Atlas Minerals Inc.

Atlas Minerals Inc.

April 29, 2008 07:00 ET

Atlas Provides Update

CALGARY, ALBERTA--(Marketwire - April 29, 2008) - Atlas Minerals Inc. ("the Company" or "Atlas") (TSX VENTURE:AMR) wishes to provide the public the following corporate update.

On April 18, 2008 the Constituent Assembly of Ecuador voted in favour of a Mining Mandate that among other things suspended mining activity for 180 days and stated it was the Ministry of Mines and Petroleum's mandate to revoke certain mining concessions within Ecuador for a series of reasons. President Correa has repeatedly stated that mining activity is welcome in this country, as long as it is conducted in a manner that is socially and environmentally responsible, and that the state will guarantee to companies the integrity of lands and rights acquired legitimately. However, this unexpected development has caused Atlas to review its operations and as a result of that review announces the following:

In 2007 Atlas commenced drilling the Tres Chorreras concession located in Azuay Province, Ecuador. The advanced exploration permit was issued by the current administration and we have complied with all applicable laws and have maintained the highest standards in dealing with the social and environmental responsibilities the Company gladly accepted when it was granted exploration rights to the property.

The Company has completed the 6,000 metre drilling program. During clarification of how this Mandate might be implemented, the company's Quito office will proceed with assessing the results of its drilling program and commission a resource calculation. At the same time the Company plans to reduce field staff levels to a minimum yet still be able to comply with its environmental monitoring activity and to continue to ensure our status as a responsible exploration company in Ecuador.

Due to the uncertainty caused by the Mining Mandate the previously announced brokered private placement financing will not proceed. Future financings will be done privately and for small incremental amounts so as to avoid unnecessary dilution until such time as the political situation has been resolved and Atlas recommences its exploration program. The Company will also explore strategic alternatives with other companies if they are determined to be in the best interests of shareholders.

About Atlas Minerals

Atlas carries out mineral exploration and mining development in Ecuador through their wholly-owned subsidiary, Atlas Moly S.A. Atlas Moly carries out corporately, socially and environmentally responsible practices in Ecuador.

Atlas Minerals Inc. is a public mineral exploration company incorporated in Canada and listed on the Toronto Venture Stock Exchange (TSX VENTURE:AMR). All concession interests are currently located in Ecuador.

Atlas Minerals is committed to maximizing share value through safe and professional exploration activities, to contributing to social and economic development of local communities in its areas of influence and to protecting the environment by adhering to industry best practices. Our goal is prosperity for all who are associated with our projects.

For further information regarding this press release and Atlas Minerals Inc., please contact Barry Herring, President & CEO and CEO Atlas Minerals Inc. or Andy Taunton, President Atlas Moly SA.

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.

Close: $0.16

Shares outstanding: 29,236,036

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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