CONCERNED SHAREHOLDERS NOMINATE THREE INDEPENDENT DIRECTORS FOR ELECTION TO THE BOARD OF ATNA RESOURCES LTD.

Vote for the Concerned Shareholder's Nominees and Follow a New Path to Enhance Shareholder Value

MONTREAL, April 14 /CNW Telbec/ - The Concerned Shareholders (the "Concerned Shareholders") announced today that they have mailed an information circular (the "Circular") to the shareholders of Atna Resources Ltd. ("Atna") (TSX:ATN) seeking to elect three highly qualified nominees to the Atna board of directors (the "Board") at the Annual General Meeting of Shareholders to be held on May 6, 2011 (the "Meeting") to replace three members of the current Board. 

The reasons the Concerned Shareholders are taking this action include the following:

  • The current Board has delivered poor operating results and has issued common shares at historically low prices and at a significant discount to the market.

  • Atna's share price has declined approximately 65% since its high in 2008. At the same time, stock markets have been strong and during the same time period the price of gold has increased from approximately US$880 per ounce to a record high of more than US$1470 per ounce on April 8, 2011.

  • The Concerned Shareholders do not believe that Atna can create value for shareholders by building and operating a mine that produces materially less gold than forecast with cash production costs that are substantially higher than forecast.

  • If the results from the Briggs gold mining property would have been known at the time of making the capital commitment, Briggs would never have been built.

  • The value destruction to shareholders has been amplified by Atna completing a material financing at a significant discount to market.  Since 2008 the Board has also raised funds through a US$14.5 million bond offering and a US$1.5 million convertible debt offering diluting shareholders by almost 35% in 3 years.

  • There is no indication whatsoever of any clear strategy for value enhancement and thus the Concerned Shareholders believe that a change of leadership is necessary.

Additional reasons and details of the purpose and goals of the Concerned Shareholders are set out in the Circular, which has been filed and can be viewed on SEDAR at www.sedar.com.

"As the largest beneficial shareholder of Atna with over 12,310,133 shares of Atna, representing approximately 12.2% of the outstanding Atna shares, we are deeply concerned with the current leadership at Atna. The current Board has had its chance to bring value to Atna and has failed," stated Lloyd Miller of the Concerned Shareholders.

We ask for your support at the Meeting to replace three members of the current Board. We are nominating three new independent directors and are confident that they will bring accountability and leadership, add value and protect the interests of all shareholders. Our nominees will provide an injection of new ideas and strategic perspectives to Atna. We believe that by acting as the catalyst on behalf of the many suffering shareholders who want to see the decline in stock price halted and sustainable growth for Atna created, all shareholders will benefit.

We urge you to review the Circular, which has been mailed today and to submit the enclosed GOLD form of proxy as soon as possible so your vote for change can be counted at the Meeting.

IN ORDER TO BE DEPOSITED WITH ATNA'S REGISTRAR AND TRANSFER AGENT IN TIME TO BE USED AT THE MEETING, YOUR GOLD PROXY MUST BE RECEIVED BY OKAPI PARTNERS PRIOR TO 10:00 A.M. (PACIFIC TIME) ON MAY 3, 2011.

EVEN IF YOU HAVE ALREADY VOTED IN FAVOUR OF MANAGEMENT, YOU MAY CHANGE YOUR VOTE BY COMPLETING AND SUBMITTING A GOLD PROXY DATED LATER THAN YOUR PREVIOUSLY SUBMITTED PROXY

SOURCE LLOYD I. MILLER, III

For further information:

If you have any questions or require assistance in completing or returning the enclosed GOLD form of proxy, please call:

Okapi Partners LLC
437 Madison Avenue, 28th Floor
New York, New York
NORTH AMERICAN TOLL-FREE
1-877-279-2311

Profil de l'entreprise

LLOYD I. MILLER, III

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