Atna Resources Reports Second Quarter 2009 Results



    



    
    GOLDEN, Colo., Aug. 14 /CNW/ -- Atna Resources Ltd. ("Atna" or the
"Company") (TSX: ATN) today reported unaudited financial results for the
Company's second quarter for the period ended June 30, 2009. Unless otherwise
designated all amounts are in Canadian dollars.
    

    Highlights:
    --  During the second quarter a total of 2,966 ounces of gold were
produced
        at the Briggs Mine, of which 1,955 was sold at an average gold price
of
        US$936. Revenue from the second quarter was credited against
        capitalized costs as the mine continued to be in development.
    --  Gold production from Briggs totaled 1,756 ounces in the month of July
        and ramp-up of production to an annualized rate of 40,000 ounces will
        continue throughout 2009.
    --  Capital expenditures on the re-start of operations at Briggs totaled
        US$14.6 million as of June 30, 2009.
    --  A new estimate of gold mineralization at Briggs, based on recent
        drilling, resulted in an 11 percent increase in the measured and
        indicated resource and a 34 percent increase in the inferred resource.
    --  The Bureau of Land Management has advised Atna that it has written a
        record of decision and finding of no significant impact for the Reward
        gold project which is currently in the approval process within the
        agency.

    --  Pinson Mining Company, a subsidiary of Barrick Gold, has advised the
        joint venture that the open pit option for Pinson is not viable. The
        joint venture is discussing other alternatives for the project.


    Financial Results:

    
    At June 30, 2009, cash and short term investments totaled $4.9 million,
which represented a net decrease of $6.6 million during the quarter. The net
decrease was due primarily to $2.6 million of cash used in operating
activities and $3.6 million used in development and leasing activities at the
Briggs Mine.

    For the three months ended June 30, 2009, Atna recorded a net loss of
$2.3 million, or a basic loss per share of $0.03, on revenues of nil. For the
six months ended June 30, 2009, Atna recorded a net loss of $3.2 million, or
basic loss per share of $0.04, on revenues of nil as all revenue continued to
be credited against capital expenditures at Briggs. Revenues from gold sales
during the second quarter were credited against capitalized costs. This
compares to a net loss of $1.5 million, or a basic loss per share of $0.02, on
revenues of $0.2 million for the three months ended June 30, 2008 and a net
loss of $2.5 million, or a basic loss per share of $0.03, on revenues of $0.2
million for the six months ended June 30, 2008.

    Details of the $0.8 million total negative variance in the results
between the second quarters of 2009 versus the second quarter of 2008 were as
follows:
    
    --  A positive variance of $0.4 million in general and administrative
        expenses was due primarily to a decrease in expenses related to merger
        costs incurred during the first half of 2008 and a strong attention to
        cost controls.
    --  A negative variance of $0.4 million related to exploration expense at
        the Cecil R property.
    --  A negative variance of $0.2 million due to a lower unrecognized gain
on
        non-financial derivatives due to a higher gold price which decreased
        the fair market value of the gold hedges.
    --  A negative variance of $0.3 million was recorded for changes in the
        foreign exchange.

    --  Other small negative variances totaling $0.3 million resulted from a
        higher net interest expense, an increased loss on asset disposals, and
        other less significant items.


    Briggs Mine:

    
    The Company's Briggs Mine began producing gold in May 2009 and sold 1,955
ounces of gold during the second quarter. Revenues from gold sales amounted to
US$1.8 million, which were recorded as a credit against capitalized
development costs for the quarter. Revenues are expected to trend higher
during the next two quarters as the number of ore tons under leach increases
resulting in increased gold production.

    We expect third quarter gold production to increase from the first half
of the year due to increased ore mining resulting from higher equipment
utilization as working areas open up in the mine and increased ore supply
becomes available. In addition, the mine is scheduled to add an additional
crushing and mining shift during the fourth quarter to further increase
production. A sixth haul truck was added to the fleet in early August.
Continued increases in productivity during 2009 are expected to increase the
production rate to the annualized rate of 40,000 ounces of gold by the end of
the fourth quarter.
    

    U.S. Trading Market:

    
    Atna now has a market maker in the U.S. Over the Counter market (OTC) on
the Pink Sheets "ATNAF". On July 31st, 2009, a U.S. based Broker Dealer and
Market Maker began quoting a bid and offer on the stock.  Pursuant to U.S.
Securities Exchange Act of 1934 Rule 15c2-11, the stock may be quoted by
another market maker after 30 days, making it eligible for multiple market
makers on August 31st, 2009. The Toronto Stock Exchange remains the primary
trading market for Atna (TSX: ATN).

    When comparing average daily volume in the U.S. prior to the U.S. Market
Maker, the U.S. nine day average volume increased to 39,944 shares per day,
compared to the nine day average of 9,700 shares before the U.S. market maker.
    

    Conference Call:

    
    Management will host a conference call on Monday, August 17, 2009, at
1:00 pm Eastern, to discuss these results and general corporate and project
activities. Participants in the U.S. and Canada dial   (877) 559 - 1977,
International callers dial (660) 422 - 4979. Please reference conference ID #
24975229.

