VANCOUVER, Aug. 13 /CNW/ - Atna Resources Ltd. (ATN:TSX) is pleased to
release its interim consolidated financial statements, prepared without audit,
for the six months ending June 30, 2007, and the Management's Discussion and
Analysis ("MD&A") dated August 7, 2007. The following is a summary of the
information contained in the interim consolidated financial statements and
MD&A, both of which can be found on the Company's website at
http://www.atna.com/s/FinancialStatements.asp. and on the SEDAR website at
- Pinson Property:
- Pinson Mining Company (PMC) advised the Company that exploration
and development work will begin on the Pinson property in August.
- Resource estimate revised to include drill holes and assays
completed subsequent to the January 2006 resource estimate,
significantly increasing the amount of gold in all categories.
- Beowawe Property: 6,000-foot drill program completed; anomalous gold
in all drill holes, but insufficient values to warrant maintaining the
property; option agreements have been terminated.
- Clover Property: Meridian Gold completed ground exploration; multiple
targets being permitted for drilling in 3rd and 4th quarters, 2007.
- Jarbidge Property: drilling began in June with 2 rigs operating;
10,000 to 12,000 feet planned.
Results of Operations
During the six months ended June 30, 2007, exploration expenditures of
$788,942 (2006 -$2,673,238) were incurred and attributed as follows: Jarbidge
property in the amount of $208,339 (2006 - $82,355); Beowawe property in the
amount of $304,831 (2006 - $19,066); Pinson property in the amount of $70,567
(2006 - $2,532,860); and other U.S. and Canadian properties in the amount of
$205,205 (2006 - $38,957). Option payments of $77,222 (2006 - $28,171) and
cost recoveries of $49,195 (2006 - $69,088) were received. Writes-off of
$323,193 (2006 - $136,015) were incurred for the write-off of the Beowawe
project (2006 - on the Sno project). Building and equipment costs of Nil (2006
- $815,605 in respect of the Pinson project) were incurred.
During the six months ended June 30, 2007, a loss of $1,391,845 (2006 -
$89,587) was incurred for an increase of $1,302,258 over the previous period.
The increase was primarily due to the offset of a smaller gain on sale of
marketable securities against expenses incurred in 2007 versus 2006 (see other
income and expenses below). General and administrative expenses of $1,226,163
(2006 - $1,634,166) represented a decrease of $408,003 over the previous
period. The most significant components of operating expenses were: investor
relations of $209,076 (2006 - $146,928) for an increase of $62,148 as a result
of increased investor relations activities during the period; stock-based
compensation (a non-cash item) of $455,252 (2006 - $776,638) for a decrease of
$321,386 as a result of the fair value of options vested during the period;
and wages and benefits of $199,072 (2006 - $324,293) for a decrease of
$125,221 as a result of changes in allocation in reporting salaries and wages
from the previous period.
During the six months ended June 30, 2007, other income and expenses
included: exploration and business development of $113,902 (2006 - $80,734)
for an increase of $33,168 as a result of increased generative activities over
the previous period; the gain on sale of marketable securities of $38,278
(2006 - $1,684,206) for a decrease of $1,645,928 as a result of the sale of a
fewer number of securities during the current period; and property write-offs
of $323,193 (2006 - $136,015) for an increase of $187,178 as a result of the
Beowawe project having a higher carrying value than the Sno project, which was
written-off in the previous period.
Activity during the forthcoming quarter is expected to include:
- Drilling and the beginning of underground work by PMC at the Pinson
- Drilling by the Company of bonanza vein targets at Jarbidge
- Drilling of gold targets by the Company's partner, Meridian Gold, at
the Clover property
The Company is well funded to continue its activities, which, in addition
to the above, includes continuing to build its portfolio of exploration
projects in the Great Basin and analyzing and pursuing acquisition
For further information:
For further information: and the forward looking statement, please visit
our website, www.atna.com, or contact: ATNA RESOURCES LTD., Kendra Johnston,
Investor Relations Manager & Geologist, Tel: (604) 684-2285, E-mail: