Atlas Minerals Inc.
TSX VENTURE : AMR

Atlas Minerals Inc.

March 26, 2008 09:00 ET

Atlas Reports Increased Grades From Over-Limit Values for Drill Holes 08-23 (#8) And 08-24 (#9) And Significant Grades From Drill Hole 08-25 (#10) In the 3C Breccia Zone at Tres Chorreras

CALGARY, ALBERTA--(Marketwire - March 26, 2008) - Atlas Minerals Inc. ("the Company" or "Atlas") (TSX VENTURE:AMR) is pleased to present complete results now including over-limit values for drill hole 3C-08-23 (#8) and 3C-08-24 (#9), and full results for drill hole 3C-08-25 (#10). Results of holes 3C-08-26 (#11) to 3C-08-29 (#14) are also discussed. The Company's Tres Chorreras concession (100% interest) is located in the Azuay Province, southern Ecuador.

Highlights include:

Drill hole 3C-08-23 (#8) - Molybdenum equivalent grade (Mo+Cu x 0,1) over a 20 metre interval: 89% increase + significant precious metal credits

Drill hole 3C-08-24 (#9) - Molybdenum equivalent grade (Mo+Cu x 0,1) over a 542 metre interval: 33% increase + significant precious metal credits

Drill hole 3C-08-25 (#10) - Molybdenum equivalent grade (Mo+Cu x 0,1) of 0.452% over 36 metre interval; including 16 metre interval of 0.821%. Significant precious metal credits occur throughout the full interval.

Project objectives:

There are three targets at the Tres Chorreras project; the Company plans to test all targets in the present 6,000 metre drill program. The targets are:

i) The 3C Breccia zone: polymetallic (Mo-Cu-Au-Ag) breccias;

ii) The Epithermal zone: epithermal style (Au-Ag); and,

iii) The Porphyry potential: a potential porphyry target (Mo-Cu) at depth.

In this press release the Company is reporting on drill holes targeting The 3C Breccia zone.

Drill results:

All reported drill holes were angle holes. See attached maps for detail. True widths are narrower than intervals reported. Details of major intersections for the above holes are:

Drill hole 3C-08-23 (#8) - now including over-limits



--------------------------------------------------------------------------
Mo % Au g/t
From To Interval Mo Cu equivalent Au Ag equivalent
(M) (M) (M) % % (Mo+0.1 x Cu) (g/t) (g/t) (Au+0.02 x Ag)
--------------------------------------------------------------------------
12.0 32.0 20.0 0.116 0.69 0.185(i) 0.76 7.4 0.91
--------------------------------------------------------------------------

(i) Previously reported: 0.098% Mo equivalent


Drill hole 3C-08-24 (#9) - now including over-limits

This angle hole intersected mineralization at surface and exited the northern boundary of the Breccia (3C) zone at 542 metres (which suggests a minimum strike length of 250 metres. The updated grades are:



--------------------------------------------------------------------------
Mo % Au g/t
From To Interval Mo Cu equivalent Au Ag equivalent
(M) (M) (M) % % (Mo+0.1 x Cu) (g/t) (g/t) (Au+0.02 x Ag)
--------------------------------------------------------------------------
0.0 542.0 542.0 0.058 0.15 0.073(i) 0.39 3.5 0.46
--------------------------------------------------------------------------

(i) Previously reported 0.055% Mo equivalent


Including 28 metres (estimated 14 m true) grading:



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158.0 186.0 28.0 0.146 0.38 0.184 0.68 6.3 0.81
--------------------------------------------------------------------------


with a 10 metre high-grade sub-interval (estimated 5 m true) grading:



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160.0 170.0 10.0 0.328 0.71 0.399 0.46 11.56 0.69
--------------------------------------------------------------------------


and 36 metres (estimated 18 m true) grading:



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234.0 270.0 36.0 0.228 0.01 0.229 0.01 0.7 0.02
--------------------------------------------------------------------------


with a 22 metre high-grade sub-interval (estimated 11 m true) grading:



