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Gold/Mining/Energy : Atacama Minerals

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To: Johnny-boy who wrote (73)	4/9/1999 11:22:00 AM
From: kfdkfd	Read Replies (1) of 105

HERE WE GO, ABOUT TIME NR Atacama Minerals Aguas Blancas Update VANCOUVER, BRITISH COLUMBIA--ATACAMA MINERALS CORP. ("the Company") reports that it has reviewed a number of development options for its Aguas Blancas industrial minerals project in Chile and is pleased to announce the decision to start development with an iodine only heap leach facility which will have significantly lower capital cost requirements while maintaining strongly positive economics. The iodine market has remained remarkably stable (US$18.00) in relation to general bulk commodity prices world wide. The iodine only facility will use heap leach technology, similar to that being used by other existing Chilean iodine producers. The Aguas Blancas deposits are also rich in sodium sulphate and nitrates and the intent is to expand the production facilities in the future to accommodate these minerals. Sodium sulphate and nitrate production facilities will be funded from iodine revenues. The Company has completed an analysis of column leach tests and initial study work which supports the decision to advance the project initially with an iodine only facility. Over the next three months, the Company will perform small scale heap leach tests. This will be followed by independent process and cost assessments for submission to the Board for approval and a production decision towards the end of June, 1999. The combination of events and generally lower bulk commodity prices, in particular sodium sulphate, has resulted in the US$77 million debt financing facility set in place last year being withdrawn. The Company is in discussions with one of the original lending banks towards a new facility based on a phase-one iodine only project. As well, the Company is in discussions with other parties who have expressed interest in the project. ON BEHALF OF THE BOARD Adolf H. Lundin, President and C.E.O.

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