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Gold/Mining/Energy : ATNA ( v.atn t.atn)
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To: Bobby Yellin who started this subject3/9/2001 9:42:05 PM
From: George Castilarin  Read Replies (1) of 509
 
Atna Not to Participate in 2001 Wolverine Joint Venture Program
VANCOUVER, B.C.--(BUSINESS WIRE)--March 9, 2001--Atna Resources Ltd. (TSE:ATN. - news) has elected to not contribute its portion of the costs of the 2001 Wolverine Joint Venture (JV) work program proposed and approved by Expatriate Resources Ltd., operator of the JV.

Atna has made this election without prejudice to its right to elect to contribute later, subject to the resolution of differences with the Operator relating to the allocation of expenditures between the Wolverine JV and the Finlayson Project. The Finlayson Project is a conceptual project under which ore from the Wolverine Property would be blended and processed at the Kudz Ze Kayah Property, presently held by Expatriate and under purchase arrangement with Cominco Ltd.

The 2001 Budget of $705,000 for the Wolverine Joint Venture relates mainly to environmental permitting studies and the negotiation of socio-economic impact agreements. Atna differs with Expatriate on the priority and value placed on certain of the proposed expenditures. Atna and the Operator are discussing various means to resolve their differences. If the Operator spends the full amount of the Budget, and Atna does not contribute, Atna's interest in the Wolverine Property would be reduced from 40% to approximately 38.5%. Under terms of the JV Agreement Atna retain the right to contribute its proportional interest to future programs.
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