Atlas Mining Company WKN 263 513 ISIN US0493751087 ALMI

Schöner Scheiß......aber gleich -50% halte ich für überzogen.
Im prinzip ist nichts passiert.
Aber so was sollte nicht passieren.

Atlas Mining Company Announces Intention to Correct Accounting for 2004 Halloysite Clay Sale and Cancellation of its Investor Update Conference Call Scheduled for Today at 4:00 p.m. Eastern Time
Tuesday October 9, 8:00 am ET

KELLOGG, Idaho--(BUSINESS WIRE)--Atlas Mining Company (OTCBB:ALMI - News) today announced that the company will restate the Company's audited consolidated financial statements and other financial information at and for the fiscal years ended December 31, 2004, 2005, and 2006 and its unaudited consolidated financial statements and other financial information at and for the fiscal quarters ended March 31, June 30, and September 30, for the years 2005, 2006, and 2007, to correct the Company's accounting for cash received in 2004 as a deposit for future deliveries of halloysite clay from the Company's Dragon Mine in Juab County, Utah. The correction follows a meeting between members of the Company's newly appointed senior management and a company with which Atlas' former management has had a prior business relationship. At that meeting, current management was informed that the Company had been paid $125,000 in December 2004 and $125,000 paid in June 2005 as a deposit for future deliveries of halloysite clay.

ADVERTISEMENT
Following a review of this transaction and confirmation of the receipt of such funds, the Company has determined that the Company recorded the funds received as revenues. Because the Company has not delivered the clay, the Company believes such amounts should have been classified as unearned revenues and reported as liability on the Company's balance sheet. The Company has therefore determined to account for the transaction as a deposit of funds, thus reducing previously recorded revenues and increasing long-term liabilities.

The Company estimates that as a result, its net loss as originally filed at $946,274 will be increased by approximately $250,000, totaling $1,196,274, for the fourth quarter and year ended December 31, 2004. In addition, long-term liabilities will be increased by approximately $125,000 for the year ended December 31, 2004, and quarter ended March 31, 2005, and $250,000 for the years 2005 and 2006, and for the quarters ended June 30, and September 30, 2005 and 2006, and for the quarters ended March 31, and June 30, 2007. The affect on long-term liabilities of such restatement will be as follows:

Long-Term Long-Term
Liabilities Liabilities
Period Ended As Originally As Amended
Stated (Estimated)
----------------------------------------------------------------------

Year ended Dec. 31, 2004 $30,055 $280,055
Quarter ended Mar. 31, 2005 29,881 279,881
Quarter ended June 30, 2005 29,068 279,068
Quarter ended Sept. 30, 2005 29,068 279,068
Year ended Dec. 31, 2005 37,188 287,188
Quarter ended Mar. 31, 2006 23,688 273,688
Quarter ended June 30, 2006 172,632 422,632
Quarter ended Sept. 30, 2006 159,496 409,496
Year ended Dec. 31, 2006 216,721 466,721
Quarter ended Mar. 31, 2007 321,237 571,237
Quarter ended June 30, 2007 344,741 594,741

In the course of its review of this transaction, the Company has identified additional potential areas of accounting uncertainty that it is currently investigating. The Company cannot currently say whether the additional items will result in further corrections to the Company's financial statements.

At this time it does not appear that there are any irregularities with respect to revenue earned or recognized from the Company's contract mining services division, which is currently generating approximately $2.0 million in gross revenues per quarter.

As a result of these issues, the Company is canceling today's investor update conference call. On the call, the Company's newly appointed management intended to discuss the status of the Dragon Mine and provide an update on their activities and discoveries since joining the Company in July and August, 2007. Specifically, on the call, management planned to inform investors that in their opinion, a current lack of a comprehensive, independent, third-party resource evaluation and estimation, insufficient mine planning, and inadequate processing facilities at the Dragon Mine are significant ongoing factors in the Company's inability to enter into definitive contracts for the supply of halloysite clay from the Dragon Mine. Accordingly, no short or long term contracts for halloysite clay from the Dragon mine are pending or imminent in the near future. New management further intended to inform investors that the Company has suspended mining activities at the site pending an independent, third-party geologic review and detailed evaluation of the nature and extent of the Dragon Mine halloysite deposit, and note that the Company is presently in discussions with potential contractors to begin this process in the near future.

Management also intended to update investors with respect to the Company's efforts to grow its contract mining services business and ongoing efforts to improve the Company's corporate governance and internal controls and procedures. The Company will provide additional detail with regard to those items at a later time.

About Atlas Mining Company: Atlas Mining Company is a diversified natural resource company with a focus on the development of the Dragon Mine halloysite clay deposit in Juab County, Utah. Atlas also operates the Atlas Fausett Contracting Division, an underground mining and drilling contracting business. Atlas stock trades on the OTC Bulletin Board under the symbol "ALMI." More information about Atlas Mining Company can be found at http://www.atlasmining.com.

Dass man es schon gewusst hat, zeugen die wechsel des Managements im August.

Neuer CEO:
http://biz.yahoo.com/bw/070716/20070716005103.html?.v=1

Neuer Vice und CFO:
http://biz.yahoo.com/bw/070813/20070813005364.html?.v=1

Und noch der Quarter Bericht ebenfalls vom August:

Form 10QSB for ATLAS MINING CO

14-Aug-2007

Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD LOOKING STATEMENTS

This Form 10-QSB contains forward-looking statements, including statements regarding the expectations of future operations. For this purpose, any statements contained in this Form 10-QSB that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing words such as "may," "will," "expect," "believe," "anticipate," "estimate," or "continue" or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within the Company's control. These factors include, but are not limited to, economic conditions generally and in the industries in which the Company may participate, competition within the chosen industry, including competition from much larger competitors, technological advances, and the failure to successfully develop business relationships. In light of these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. This item should be read in conjunction with "Item 1. Consolidated Financial Statements" and other items contained elsewhere in this report.

OVERVIEW

We are a natural resources company engaged in the acquisition and exploration of our resource properties in the states of Idaho and Utah, and in New Foundland, Canada. We also provide contract mining services and specialized civil construction services for mine operators, exploration companies, and the construction and natural resource industries through our trade name "Atlas Fausett Contracting."

Our primary source of revenue is generated by our Atlas Fausett Contracting operations. However, we also have exploration targets and timber. As a result, we are providing management's discussion on our plan of operation.

Contract Mining

Our contract mining generates most of our revenues. This may decrease as we are able to increase operations on our owned properties, and we will adjust our resources accordingly. At this time, we anticipate that our contracting will remain a significant portion of our business.

Property Exploration

We intend to continue our exploration activities for halloysite clay and other minerals, and intend to acquire commercially feasible properties that can be put into production with minimal environmental problems and with limited financial resources. We do not intend to seek out and acquire other properties unless they fit into the parameters we have set. Further, we will limit our acquisitions based on our ability to conduct our feasibility surveys and other exploration work on these properties, and until we have been able to bring our existing acquisitions into an income generating stage.

In August 2001, we acquired the Dragon Mine in Juab, Utah and began our clay exploration. Our exploration and development expenses for the three month period ending June 30, 2007 and 2006 were $440,402 and $505,364, respectively, on the halloysite clay project.

The halloysite clay is considered a non-toxic material, and we feel we can produce a sellable product with minimal environmental consequences using proper containment and processing techniques. The intended processing will be the crushing, drying, and packaging of the product for shipment. In 2003, we completed diamond drilling programs to verify location of clay beds at the Dragon Mine. In 2006, we have continued our diamond drilling program. With that information, we have been able to formulate development and mining plans. During 2005 and 2006 we have worked to develop and bring the Dragon Mine into a production stage.

Our halloysite clay marketing efforts include contacting potential customers and distributors, which we have done. Each buyer may have different uses for the product and, therefore, the prices and quantities will vary as a result. The sale of product cannot be formalized until we have verified our ability to provide the quality and quantities as required by the potential buyers. From results of the product samples distributed, we have numberous potential buyer. In March 2006, we activated Nano Clay and Technologies, Inc., a wholly owned subsidiary, and hired Dr. Ronald Price as its President and Chief Executive Officer, to pursue these activities.

Until the Dragon Mine is producing in a profitable manner, we are not aggressively trying to develop other properties. However, it is our intent to look for other properties that can be acquired, developed, and mined with minimal costs, and environmental concerns.

We have a mining plan and reclamation bond approved by the proper state authorities, have filed and received Mine Safety and Health Administration (MSHA) registration, and county permitting where applicable. In the future, we may pursue additional acquisitions and exploration of other properties for metals and industrial minerals, development of which will require submission of new mining and reclamation plans to the proper state and federal authorities.

Timber

We will continue to harvest timber on our property. Timber harvesting will be dependent upon lumber prices and weather. We normally do not log much in the winter months.

RESULTS OF OPERATIONS

Revenues for the three month period ended June 30, 2007 were $2,158,250 and $767,097 for the same period ending June 30, 2006, or an increase of $1,391,153. Revenues for the six month period ended June 30, 2007 were $4,160,520 and $1,101,829 for the same period ended June 30, 2006, or an increase of $3,058,691. The main difference was caused by the increase in contracting revenues for both periods in 2007 as compared to the previous year.

Gross profit (loss) for the three month period ended June 30, 2007 was $1,037,838 compared to $240,971 for the same period ended June 30, 2006, a difference of $796,867. Gross profit (loss) for the six month period ended June 30, 2007 was $1,948,105 compared to $401,399 for the same period ended June 30, 2006, or an increase of 385%. This was due to the increased revenues for the periods ended June 30, 2007 over the same periods ended June 30, 2006.

Total operating expenses for the three month period ended June 30, 2007 were $933,588 compared to $764,297 for the same period ending June 30, 2006, or an increase of 22%. Total operating expenses for the six month period ended June 30, 2007 were $1,933,475 compared to $1,860,685 for the same period ended June 30, 2006. The increase is primarily attributed to the increase in mining production costs.

Our net profit (loss) for the three month period ended June 30, 2007 was $117,847 compared to ($525,987) for the same period ended June 30, 2006, or an increase of $643,834 (122%). For the six month period ended June 30, 2007, net profit (loss) was $52,235 compared to ($1,454,590) for the same period ending June 30, 2006, or a decrease of $1,506,825 (104%). The increase realized the period ended June 30, 2007 is due to a significant increase in contract mining revenues, coupled with a reduction in the cost of performing contract mining services.

LIQUIDITY AND CAPITAL RESOURCES

Through December 31, 2006, our activities had been financed primarily through the sale of equity securities and borrowings, coupled with revenues from Atlas Fausett Contracting and logging operations. During the six month period ended June 30, 2007, our activities have been primarily financed through contract mining activities, and sales of equity securities. We intend to continue pursuing contract mining work to help finance for our operations and provide for future growth. For the three month periods and the six month periods ended June 30, 2007 and June 30, 2006, contract mining accounted for 100% of the revenue. Our current asset and debt structure is explained below.

Our total assets as of June 30, 2007 were $6,819,776 compared to $4,309,881 as of December 31, 2006, or an increase of $2,509,895. For the six month period ended June 30, 2007, the Company has increased its current assets by $1,655,408, and increased its fixed assets by $898,708 through acquisitions of additional mining equipment and vehicles.

Total liabilities were $1,014,503 as of June 30, 2007, compared to $855,089 as of December 31, 2006. The Company acquired mining equipment during the period ended June 30, 2007 to facilitate increased contract mining activities. The following debts are still outstanding:

· We have a note payable for equipment due in monthly installments of $2,135, including interest of 9.75%, with a balance of $20,422.

· We have a note payable for equipment due in monthly installments of $1,605, including interest of 5.41%, with a balance of $36,434.

· We have a note payable for equipment due in monthly installments of $676, including interest of 1.35%, with a balance of $8,068.

· We have a note payable for equipment due in annual installments of $15,573, including interest of 5%, with a balance of $61,225.

· We have a note payable for equipment due in monthly installments of $479, including interest of 0%, with a balance of $12,945.

