Atlas Minerals Inc.

Atlas Minerals Inc.

March 13, 2008 19:56 ET

Atlas Drills 542.0m of 0.043% Mo and 0.12% Cu and 228.9m of 0.064% Mo and 0.17% Cu at Tres Chorreras

CALGARY, ALBERTA--(Marketwire - March 13, 2008) - Atlas Minerals Inc. ("the Company" or "Atlas") (TSX VENTURE:AMR) is pleased to present results from drill holes #5 to #9 (08-20 to 08-24) of the current phase 1 drilling program on the Breccia (3C) prospect at the Company's Tres Chorreras concession (100% interest), located in the Azuay Province, southern Ecuador.

All drill holes intersected significant mineralization. Drill holes 5 to 8 were angle holes and drilled perpendicular to strike testing the western limit of the Breccia (3C) prospect. These holes were successful in partially defining the western boundary. Drill hole 9 was the first hole of the work program that drilled the zone along strike, testing the long axis of the body from south to north while simultaneously testing depth of mineralization within the western lobe of the Breccia (3C) prospect. The hole was drilled at a dip of -60 deg and azimuth of 30 deg. See Figure 1 for drill location, or for more details on the project.

Highlights include:

Drill hole 6

Intersected mineralization at surface exiting the western boundary of the Breccia (3C) at 228.90 metres grading:

Mo equiv
Mo % Cu% Au g/t Ag g/t %
0.064 0.17 0.57 5.3 0.081
Including 50 metres grading:
0.119 0.17 0.50 5.7 0.136

Drill hole 9 (ii)

Intersected mineralization at surface exiting the northern boundary of the Breccia (3C) at 542 metres grading:

Mo equiv
Mo % Cu% Au g/t Ag g/t %
0.043 0.12 0.41 3.1 0.055
Including 36 metres grading:
0.133 0.01 0.01 0.7 0.135
and 28 metres grading:
0.096 0.38 0.68 6.3 0.134
and 54 metres grading:
0.061 0.31 1.78 10.1 0.092

(ii) Note - still awaiting check assays for 18 over limit samples for hole 9 - a total of 36 metres. Over limit check assays have been requested for Mo values greater than 0.20% or copper values greater than 1.0%; once received these will raise the overall average for the intervals presented in the above highlights and the table below (No potential variations in metallurgical recoveries taken into account in Mo equivalent calculation).

Drill hole 9 was successful in significantly increasing the overall potential size of the Breccia (3C) prospect. The mineralization at depth has been extended greater than twofold while still remaining open. It also helped define the long axis (south to north) of the Breccia (3C) prospect at a minimum 250 metres. The prospect remains open to the south. Lastly, Drill hole 9 partially defined the northern limit of the Breccia (3C) prospect. The Breccia (3C) still remains open to the north of drill holes #1 (07-16) and #2 (07-17). Future drill holes will be planned to test the vertical extent.

In addition to the primary targets, molybdenum and copper there are reported significant gold and silver values which are primarily associated with the local sulphide-rich breccia matrices. Values reported are up to 14.55 g/t Au and 100 g/t Ag respectively over 2 metres with the best overall interval obtained in drill hole #9 (08-24) grading:

1.78 g/t Au and 10.1 g/t Ag over 54 metres (see Table below).

The Company is now drilling the 23rd hole of the phase 1 work program (#08-35) which is targeting for the first time the eastern boundary of the Breccia (3C) prospect at depth while simultaneously testing the Epithermal prospect. The Epithermal prospect is located adjacent and southeast from the Breccia (3C) prospect. Results for holes subsequent to those reported herein will be presented once data is received, compiled and validated.

