Atlas nears commercial operations, export deal

July 20, 2008

July 20th (Manila Standard Today) – Atlas Consolidated Mining and Development Corp. is close to securing a copper supply agreement with either Japan, China or India within the next six weeks.

“I suspect that within the next six weeks we already have off-take agreements for copper concentrate sales. We’re talking with a lot of companies. I say there is a lot of interest in copper, nowadays,” said Atlas executive vice president Martin Buckingham.

Atlas said it would start commercial production of copper concentrate in its Toledo project in Cebu by mid-August after commissioning its facilities and equipment for actual operation this month.

The initial phase of the project calls for processing of 20,000 metric tons of copper ore daily at the newly rehabilitated Carmen mine.

Atlas is conducting open-pit mining in South Luropan ore body with over 150,000 metric tons on stockpile and about 600,000 MT already exposed.

“With this start-up, our company will begin a historic journey of bringing the Toledo mine to equal, if not surpass, the previous operations of Atlas,” said company chairman and president Alfredo Ramos.

The mine will process 42,000 tons per day and produce up to 130 million pounds of copper, 70,000 ounces of gold, 260,000 oz. of silver, 160,000 dry metric tons of pyrite and 440,000 dmt of iron ore magnetite yearly.

An Atlas subsidiary, Carmen Copper Corp., is operating the Toledo copper mine. A financing partner from Singapore, Crescent Asian Special Opportunity Portfolio, owns nearly 35 percent of Carmen Copper.

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