· We have a note payable for a vehicle due in monthly installments of $688, including interest of 7.59%, with a balance of $26,847.

· We have a note payable for property with mineral rights due in annual installments ranging between $15,000 to $54,000 with a balance of $83,796.

· We have a note payable for equipment due in monthly installments of $3,518, including interest of 22.66%, with a balance of $120,959.

· We have a note payable for equipment due in monthly installments of $1,075, including interest of 0%, with a balance of $35,487.

· We have a note payable for equipment due in monthly installments of $1,632, including interest of 3%, with a balance of $88,019.

· We have a note payable to an insurance company for insurance premiums with a balance of $2,801.

· We have two capital leases payable for equipment at an aggregate monthly payment totaling $4,493 with a balance of $38,673.

· Current liabilities including accounts payable and accrued expenses due as of June 30, 2007 were $485,193 and are the result of daily operations and accrued taxes. We also carry a liability of $50,307 to the minority interest in a subsidiary.

If we do not reduce our debts, we would be obligated to pay an average of $19,874 per month or $238,491 for the next twelve months.

Our principal sources of cash flow during the first six months of 2007 was from contracting activities which provided an average of $693,420 per month for the six month period ended June 30, 2007, and averaged $183,638 per month for the same period in 2006. In addition, we rely on our credit facilities and public or private sales of equity for additional cash flow.

Cash flow from financing activities for the six month period ended June 30, 2007 was $2,195,131 compared to $1,029,516 for the same period in 2006, a difference of $1,165,615. The major factor for the difference was receipt of proceeds from issuance of common stock in January 2007.

The Company used $1,068,648 from investing activities for the six month period ended June 30, 2007, compared to using $807,315 in the same period in 2006, a difference of $261,333. This was attributed to purchases of more equipment in the period ended June 30, 2007 compared to the same period in 2006.

Cash flows provided by (used by) operating activities for the six month period ended June 30, 2007 was $167,425 compared to ($1,394,320) for the same period in 2006, a difference of $1,561,745. In the six month period in 2007, we had net income after income taxes, as compared to a net loss after income taxes for the same period ended in 2006.

OFF-BALANCE SHEET ARRANGEMENTS

There are no off-balance sheet arrangements between the Company and any other entity that have, or are reasonable likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

...und die neuen Köche sind schon am ausmisten

...und wenn die so schnell am wiederaufbauen sind wie beim Reinemachen...---

...vorhandene Substanz

...und gesicherter Cash Flow

...sollten ausreichen

---...dass die Aktionäre nicht auf Dauer hungern müssen

grüsse

emoba

emoba,
da war ich jetzt mal frech und hab meine bestehende Position mit der doppelten Anzahl Aktien aufgestockt..
Mit Bauchweh.......

Und ich hab mir schon gedacht, warum geht das Ding nur runter in letzter Zeit, wenn sie die besten Zahlen seit Jahren haben.

Hast schon mal beim insiderhandel geschaut?
Säcke sind das.....

Grüße
Tschonko

Tschonko

Me too, :D.. nun ein von schnitt 1 USD, passt scho

Good bye MNG (doppler) , ich habe ja genug NEM, btw. die UXG ist auch preiswert, dort habe ich auch aufgestockt.

Cheers

XEX

@eldo,
weiß nicht ob wir da nicht in die scheiße gegriffen haben.
Meine Grundposi war schon 0,0, gekauft zu 0,3.
Heute hab ich bei 0,92 zugegriffen. Das erscheint mir nun etwas hoch

Nehme mal an, dass da noch nicht alles am Tisch ist.
Umsatz ist jedenfalls gewaltig für diese Aktie.

Vertrauen ist mal futsch, dabei war der frühere CEO so ein netter, sehr freundlich.
Haben da eh mal gelästert, Idaho-bauernschlaues Urgestein.
Über die Neuen weiß ich nullo.

Na dann schauen wir uns das Kasperletheater mal an.
Dass du da einsteigst, das hab ich schon fast erwartet....
Sozusagen Spezialität..

