Applied Minerals, Inc. (“Applied Minerals”) (OTCBB: AMNL), a leading global producer of Halloysite Clay, is pleased to provide an update of the Dragon Mine.
Progress report including Resource Statement - Dragon Mine, Eureka, Utah, USA
April 2011 - Prepared by Dr. Ian Wilson, consulting independent Geologist to Applied Minerals, Inc.
Background to Applied MineralsApplied Minerals, Inc is a US publicly traded SEC reporting company with $60 million Current Enterprise Value. Applied Minerals owns the Dragon Mine Halloysite deposit in Utah and sells under the Dragonite™ tradename. New management took over from Atlas Mining Company in January 2009 and implemented a new Board of Directors and appointed geological and technical consultants for advice. With strong financial backing, Applied Minerals is nearing completion of a three-year study into the resources and markets to be served from the Dragon mine operation. The Dragon Mine is located in Tintic District of north central Utah, some 75 miles southwest of Salt Lake City. The area covers 230 acres and includes 38 patented claims. Currently there are two underground portals with workings. Five waste piles left by Filtrol from surface and underground mining are present on the property. Applied Minerals has recently been granted a permit to mine throughout the year. There is currently an onsite dry milling and jet milling operation producing some products with capacity dependent on the grade of halloysite. The property has a long history of mining from initial iron ore mining, where some gold was extracted from the smelting of the ore, through to mining of halloysite. Mining stopped in 1971 and over the last decade attempts have been made to re-commence production of halloysite. Filtrol Corporation mined over one million tons of halloysite from the surface and underground from 1949-1976 for use as a petroleum cracking catalyst. Since May 2008 a detailed investigation has been conducted of all available data with further drilling being carried out to determine remaining resources of halloysite.