Cumbre Ventures Inc.
TSX VENTURE : CUB.P

October 24, 2007 10:00 ET

Atlas & Cumbre Announce Shareholder Approval of Their Amalgamation

CALGARY, ALBERTA--(Marketwire - Oct. 24, 2007) - Atlas Minerals Inc. and Cumbre Ventures Inc. (TSX VENTURE:CUB.P) are pleased to announce the respective shareholder approvals for the amalgamation of the two companies into one corporation under the name Atlas Minerals Inc. ("Atlas Minerals"). The amalgamation represents the "qualifying transaction" for Cumbre Ventures Inc., a capital pool corporation listed on the TSX Venture Exchange. Subject to satisfaction of all conditions precedent, including regulatory approval, the amalgamation is expected to be completed during October, 2007, following which it is anticipated that the common shares of Atlas Minerals will be listed and posted for trading on the TSX.V.

The head office of Atlas Minerals is Calgary, Alberta with its prime operating office in Quito, Ecuador. Atlas Minerals owns 100% of the issued and outstanding shares of Atlas Moly Investments Corp., a BVI corporation ("Atlas BVI"). Atlas BVI owns 100% of the issued and outstanding shares of Atlas Moly S.A. ("Atlas S.A.") an Ecuadorian company.

Since their incorporation, Atlas BVI and Atlas S.A. have been actively involved in the acquisition and exploration of mining projects in Ecuador. In September of 2006, Atlas Minerals acquired significant mineral concessions in Ecuador, in particular 43,860 hectares in the Tres-Chorreras Project. The Tres-Chorreras Project is located 135 km by road south west of Cuenca in the Province of Azuay, Ecuador and consists of polymetallic (Cu-Mo-Au-Ag) mineralization in volcanic rocks of the Oligocene Saraguro Group. An independent technical report ("Technical Report"), dated August 15, 2007, conforming to the reporting requirements under National Instrument ("NI 43-101"), companion policy NI 43-101 CP and Form 43-101 F1 has been prepared. The Tres-Chorreras Project is at an early stage of modern systematic exploration with limited drilling (15 holes), soil geochemistry, magnetometer surveys and hand trenching. In addition, 14 active tunnels have recently been excavated by a local mining co-operative. The Technical Report recommends a two phase exploration program to be completed over 24 months for the Tres-Chorreras Project at an estimated cost of $8,666,120 (USD). The program will consist of a compilation of tunnel mapping; sampling and surveying data, 24,000 m of diamond drilling, metallurgical test work and environmental baseline data collection, airborne geophysics and regional exploration. The Technical report will be available for review on SEDAR at www.sedar.com.

The management and the Board of Directors of Atlas Minerals are: Timothy Hoar, Chairman of the Board, Corporate Secretary and Director (Calgary, Alberta), Romeo D'Angela, Director (Toronto, Ontario), Barry Herring, President, Chief Executive Officer, Director (Calgary, Alberta), Nick DeMare, Director (Vancouver, British Columbia), Philip O'Neill, Director (Calgary, Alberta), Andy Taunton, Vice-President (Country Manager) (Ecuador), Leslie Vickers, Chief Financial Officer (Calgary, Alberta).

Certain information in this news release, including management's assessment of future plans and operations, costs, timing and other matters, may constitute forward-looking statements under applicable securities laws. Such forward looking statements necessarily involve risks including, without limitation, risks associated with mineral exploration and development. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Atlas Mineral's operations and financial results are or will be included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements contained in this news release are made as at the date of this news release and Atlas Minerals and Cumbre Ventures do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

Contact Information

  • Atlas Minerals Inc.
    Barry Herring
    President and Chief Executive Officer
    (403) 630-0881
    (403) 262-4860 (FAX)
    Email: bherring@atlasminerals.ca
    Website: www.atlasminerals.ca
    or
    Cumbre Ventures Inc.
    Marc Cernovitch
    (604) 685-9316
    (604) 683-1585 (FAX)