Grüße
Tschonko

Hi Ihr!

Hab die Almi nicht im Depot, aber immerhin schien sie mir bisher unter den Minengesellschaften in Idaho eine der solideren Firmen zu sein.

Ich gebe auch zu, diese aktuellen Bewegungen in dieser Form nicht mehr einschätzen zu können, Tschonkos Stichwort bezüglich des Vertrauensverlusts dürfte das entscheidende Manko treffen:
bei den Börsianern werden seit August krumme Wege radikal abgestraft, das hätte man aber wissen können.
Überall liegen die Nerven blank.
Darüber täuschen die Highs der Kurse der grossen Indizes (S&P, Nasdaq, Dow, Footse, Nikkei, DAX) ja nur grob hinweg.
Alle haben derzeit feuchte Hände.

Almi arbeitet bezüglich der Herstellung der Gangsysteme um die Sunshine Mine erfolgreich und solide mit Sterling Mining zusammen.
Nicht einmal das hat ihnen aber in dieser Situation Stabilität gegeben.
Sterling stieg heute um ein halbes Prozent. ...

Für mich persönlich ist es interessant zu sehen, dass es immer wieder die komplexeren unter den Stories trifft ... Clay, Silver, Timber etc ...
Bei NJMC die vielen verschiedenen Hochzeiten auf denen getanzt wird, zusammen mit den vielen Finanzierungen ... .

Vermutlich ist also Klarheit an dieser Stelle grundsätzlich immer ein grosser Vorteil - und zwar ein finanzieller Vorteil! - allein schon weil das Vertrauen in Verständliches schneller herstellbar ist und dauerhafter Bestand hat.

Gruss,
gutso

Tschonko

Die haette ich schon laengst verkauft mit deinen Schnitt 0.30.
Das Miststueck Almi, die geht noch weiter runter, nun ein schnitt 0.84 USD.Eine ganze Alm gekauft, weiter wird gejodelt.

XEX

@eldo,
ich hab gestern noch meine alte Position verkauft, hab jetzt doppelt so viele Almis wie vorgestern und fast ein Drittel Verlust.
Das ist ein neues Gefühl für mich bei Almi.
Weil mit der war ich noch nie hinten, 3 Jahre lang.
Du hast jetzt auch den besseren Einstandspreis.

Gut nur, dass ich den größten Happen zu 2,82 verkauft hab heuer im juni.

Nachkaufen tu ich auch nichts.
Wenn nicht noch Shit nachkommt, gehört sie zu den billigsten Stücken am Markt.
Die Idaho property war sowieso noch nie eingepreist.
Die Minenabteilung arbeitet gut und fleißig.
Aber vielleicht kommt noch was in Bezug auf den Clay, das Kernstück von Almi.
Produktionsschwierigkeiten etc.
Sonst wäre es unverständlich.

gutso,
ja da hast wahrscheinlich recht mit deiner Analyse.
Solide waren die immer........

Bei den Managementwechseln hätt man schon munter werden können. Aber ich hatte die einfach im Depot als nobrainer.......

Grüße
Tschonko

Tschonko

Danke fuer die Info, mal schaun was Almi heute macht.
Ins fallende Messer greifen ist so eine Sache, ich finde der Abverkauf war uebertrieben und nicht gerechtfertigt.
Bei SWG bin ich ganz dick drin, mein Schnitt ist nun 2.00 CAD.
In Boka ist Gold, wie viel wird sich noch zeigen wenn die Forensic/Ermittlungen in den Skandal abgeschlossen ist.
Ich habe mehr Aktien was NEM hatte, ob das gut geht sehe ich noch.
Der groesste hohe Poker, danach IMA die sich gut haelt aber totes Kapital ist bis mitte 2008.
Wenn das Supreme Court den Einspruch annimmt dann hat Grosso eine kleine Chance, ich glaube es braucht die Zustimmung von drei Richtern das es vor Gericht geht.

Gruss

Eldo

Tschonko und ELDO

Hab genügend Cash zur Zeit.....Anfangsposition ALMI geholt......der Abverkauf war übertrieben nach meiner Meinung!!

