Atlas Minerals Inc.

Atlas Minerals Inc.

February 27, 2008 09:00 ET

Atlas Minerals Inc. Announces $3 Million Financing

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2008) -


Atlas Minerals Inc. (TSX VENTURE:AMR) (the "Company") is pleased to announce that it has engaged Canaccord Capital Corporation to act as agent, on a best efforts basis, by way of a private placement of up to 4,285,714 units ("Units") at a selling price of $0.70 per Unit for gross proceeds to the Company of up to $3 million. Each Unit will be comprised of 1 common share (a "Common Share") of Atlas and one half of 1 common share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder thereof to purchase 1 additional Common Share until October, 2009 at an exercise price of $1.00 per share. Proceeds of the financing will be used to continue exploration activities on the Company's Tres Chorreras property in Ecuador, as recommended in the company's 43-101 report, and for general working capital.

Company President, Barry Herring, commented: "These additional funds will allow us to expand our current drilling program on the 3C breccia zone, which recently not only confirmed has the presence of a significant body of mineralization but has demonstrated a large increase in vertical extent, and to fully evaluate the epithermal zone."

The Tres Chorreras Polymetallic Deposit

The Company commenced drilling the Tres Chorreras Cu-Mo-Au-Ag-Re project in the fourth quarter of 2007. Surface drilling operations exploring as deep as 600 metres will be complemented by relatively shallow underground drilling from locations within the more that 5,000 metres of underground workings. The drilling results will be used to validate and complement a recently generated 3D model and to establish a resource estimate for the previously identified breccia zone on the Tres Chorreras concession. This will be followed up by drilling additional epithermal gold targets also identified on the Tres Chorerras concession. A porphyry system believed to generate the near surface breccias and epithermal mineralization will also be tested at depth.

Tres Chorreras is the Company's most advanced project. Atlas has applications pending for mineral exploration rights covering over 80,000 hectares in Ecuador. A copy of the NI 43-101 compliant "Technical Report on the Tres Chorreras Polymetallic Copper-Molybdenum-Gold-Silver Project, Azuay Province, Ecuador" dated August 15, 2007 and subsequent press releases detailing recent developments related to this exciting project can be found on the Company's website and on the SEDAR website at

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: $0.81

Shares outstanding: 28,736,036

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

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