Atlas Minerals Inc.

Atlas Minerals Inc.

January 30, 2008 14:38 ET

Atlas Announces Significant Gold & Silver Results From Tres Chorreras

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2008) - Atlas Minerals Inc. ("the Company" or "Atlas") (TSX VENTURE:AMR) is pleased to present results of underground and surface sampling on the epithermal zone of the Company's Tres Chorreras project ("the Project"), located in southern Ecuador.

Significant results include:

Adit Estimated True Width Au g/t Ag g/t
Redroban Adit 15 metres 22.8 21.3
Cisnes Adit 2.5 metres 6.07 17.9
2.5 metres 3.28 215.0
Pesantez 1 Adit 44.0 metres 2.47 14.2
Including: 2.1 metres 11.51 59.3
Including: 2.1 metres 10.53 12.7
Pesantez 2 Adit 10.0 metres 14.82 36.0
E-7 Adit 18.0 metres 3.5 15.6
Including: 3.0 metres 17.55 10.9

Lower grades in the 1.3 to 3.5 gram Au range occur over intervals of up to 48 metres, estimated true width, and over a distance of about 200 metres long between the Redroban and Z adits, indicating potential for bulk mining.

In addition, anomalous to significant molybdenum and copper values were found in the Pesantez 2 and Z adits. Molybdenite and chalcopyrite occur in breccia matrices and as sulphide-rich fracture coatings and veinlets, all of which appear to have been overprinted by the epithermal style veinlets. This suggests potential for porphyry style mineralization and/or additional zones of mineralization similar to the 3C polymetallic zone that the Company is currently drilling.

The epithermal zone at Tres Chorreras lies immediately to the southeast of the 3C breccia zone (news release: January 15, 2008). The zone is characterized by a northeast trending swarm of drusy quartz veinlets containing minor amounts of free gold and pyrite and local chalcopyrite, arsenopyrite, stibnite and carbonate. Anomalous and locally potentially economic values of gold and silver occur over an area of approximately 150 - 300 by 400 metres in dimension. It is open to depth and open to the south and southeast.

Agreements have recently been reached for surface access rights with all the land owners in the area, so line cutting, detailed geological mapping, soil sampling and geophysical surveys will be implemented soon to assist in defining drilling targets. Further to these agreements, the Company can report that it has not been affected by the recent developments announced by the Government of Ecuador in regards to revocation of concessions based on concession payments not being met. The Company remains in good standing.

Based on the above tabulated results of significant gold, silver and molybdenum values, the Company will direct their drill program to define potentially economic large tonnage gold-silver mineralization, as well as target deeper lying porphyry style mineralization. A diamond drill is currently operating on the 3C zone, and will move systematically to test the 3C zone at depth followed by testing the epithermal zone.

Results are presented in the table below from 12 surface trenches and underground workings.


Map Intercept true
Reference Adit length (m) width (m) Au g/t Ag g/t Mo % Cu %
1 Tunel Za
(L rib) 15 14.0 1.34 8.2 0.070 0.07
Tunel Zb
(R rib) 15 14.0 1.61 4.3 0.090 0.10
2 T. Pesantez 2 15 10.0 14.82 36.0 0.016 0.12
3 T. Pesantez 1 63 44.0 2.47 14.2 0.001 0.03
3 m 2.1 11.51 59.3 Tr. Tr.
and 3 m 2.1 10.53 12.7 Tr. Tr.
4 E-7a 33 1 to 5 1.33 17.7 0.005 0.08
(x cut) 18 18.0 3.50 15.6 Tr. Tr.
3 m 3.0 7.31 82.1 Tr. Tr.
and 3 m 3.0 17.55 10.9 Tr. Tr.
5 Los Cisnes 51 48.0 1.27 8.7 Tr. Tr.
3 m 2.5 6.07 17.9 Tr. Tr.
and 3 m 2.5 3.28 215.0 Tr. Tr.
6 Los Gansos 36 36.0 1.16 3.7 Tr. Tr.
7 Quebrada - - less less
than than
0.51 4.4 Tr. Tr.
8 Ch-1 3 3 1.07 5.9 Tr. Tr.
9 Trench 2 - - less less
than than
0.93 32.7 Tr. Tr.
10 Trench 7a - - less less
than than
0.59 40.0 Tr. Tr.
Trench 7b 3 3 2.12 2.1 Tr. Tr.
Trench 7c 3 3 1.30 1.5 Tr. Tr.
Trench 7d - - less less
than than
0.59 3.7 Tr. Tr.
11 Rodas 3 3 1.22 0.6 Tr. Tr.
Rodas 3 3 1.44 3.5 Tr. Tr.
Rodas 3 3 2.13 4.9 Tr. Tr.
12 U-14 9 1.5 4.10 57.0 Tr. Tr.
U-14 3 3.0 1.43 15.7 Tr. Tr.

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 (see
accompanying map). Molybdenum and copper values added where significant.

Note: 1 gram per metric tonne (g/t) equals 0.029 troy ounce per short
ton 1 troy ounce per short ton (oz/ ton) equals 34.28 grams per metric

Qualified Person and Quality Control/Quality Assurance

The work program at Tres Chorreras was designed and is supervised by Donald G. Allen, PEng (B.C.) Vice President of Exploration, Atlas Minerals Inc, who is responsible for all aspects of the work, including the quality control/quality assurance program. Samples comprise 1 to 3 metre by 0.5 metre panel samples which were sealed and shipped to AcmeLabs preparation laboratory in Cuenca, Ecuador where samples are crushed, split and pulps then shipped to Acme Analytical Laboratories in Vancouver, British Columbia. Acme's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025. Analytical accuracy and precision are monitored by the inclusion and analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international standards.

About Atlas Minerals:

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 practice. Our goal is prosperity for all.

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 does not accept responsibiity for the adequacy or accuracy of this release.

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