Azi- Mo
Cross muth Inter- equivalent
Sect- & Drill From To val Mo Cu Au Ag (Mo+
ion Dip Hole (m) (m) (m) % % g/t g/t 0.1 x Cu)
160 N 300 Drill 0.00 62.00 62.00 0.044 0.33 0.23 6.9 0.077
degrees hole #5
-65 (3C-08-20)
300 Drill 0.00 228.90 228.90 0.064 0.17 0.57 5.3 0.081
degrees hole #6
-88 (3C-08-21)
degrees ------------------------------------------------------------
including 0.00 34.00 34.00 0.071 0.46 1.53 10.5 0.117
and 108.00 158.00 50.00 0.119 0.17 0.50 5.7 0.136
and 188.00 228.90 40.90 0.120 0.06 0.10 2.8 0.126
120 N 300 Drill 110.00 150.05 40.05 0.050 0.29 0.08 4.0 0.079
degrees hole #7
-75 (3C-08-22)
120 Drill 12.00 32.00 20.00 0.065 0.33 0.76 7.4 0.098
degrees hole #8 ---------------------------------------------------
-75 (3C-08-23)108.00 118.00 10.00 0.042 0.08 0.24 1.2 0.050
0 E 030 Drill 0.00 542.00 542.00 0.043 0.12 0.41 3.1 0.055
degrees hole #9
-60 (3C-08-24)
degrees ------------------------------------------------------------
including 0.00 54.00 54.00 0.061 0.31 1.78 10.1 (ii)0.092
and 158.00 186.00 28.00 0.096 0.38 0.68 6.3 (ii)0.134
and 234.00 270.00 36.00 0.133 0.01 0.01 0.7 (ii)0.135
and 328.00 366.00 38.00 0.096 0.12 0.81 3.6 (ii)0.108
and 468.00 542.00 74.00 0.043 0.17 0.19 3.6 0.060

(ii) Intervals with over-limit assays awaited in red.

Analysis was conducted by by ICP Mass Spectrometer at Acme Laboratories of
Vancouver, B.C. and Multi-element Atomic Absorption Analysis at
Inspectorate Services Peru S.A. in Lima, following aqua regia digestion
on diamond drill core samples at 2 metre intervals. Mo equivalent was
calculated on the basis of US$25/lb Mo and $2.50/lb Cu which combine to
give a ratio of 1% Cu equals 0.1% Mo (Not taking into account any potential
variation in metallurgical recoveries; Au and Ag not included in the

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 tonne
1% equals 10000 parts per million (ppm) equals 10000 grams per metric tonne

Drill holes were angle holes and except for 6 and 9 were drilled perpendicular to strike testing the northern extent of the Breccia (3C) deposit. Drill hole 6 was near vertical. The true thickness is less than the intervals reported; however, the goal was not to test the depth of the deposit with these initial drill holes but to confirm and validate results of drilling conducted in 1994 and to explore the limits of the zone.

Atlas to expand drilling program

Due to the encouraging results from drilling to date, the Company is pleased to announce a tripling of the present drill program from 6,000 m to 18,000 m during 2008. With the significant extensions of the mineralized zone to the north, the extension of mineralization at depth, and the current drilling targeting the untested eastern zone of the Breccia (3C) prospect, Atlas is committing the proceeds of the current financing to complete this new target. The objective of the 18,000 metre drill program will now be to prepare an updated NI 43-101 and resource calculation on the Tres Chorreras property by the end of the year.

To accompanying Figure 1, please click on the following link:

Qualified person and quality control/quality assurance:

The work program at Tres Chorreras was designed and is supervised by Donald G. Allen, PEng (British Columbia), vice-president of exploration, Atlas Minerals, who is responsible for all aspects of the work, including the quality control/quality assurance program. Mr. Allen is a qualified person as defined by National Instrument 43-101. Samples consist of half HTW and NTW-size diamond drill core cut longitudinally by diamond saw on site. Samples were placed in double plastic bags which were sealed and shipped under supervision to the preparation laboratory of either Acme Labs in Cuenca, Ecuador or Inspectorate of Ecuador in Quito, where they are crushed and split. Sample pulps were then shipped to Acme Laboratories in Vancouver, B.C. or Inspectorate Services Peru S.A. in Lima, Peru, for chemical analysis. The quality system of both Acme and Inspectorate 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

Exploration and Mining Development in Ecuador through corporately, socially and environmentally responsible practices.

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

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.

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