alert: we've seen this one dip hard and come back fast before..
past performance is not an indication of future performance... where have i heard that before
read this before you jump...
Atlas Mining Co Atlas Mining Company Announces Intention to Correct Accounting
for 2004 Halloysite Clay Sale and Cancellation of its Investor Update Conference Call Scheduled for Today at 4:00 p.m. Eastern Time
KELLOGG, Idaho--(BUSINESS WIRE)--October 09, 2007 Atlas Mining Company (OTCBB:ALMI) today announced that the company will restate the Company's audited consolidated financial statements and other financial information at and for the fiscal years ended December 31, 2004, 2005, and 2006 and its unaudited consolidated financial statements and other financial information at and for the fiscal quarters ended March 31, June 30, and September 30, for the years 2005, 2006, and 2007, to correct the Company's accounting for cash received in 2004 as a deposit for future deliveries of halloysite clay from the Company's Dragon Mine in Juab County, Utah. The correction follows a meeting between members of the Company's newly appointed senior management and a company with which Atlas' former management has had a prior business relationship. At that meeting, current management was informed that the Company had been paid $125,000 in December 2004 and $125,000 paid in June 2005 as a deposit for future deliveries of halloysite clay.