Wednesday April 24, 1:49 pm ET - Aguas Blancas Mine Opening an Outstanding Success; Private Placement Oversubscribed
Press Release
SOURCE: Atacama Minerals Corp.
VANCOUVER, BRITISH COLUMBIA--(AAM - TSX Venture) Atacama Minerals Corp. (the ``Company'') is pleased to announce that the April 17th opening of the Aguas Blancas industrial mineral mine in Chile was an outstanding, unqualified success. Invited guests participated in an opening ceremony at the minesite, where a benediction and ribbon cutting was performed. The ribbon was cut by Mr. and Mrs. Adolf Lundin and Sr. and Sra. Luis de Urrutecoechea. A reception was held that evening in Antofagasta, the capital city of Region II, attended by local Chilean authorities and representatives from the Chilean business sector.
At the reception, the expansion plans for Aguas Blancas were confirmed by management. As reported, the iodine capacity at Aguas Blancas will be increased in 2002 to 1,100 tonnes per annum. Production will be further expanded to 1,500 tonnes in the first quarter of 2003. The construction of evaporation ponds will commence immediately for the production in 2003 of 50,000 tonnes of nitrates and 50,000 tonnes of sulphates.
To finance this accelerated expansion program, a US$3.5 million revolving credit facility is being finalized, backed as to 50% by ACF Minera S.A. and 50% by Atacama Minerals Corp. With the cash flow from Aguas Blancas, this credit facility will cover the first phase iodine expansion and initial nitrate and sulphate production. The recently announced private placement financing will secure the Company's commitment in this regard. The Company is pleased to report that the private placement is significantly oversubscribed.
ON BEHALF OF THE BOARD
Richard P. Clark, President
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Contact:
Atacama Minerals Corp.
Sophia Shane
Corporate Development
Phone: (604) 689-7842
Website: www.atacama.com |
