qualified Person under National Instrument 43-101 in charge of the program. This news release was also reviewed by Leslie Smith, PGeo (Alberta), consultant to the company and also a Qualified Person under National Instrument 43-101. These results should be considered preliminary exploration data.

Atlas Minerals is a new publicly held mineral exploration company incorporated in Canada with an attractive land package in Ecuador. Atlas Minerals is committed to maximizing shareholder value through our exploration efforts, to improving the social and economic atmosphere for local communities and to protecting the environment by adhering to industry best practices. Our goal is prosperity for all.

For further information regarding this press release and Atlas Minerals Inc., please contact Barry Herring, President and CEO or Leslie Vickers Controller of Atlas Minerals Inc., as follows:

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This press release concerns certain "forward-looking statements," including but not limited to, the statements regarding the Company's strategic plan, work programs and exploration budgets at the Company's Tres Chorreras. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with industry risks, risks associated with foreign operations, environmental risks and hazards and other risks.

The TSX Venture Exchange has does not accept responsibility for adequacy or accuracy of this release.

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