Wir werden sehen....

@Value...die Kasse klingelt

Jetzt habe ich wieder einen gesunden Puffer gegen jeden Tsunami mit dem Margin.

Am 24th October bin ich im Urlaub fuer drei Wochen,vielleicht kommt in der Zeit ein weiteres Hoch.

Pfirty

XEX

@ELDO

Allerdings......MAE hat reichlich Cash in die Kasse gespült genauso wie das kurzfristige Traden vom 16.08. weg
Nicht nur Almi geholt....kürzlich bei CXX und FMM nachgeladen....nach der empirsch bewiesenen (Urlaubs-)Theorie sind ab 24 Oktober steigende Kurse angesagt....

Bon voyage

Value,
gratuliere, spitze erwischt das Ding ....
ich hätt lieber ein Bier trinken sollen oder zwei, dann hätt ich sie auch günstiger.
Bin nun wieder eben.
FMM ist Full Metalls...

@eldo,
bei IMA: ist halt gebundenes Geld mit Minichancen.
Aber du liebst solche Sachen.....
Hast aber eh einen guten Lauf, NOT?

Grüße
Tschonko

Die ALMI hat halt nun wieder das Übliche. Gewinne werden abverkauft, wird zäh, bis dann die Meldungen kommen.
Auf der Homepage setzt sich Staub an. Nicht am Laufenden.

Tschonko

Momentan laeuft alles prima, und die Almi ist schon wieder im plus.
Bei 752 $ habe ich einiges vom Tisch genommen, mir ist das zu wunderbar im Moment.
Der Merkur ist nun ruecklaeufig, nun sind wird wieder unter 750 $
Ich kauf lieber was dick in rot (schock) ist....
Klappt meistens ...aber die NOT is nun eine have not.
Der Nickel Typ bin ich eh nicht.
Schau dir mal die GMX.TO an, preiswert und gut diversifiziert sind die.
Ansonsten denke ich noch an die VGZ ANV UXG PZG BUF.V MRZ.V OTL.V RR.V GPR.TO GUY.TO RDV.TO....die haben noch einiges aufzuholen.

Servas

XEX

Tschonko

Ja, FMM.TSXV ist Full Metal Minerals A0f57C / CA35968C1095....hinterher ist man immer klüger.....hatte einfach nur Glück und hinsichtlich Timingfrage an bewußtem 16.08. seit langem mal wieder ein gutes Händchen....das ist sonst nicht, sagen wir mal meine Stärke...

Evtl. wirds ja bei ALMI ähnlich....dann werde ich mir aber langsam unheimlich

Gruss

Tschonko und Eldo

Manoman......seh ich ja jetzt erst......vorgestern ALMI geholt und heute bereits über 30% im Plus :D......super Einstiegszeitpunkt erwischt.....ärgerlich nur, dass ich nur 1/3 des reservierten ALMI Geldes investiert habe, da ich immer in drei Etappen kaufe......jetzt muss ich mir ernsthaft überlegen ob ich es nicht dabei belasse oder evtl. nochmal nachlege....

@eldo,
NOT ist nicht nur Basis, windfalls ist gold und das nicht wenig.
Aber egal.

ALMI: dass es so schnell wieder über den $ geht, hätt ich nicht gedacht.
So geht´s: alles richtig erkannt, aber ein bisserl zu schnell abgedrückt....
(siehe oben!)

Value, werd dir ruhig unheimlich.....

Grüße
Tschonko

Tschonko

Lekker rebound.....den Urlaub fuer drei Wochen hat die Almi gezahlt.

Was will ich mehr... ;)...jetzt habe ich wieder meinen Stammstock wesentlich guenstiger und einen geilen Urlaub vor mir..

...ich denk dran

@ELDO

Schade, dass Dir ALMI nur 3 Wochen Urlaub gezahlt hat......musst nächstes Mal mehr investieren, denn 8-10 Wochen Urlaub würde ich Dir schon gönnen....und uns auch....weist ja warum

Tschonko

Auch ein blindes (Timing-) Huhn findet mal ein Korn