Applied Minerals, Inc. To Investigate Options For Monetizing Its Non-Core Idaho Silver Properties
The Atlas Mine is located on the east end of the Coeur d'Alene Mining District in Shoshone County. The property lies just south of the Osburn Fault directly adjacent to Hecla Mining’s Lucky Friday Silver Mine and is accessible by interstate freeway and a county-maintained road. The Atlas property is surrounded by claims staked by Sterling Mining Co., under current ownership of billionaire investor, Thomas Kaplan’s Silver Opportunity Partners. The surrounding claims are believed to have been staked as a result of geophysical exploration findings. The Mine has over 7,000 feet of tunnels, fully preserved core shed, a rail system and a 2,000-foot internal shaft that can be used as an access for future exploration.
The separate tracts of land owned by Applied Minerals in Shoshone County, Idaho are the following:
|Atlas Mine||540 acres fee simple|
|Sierra Trapper Creek||80 acres patented|
|Aulbach, Sections 6 & 7||100 acres patented|
|Sierra Silver, Woodland Pk & 9 Mi||60 acres patented|
|80 acres mineral rights|
All properties may be accessed either by state highway, county roads or forest service roads.
According to Mr. Lazarovici: “The recent appreciation in silver prices which recently reached a 30-year high of over $22/ounce, along with other commodity prices, has renewed interest in historical mining properties like the Atlas Mine. Previously producing mines, and the mineral districts that they are located in, provide relatively low risk exploration targets and with their existing infrastructure, a fairly quick and low cost potential source of new production. As a result, these types of properties are attracting the interest of mining companies and investors. I look forward to working with the management of Applied Minerals to maximize the value of the Company’s Atlas Mine and other Idaho-based properties.” According to Andre Zeitoun, President and CEO of Applied Minerals, Inc.: “The resurgence of the Silver Valley, evidenced by recent investments made in properties surrounding the Atlas Mine, lead us to believe that the Atlas Mine may possess a valuable mineral resource. This compelled us to engage the services of the best qualified person to assist us in examining alternatives to maximize the value of, or monetize, the Atlas Mine and our other Idaho-based properties. We welcome Victor’s expertise and look forward to working with him.”
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