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236.0 258.0 22.0 0.315 0.01 0.316 0.01 0.86 0.03
--------------------------------------------------------------------------


and 38 metres (estimated 19 m true) grading:



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328.0 366.0 38.0 0.206 0.16 0.222 0.81 3.6 0.88
--------------------------------------------------------------------------


with a 20 metre high-grade sub-interval (estimated 11 m true) grading:



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336.0 356.0 20.0 0.339 0.11 0.350 1.44 3.77 1.51
--------------------------------------------------------------------------


The angle drill hole 3C-08-24 (#9) tested the long axis of the zone from south to north while simultaneously testing depth of mineralization within the Breccia (3C) zone. The results indicate an increase in the overall potential size of The Breccia (3C) zone to depth. Mineralization at depth is now known to extend to at least 450 metres from surface and still remains open.

Drill hole 3C-08-25 (#10) - including over-limits

Drill hole 3C-08-25 encountered 68 metres of mineralization from 8 to 76 metres before entering a post-mineral breccia. Results are:



--------------------------------------------------------------------------
Mo % Au g/t
From To Interval Mo Cu equivalent Au Ag equivalent
(M) (M) (M) % % (Mo+0.1 x Cu) (g/t) (g/t) (Au+0.02 x Ag)
--------------------------------------------------------------------------
8.0 76.0 68.0 0.252 0.32 0.284 1.1 7.2 1.24
--------------------------------------------------------------------------


Within this interval is a 36 metre high grade zone (estimated 16 m true) grading:



--------------------------------------------------------------------------
Mo % Au g/t
From To Interval Mo Cu equivalent Au Ag equivalent
(M) (M) (M) % % (Mo+0.1 x Cu) (g/t) (g/t) (Au+0.02 x Ag)
--------------------------------------------------------------------------
28.0 62.0 36.0 0.421 0.30 0.452 1.29 9.36 1.48
--------------------------------------------------------------------------


with a 16 metre high-grade sub-interval (estimated 7.5m true) grading:



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46.0 62.0 16.0 0.780 0.41 0.821 0.63 13.15 0.89
--------------------------------------------------------------------------


Drill holes 3C-08-26 to 3C-08-29 (#11-14)

Drill holes 3C-08-26, 28 and 29 drilled the south boundary of the 3C Breccia zone, which is limited, as expected, to the south by the contact with a diatreme breccia. All reported trace to weakly anomalous multi-element mineralization. This diatreme breccia is younger than the poly-metallic breccia of the 3C Breccia zone (although it does host Au-Ag mineralization of the Epithermal zone). The diatreme breccia is about 400 to 500 metres in diameter. The 3C Breccia zone still remains open to the southwest of this diatreme breccia (see accompanying map).

Drill hole 3C-08-27 was drilled out from the west boundary of the 3C Breccia zone and returned low grade values except for the last 10 metres which contain elevated copper, gold and silver values. The last 1.3 metres of the hole grades:



--------------------------------------------------------------------------
Mo % Au g/t
From To Interval Mo Cu equivalent Au Ag equivalent
(M) (M) (M) % % (Mo+0.1 x Cu) (g/t) (g/t) (Au+0.02 x Ag)
--------------------------------------------------------------------------
134.0 135.3 1.3 0.074 0.39 0.113 0.05 7.1 0.14
--------------------------------------------------------------------------


This suggests that mineralization may be found further west of the 3C Breccia zone than was previously anticipated. This result is encouraging as it may indicate a new mineralized zone outside of the known 3C Breccia zone. This area will be a target for a future drilling program.

