OSBURN, Idaho--(BUSINESS WIRE)--Oct. 27, 2003--Atlas Mining Company (OTCBB:ALMI - News) filed an 8-K report with the Securities and Exchange Commission to report the company's recent MESSAGE TO ATLAS MINING COMPANY SHAREHOLDERS dated October 24, 2003 as follows:
Over the past several months we have continued to make strides toward our goals. Our number one goal has been to get the Dragon Mine into production. The purity and unique attributes of our clay have resulted in the rapid expansion of our potential market through the addition of both new users and new applications. We have been in close contact with researchers at Montana State University, who have been hired by the United States Government to find commercial uses for government-owned patents. For example, the Naval Research Laboratory has created a method for using microtubules from halloysite clay as a time-release mechanism with a wide-variety of functions. Along with more conventional applications, we believe that such innovative discoveries will increase demand for our product. So far this year:

We have completed a drilling program to determine the extent of the halloysite clay bed and to verify information from previous owners.
We have completed studies and analysis on costs of development, mining and processing.
We have continued to work with the US Naval Research Lab, Montana State University, Yale Medical School Research Lab, and others to move new applications closer to reality.
We have processed bulk samples of our product through three different milling systems in pursuit of an optimal method.
We have formed an advisory board to assist us in our product development and marketing. Dr. Ron Price, Dr. Paul Adler and Mr. Gareth Tang have joined this team and are very supportive of our efforts.
One concern we have had this past year is the lack luster performance of our stock. We went through tremendous efforts and expense to get the company into a fully-reporting status with the Security and Exchange Commission, and have strived to keep up our filings. We have targeted a property (the Dragon Mine) with great potential that is environmentally sound, and with a fairly economical cost factor for development. In the mining industry this does not happen very often. We have a resource of at least 300,000 tons of unique halloysite clay with a minimum value of $450.00 per ton. This equates to over $4.00 per share value to our shareholders. If the rest of the investing public understood as well as you, our shareholder, the significance of this, we would not be struggling with a market price of ALMI in the ten-cent range.