AIM Receives Updated Valuation of Kelly Rock Limited Common Shares



    SYDNEY, NS, Jan. 15 /CNW Telbec/ - Atlantic Industrial Minerals
Incorporated (TSXV:ANL.V) ("AIM") announced today that in connection with its
previously announced agreement to sell its common shares of Kelly Rock Limited
to Municipal Capital Incorporated, AIM has received an updated estimate
valuation report from Grant Thornton LLP with respect to the value of the
common shares of its subsidiary Kelly Rock Limited confirming that the common
shares were estimated to have nil value as of December 31, 2008.
    The proposed transaction is subject to final regulatory and shareholder
approval, including approval by a majority of the votes cast at the meeting
excluding votes attached to common shares held by MCI, Mr. MacKenna and any
affiliated or related parties of MCI or Mr. MacKenna. A meeting of
shareholders to consider the transaction has been scheduled for January 15,
2009. Shareholders should refer to the management information circular to be
distributed in connection with the shareholders meeting for additional
information regarding the transaction.
    AIM is a natural resource company based in Sydney, Nova Scotia, engaged
in the production and sale of industrial minerals. The common shares of AIM
are listed on the TSX Venture Exchange.

    Commentary regarding forward looking statements:

    This news release may contain forward-looking statements, including in
connection with the transactions contemplated by the Agreement. Such
statements involve known and unknown risks, uncertainties, and other factors
outside management's control including, but not limited to, receipt of
required approvals for the completion of the transactions contemplated in the
Agreement, that could cause actual results to differ materially from those
expressed in the forward-looking statements. AIM does not assume
responsibility for the accuracy and completeness of the forward-looking
statements and does not undertake any obligation to publicly revise these
forward-looking statements to reflect subsequent events or circumstances.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    %SEDAR: 00003443E




For further information:

For further information: David W. MacKenna, President, (902) 562-2240

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ATLANTIC INDUSTRIAL MINERALS INCORPORATED

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