VANCOUVER, March 3 /CNW/ - Atna Resources Ltd. (ATN: TSX) is pleased to
report that Pinson Mining Company (PMC - Barrick Gold Corp.) has commenced
underground development at the Pinson Mine located in the Getchell Gold Belt,
Humboldt County, Nevada. PMC mobilized an underground contractor, Small Mine
Development (SMD), in mid-January to develop approximately 6,500 linear feet
of new underground workings. Surface drilling continues with three core drills
and one reverse circulation rotary drill as PMC continues to conduct
definition drilling in the CX, CX-West, and Range Front zones while new
underground drill stations are prepared. PMC reports project expenditures
through January 31, 2008 of approximately $5.9 million.
"It is an exciting time at the Pinson Mine. PMC is focusing on the
development of key infrastructure and infill drilling that will move Pinson
closer to production," stated David Watkins, President and CEO of Atna.
Underground utilities and ventilation have been re-established and
additional ground support including rib bolts and shotcrete have been
installed throughout the existing workings. Drifting began the week of
February 18th extending the 4780-level drift to establish new drill stations
for further resource definition of the Range Front gold mineralization and to
establish a secondary escape way that would be required to allow production
mining to commence. PMC also plans to continue the decline established by Atna
to develop the Ogee zone and to establish new workings at the 4400-level for
mining and deeper drilling in the Range Front and Ogee zones.
Through the end of December, PMC has completed 34,227 feet of drilling in
40 drill holes (23,514 feet of reverse circulation rotary and 10,713 feet of
core). Assays continue to lag behind the drilling with nearly 15% of the
drilled footage awaiting analytical results - 50% of that core (4,889 feet of
drilling have assays pending). PMC has completed a number of key
infrastructure projects including the construction of re-infiltration basins
to enable dewatering ahead of underground development and production.
Atna owns a 70% interest in the property and Pinson Mining Company (PMC)
owns 30%. PMC may reverse the party's interests by spending US$30 million on
further work to advance and develop the property before April 6, 2009.
This press release was prepared under the supervision and review of
William Stanley, V.P. Exploration of Atna, a Licensed Geologist, and Qualified
Person with the ability and authority to verify the authenticity and validity
of information contained within this news release.
Except for the statements of historical fact that may be contained
herein, this news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on the opinions and estimates of
management at the date that the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. Such factors include, but are not limited to,
risks involved in the exploration and development of mineral properties; the
uncertainties involved in interpreting drilling and other exploration results;
fluctuating commodity prices and exchange rates; the possibility of project
cost overruns or unanticipated costs and expenses; the need to obtain
additional financing and uncertainty as to the availability and terms of
future financing; environmental risks and hazards; and other risks and
uncertainties disclosed in the Company's current Annual Information Form filed
with the Canadian securities regulatory authorities and Form 20-F filed with
the United States Securities and Exchange Commission. The Company undertakes
no obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is cautioned not
to place undue reliance on forward-looking statements.
For further information:
For further information: please visit our website, www.atna.com, or
contact: ATNA RESOURCES LTD., Kendra Johnston, Investor Relations Manager &
Geologist, Tel: (604) 684-2285, E-mail: email@example.com