Summary of significant results:



--------------------------------------------------------------------------
Mo % Au g/t
Equiv- equiv-
Cross Inter- alent alent
Sec- Drill From To val Mo Cu (Mo+0.1- Au Ag (Au+0.02-
tion Hole (M) (M) (M) % % x Cu) (g/t) (g/t) x Ag)
--------------------------------------------------------------------------
120 N 3C-08-23 12.0 32.0 20.0 0.116 0.69 0.185 0.76 7.4 0.91
-----------------------------------------------------------
108.0 118.0 10.0 0.042 0.08 0.050 0.24 1.2 0.26
--------------------------------------------------------------------------
0 E 3C-08-24 0.0 542.0 542.0 0.058 0.15 0.073 0.39 3.5 0.46
-------------------------------------------------------------------
Incl. 0.0 54.0 54.0 0.092 0.52 0.144 1.78 10.1 1.98
-------------------------------------------------------------------
and 158.0 186.0 28.0 0.146 0.38 0.184 0.68 6.3 0.81
-------------------------------------------------------------------
and 234.0 270.0 36.0 0.228 0.01 0.229 0.01 0.7 0.02
-------------------------------------------------------------------
and 328.0 366.0 38.0 0.206 0.16 0.222 0.81 3.6 0.88
-------------------------------------------------------------------
and 468.0 542.0 74.0 0.043 0.17 0.060 0.19 3.6 0.26
--------------------------------------------------------------------------
40 N 3C-08-25 8.0 76.0 68.0 0.252 0.32 0.284 1.10 7.2 1.24
--------------------------------------------------------------------------

Analyses were conducted by ICP Mass Spectrometer at Acme Laboratories of
Vancouver B.C. and by Multi-element Atomic Absorption Analysis, following
aqua regia digestion at Inspectorate Services Peru S.A. in Lima. The data
represent weighted averages of partial samples (from split core) of diamond
drill cores sampled 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. Gold equivalent was calculated on the basis of
US$625/ounce Au and $12.50 which combine to give a ratio of 1 g/t Ag equals
0.02 g/t Au (metallurgical recoveries and net smelter returns are assumed
to be 100%).

Notes: 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
Reported values are un-cut.


Gold and Silver credits

Gold credits are present and are reported above, with values from 0.15 to 1.78 g/t (0.004 to 0.05 oz/ton). Silver values range from about 1 to 10 g/t (0.03 to 0.38 oz/ton). These add significant value to the mineralized zone.

Conclusion

The Company is encouraged from results received to date from the 3C Breccia zone. The aggressive drill program is proving an increased strike length, contributing to an increase of mineralized potential at depth while remaining open, and with the recent addition of the over-limit values, the grades presented to date from the phase 1 drill program are significant. When considering the strong grades reported from localized areas within The Breccia (3C) and the long mineralized intersections recently reported, grade coupled with large tonnage potential is a goal the Company now is striving to realistically achieve. The Company is being presented with alternate scenarios of evaluating the potential deposit as each exploratory drill hole is received. Scenarios include:

i) Selective mining of high grade breccia chimneys (+0.3% Mo) and,

ii) Large tonnage low grade bulk mineable mineralization (+0.04% Mo). For a comparison, current measured plus indicated reserves at Endako (a large open pit molybdenum mine in British Columbia) are 211 Mt grading 0.061% Mo using a cutoff of 0.04% Mo (see www.thompsoncreekminerals.com) and mill feed is reported to be 0.066% Mo.

The Company is now drilling the 24th hole (3C-08-39) of the current drill program. Current drilling is targeting Au-Ag mineralization of The Epithermal zone in addition to testing the 3C Breccia zone at depth. The Epithermal zone is located adjacent to and southeast of The Breccia (3C) zone.

Future drilling will also test recently discovered Mo-Cu mineralization in the northern part of The Epithermal zone.

Qualified person and quality control/quality assurance:

The work program at Tres Chorreras was designed and is supervised by Donald G. Allen, P.Eng. (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 one half of the split core from 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 to Inspectorate Services Peru S.A. in Lima, Peru, for chemical analysis. The quality system of both Acme and Inspectorate comply 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. The remaining drill core is stored in Cuenca for future reference. This news release was also reviewed by Leslie Smith, P.Geol. (Alberta), consultant to the company and also a qualified person under National Instrument 43-101.

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.

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.

TSX VENTURE:AMR - Close: $0.42

Shares outstanding: 29,236,036

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