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Gold/Mining/Energy : ATNA ( v.atn t.atn)
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To: SPRINGS who wrote (199)1/6/1998 1:25:00 AM
From: Carl Ross   of 509
 
Yorkton says buy

Atna Resources Ltd ATN
Shares issued 20,203,788 Jan 2 close $1.56
Mon 5 Jan 98 Research
Art Ettlinger says why Atna's key asset is its cash. Until recently Atna's main asset was a 40% interest in the Wolverine polymetallic deposit in the Yukon Territory.
The valuation of the Wolverine deposit is a point of contention. Westmin Resources the project operator discovered that the selenium content within the deposit was at a level unacceptable to most smelters. Boliden, a Swedish based mining and smelting company has made a hostile takeover bid for Westmin. Boliden's prime interest are the non Wolverine assets, however Boliden is probably more able to deal with the selenium problem than Westmin. If Boliden succeeds in its acquisition the selenium problem is more likely to be dealt with in a manner that will add value to Atna.
Atna's management continues to focus on the discovery and development of polymetallic base metal projects. Over the next eight months a minimum of four separate projects will be drilled. One of these is the Wolf property in the Yukon where last fall a discovery hole intersected 6.9% zinc, 2.8% lead and -4 oz silver per tonne over a true width of 25.2 metres.
Subsequent drilling failed to intersect similar widths however other
targets remain along the same mineral horizon. In northern BC Atna will also drill its Kutcho property which lies adjacent and along strike with Homestake's Kutcho Creek massive sulphide deposit.
Atna plans to complete drilling on its Loveland property, 30km southwest of the Kidd Creek mine in northern Ontario. Drilling early in 1997 was successful in identifying thick sequences of cherty rhyolites with disseminated chalcopyrite and sphalerite. Atna optioned several properties in the Temagami district of northern Ontario from Falconbridge Limited.
Atna may earn a 60% interest in these properties by spending $1.5 million over six years. Drilling is commencing immediately.
In addition to its mineral properties Atna holds 1.5 million shares of Grayd Resources for investment purposes. Atna has a very technically oriented management capable of identifying and exploring properties of merit. Currently trading at a slight premium to cash and investment value Atna is a buy for the risk oriented speculator.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com


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