Atlas Minerals Inc.

Atlas Minerals Inc.

November 28, 2007 19:24 ET

Atlas Reprices Financing

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) - Atlas Minerals Inc. (TSX VENTURE:AMR) (the "Company) wishes to advise that the financing previously announced on November 21, 2007 has been repriced to reflect current market conditions. Canaccord Capital Corporation (the "Agent") has agreed, on a commercially reasonable efforts basis, to act as the Company's agent in connection with an offering by way of a short form offering document (the "SFOD Offering") of up to 3,076,923 units ("Units") at a selling price of $0.65 per Unit for gross proceeds to the Company of up to $2 million. Each Unit will be comprised of 1 Common Share 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 for a period of 24 months following completion of the offering at an exercise price of $1.00 per share. Concurrent with the foregoing, the Company may also sell, through the Agent on a commercially reasonable efforts basis, up to an additional 1,538,462 Units by way of private placement (the "Private Placement") on substantially the same terms for additional gross proceeds to the Company of up to $1 million. In connection with the SFOD Offering and the Private Placement, the Agent will receive a commission equal to 8% of the Units sold, payable in cash or Units. The Agent will also receive non-transferable agent's warrants entitling it to acquire units equal to 8% of the Units sold at an exercise price of $0.65 per unit, such units having the same terms as the Units. The Company will use its commercially reasonable efforts to obtain a listing of the Warrants on the TSX Venture Exchange. Proceeds of the financing will be used to pursue exploration activities on the Company's Tres Chorreras property in Ecuador and for general working capital.

The Company plans to commence drilling the Tres Chorreras Cu-Mo-Au-Ag project in the fourth quarter of 2007. Surface drilling operations exploring as deep as 500 metres will be complemented by relatively shallow drilling from the more than 5000 metres of old artisan mining underground workings. Further detailed mineralization information will be gained from analyzing samples from that same tunnelling and this data will be used to validate and complement historical data in a 3D model in order to establish a resource estimate for the previously identified high grade "3C" breccia zone within the Tres Chorreras concession. Additional drilling will focus on epithermal gold targets also identified on the concession.

Tres Chorreras is the Company's most advanced project. 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 can be found on the Company's website and on the SEDAR website at

This press release was prepared by Barry Herring, Director and President of the Company and reviewed by Donald Allen, a "Qualified Person" in accordance with National Instrument 43-101 entitled Standards for Disclosure for Mineral 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.

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

Contact Information