    A replay of the second quarter call will be available through midnight
August 20, 2009 by dialing (800) 642-1687 or (706) 645-9291, reference
conference ID # 24975229.

    For additional information on Atna, its mining, development and
exploration projects, please visit our website at www.atna.com.

    This press release contains certain "forward-looking statements," as
defined in the United States Private Securities Litigation Reform Act of 1995,
and within the meaning of Canadian securities legislation. Forward-looking
statements are statements that are not historical fact.  They are based on the
beliefs, estimates and opinions of the Company's management on the date the
statements are made and they involve a number of risks and uncertainties.
Consequently, there can be no assurances that such statements will prove to be
accurate and actual results and future events could differ materially from
those anticipated in such statements. The Company undertakes no obligation to
update these forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause future
results to differ materially from those anticipated in these forward-looking
statements include: the Company might encounter problems such as the
significant depreciation of metals prices; accidents and other risks
associated with mining exploration and development operations; the risk that
the Company will encounter unanticipated geological factors, the Company's
need for and ability to obtain additional financing; the possibility that the
Company may not be able to secure permitting and other governmental clearances
necessary to carry out the Company's exploration programs; and the other risk
factors discussed in greater detail in the Company's various filings on SEDAR
(www.sedar.com) with Canadian securities regulators and its filings with the
U.S. Securities and Exchange Commission, including the Company's 2008 Form
20-F dated March 31, 2009.

    Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings with the
SEC, to disclose only those mineral deposits that a company can economically
and legally extract or produce. We use certain terms in this report, such as
"measured," "indicated," "inferred," and "resources," that the SEC guidelines
strictly prohibit U.S. registered companies from including in their filings
with the SEC.



    FOR FURTHER INFORMATION, CONTACT:

    
    James Hesketh, President and CEO - (303) 278-8464
    Valerie Kimball, Investor Relations - toll free (877) 692-8182
    www.atna.com
    



    
                       ATNA RE

SOURCES LTD. AND SUBSIDIARIES SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION (Canadian dollars, Canadian GAAP basis) (Unaudited) June 30, December 31, 2009 2008 ---- ---- BALANCE SHEETS -------------- ASSETS Current assets $8,894,500 $21,800,400 Noncurrent assets 69,483,000 60,281,800 ---------- ---------- Total assets 78,377,500 82,082,200 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities 5,445,400 3,669,100 Notes payable - long term 959,500 1,004,900 Noncurrent liabilities 6,216,400 5,238,900 Shareholders' equity 65,756,200 72,169,300 ---------- ---------- Total liabilities and shareholders' equity $78,377,500 $82,082,200 =========== =========== Three Months Ended Six Months Ended June 30, June 30, ---------- --------- 2009 2008 2009 2008 ---- ---- ---- ---- STATEMENTS OF OPERATIONS ------------------------ Revenues $- $156,800 $- $156,800 Cost of sales - 150,000 - 150,000 Depreciation, depletion and amortization 47,300 31,300 89,400 59,300 General and administrative 955,800 1,307,300 1,930,600 2,154,000 Exploration 567,300 148,400 1,179,900 355,800 Other (income) expense, net 767,800 42,500 (1,400) (107,700) ------- ------ ------ -------- Net loss (2,338,200) (1,522,700) (3,198,500) (2,454,600) Unrealized gains and losses on translating the financials of self sustaining foreign operations (5,378,000) (381,600) (3,236,400) 532,900 Unrealized loss on available for sale securities (43,200) (80,500) (66,200) (253,500) ------- ------- ------- -------- Comprehensive income (loss) (7,759,400) (1,984,800) (6,501,100) (2,175,200) ========== ========== ========== ========== Basic and dilutive loss per share $(0.03) $(0.02) $(0.04) $(0.03) ====== ====== ====== ====== Basic and dilutive weighted-average shares outstanding 83,291,100 82,708,400 83,291,100 74,997,000 ========== ========== ========== ========== CASH FLOWS ---------- Cash and cash equivalents, beginning of period $11,228,800 $3,596,500 $20,349,700 $3,516,800 Effect of exchange rate changes on cash (234,800) 36,200 52,600 61,800 Net cash used in operating activities (2,577,100) (1,969,500) (5,658,000) (2,809,600) Net cash (used in) provided by investing activities (3,254,700) 4,521,800 (9,353,900) 5,387,200 Net cash (used in) provided by financing activities (298,100) 485,300 (526,300) 514,100 -------- ------- -------- ------- Cash and cash equivalents, end of period $4,864,100 $6,670,300 $4,864,100 $6,670,300 ========== ========== ========== ==========

For further information:

For further information: James Hesketh, President and CEO,
+1-303-278-8464, or Valerie Kimball, Investor Relations, toll free
1-877-692-8182, both of Atna Resources Ltd. Web Site: http://www.atna.com

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