Atlas Minerals Inc.
TSX VENTURE : AMR

Atlas Minerals Inc.

May 08, 2008 07:00 ET

Atlas Update on Ecuador Mining Mandate

CALGARY, ALBERTA--(Marketwire - May 8, 2008) - Atlas Minerals Inc. ("the Company") (TSX VENTURE:AMR). The Company wishes to announce that Atlas Minerals continues to work and consult with the Ecuadorian government and industry peers in order to mitigate the impacts to the Company of the Mining Mandate passed by the Ecuadorian Constituent Assembly on April 18, 2008. These consultations have the specific goal of being able to continue Atlas Minerals' positive exploration activities at the Tres Chorreras concession. The Company's actions since it began operations in the country clearly demonstrate that it has been committed to responsible industry practices in Ecuador and is therefore aligned with the future proposals for the mining industry recently outlined by Ecuador's President, Rafael Correa.

Until such time that the Company has a clear understanding of the long term effects of the Mining Mandate, the Company has ceased exploration activities in accordance with the dictate of the Mandate, laid off the vast majority of its local concession workers, and is in the process of reducing its administrative activities and costs to a minimum. The company requires a resolution to the uncertainties of its concession holdings before it can continue with its promising exploration and development program.

To that end, the Company wishes to announce management appointments that it feels will better serve its interests in Ecuador. The Company is pleased to announce the appointment of Mr. Andy Taunton to the positions of President and CEO. Mr. Taunton, a resident of Quito, Ecuador, is currently the Company's COO and President of Atlas Moly SA, the Company's wholly owned Ecuadorian subsidiary. The Company also wishes to announce the appointment of Mr. Nick DeMare to the position of CFO. Mr. DeMare is a Chartered Accountant and President of Chase Management Ltd. Mr. DeMare is currently a director of Atlas Minerals and is also a director and officer of several TSX and TSX-V listed companies.

To accommodate the focus on a positive resolution in Ecuador, Mr. Barry Herring and Ms. Leslie Vickers have agreed to step aside in their positions as officers of the Company to permit these management appointments. Mr. Herring will remain as a director and Ms. Vickers will consult to the Company as necessary. The Company would like to thank Mr. Herring and Ms. Vickers for their past and continuing contributions.

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: $0.09

Shares outstanding: 29,236,036

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information