Golden, CO - Atna Resources Ltd. ("Atna" or the
"Company") (TSX:ATN / OTCBB:ATNAF) today reported
audited financial and operating results for the Company's
year ended December 31, 2011. Unless otherwise designated,
all amounts are in U.S. dollars. Additional details may be
found in the MD&A and Financials filed on SEDAR and EDGAR or
on our website at www.atna.com.
Highlights for 2011 and Subsequent Events
Atna generated net income of $15.1 million, or $.14 per
share, in the year ended December 31, 2011
("2011"). Income before income tax was $6.0
million, or $.06 per share. As of December 31, 2011, cash
and cash equivalents were $10.0 million.
Atna's stock price increased from C$0.63 on December
31, 2010 to C$0.84 on December 31, 2011, increasing
further to C$1.14 as of March 22, 2012.
The Briggs mine produced $18.5 million in positive
operating cash flow and $13.5 million of income before
The Briggs mine sold 32,371 ounces of gold in 2011, a 29
percent increase over 2010 results, to produce $51.7
million in gross revenue, a 69 percent increase over 2010
gross revenue. The average selling price per ounce of
gold was $1,588.
Through drilling at Briggs and Reward and the acquisition
of a 70 percent interest in the Pinson property
("Pinson"), Atna increased its global measured
and indicated gold resource by 95 percent to
approximately 3.9 million contained ounces. Inferred gold
resources increased by 42 percent to approximately 1.7
In September 2011, the Company closed its transaction
with Pinson Mining Company ("PMC"), a
subsidiary of Barrick Gold Corporation, acquiring
PMC's 70 percent interest in Pinson. The acquisition
gave Atna 100 percent control of a high grade gold
resource on the Getchell gold belt of northern Nevada.
Proven and probable reserves at Briggs were increased in
2011 by 23 percent, net of gold ounces mined in 2011, due
to additional drilling and the use of a $1,300 three year
trailing average price of gold, adding approximately two
years of additional mine life.
Proven and probable reserves at Reward were increased by
46 percent due to additional drilling and the use of a
$1,300 three year trailing average price of gold.
In August 2011, the Company closed a C$20 million Credit
Agreement with Sprott Resource Lending Partnership to
finance the Pinson acquisition and commence initial
phases of development. In February 2012, the term of this
facility was extended, now due in three payments in 2013.
Highlights for Fourth Quarter 2011
Atna generated net income of $11.6 million, or $.10 per
share, in the fourth quarter of 2011. Income before tax
was $2.5 million, or $.02 per share.
The Company reversed $9.5 million, or $.08 per share, of
an allowance against its deferred tax asset principally
in expectation of being able to use its past net
operating loss carryforwards ("NOL's").
Briggs produced $4.7 million in positive operating cash
flow and $4.0 million of income before tax.
The Briggs mine sold 8,423 ounces of gold for the
quarter, an 8 percent increase over fourth quarter 2010
to produce $14.1 million in gross revenue, a 39 percent
increase over the same period in 2010. The average
selling price was $1,675 per ounce in the quarter.
Development of the Pinson mine commenced with the
recruitment of an operating team and mobilization of its
underground mining contractor.
A 68 hole, 31,800 foot (9,700 meter) reverse circulation
drilling program was completed at Briggs with success in
increasing gold resources and grades in the existing mine
A 15 hole, 8,880 foot (2,707 meters) reverse circulation
drilling program was completed at the Reward Project with
success in increasing measured and indicated resources by
About Atna Resources
Atna is a gold production and development company with a
focus in the western US. Atna is producing gold at its Briggs
mine located in Inyo County, California and is currently
developing the Pinson underground gold mine near Winnemucca,
Nevada. Infrastructure development has been substantially
completed at the permitted Reward gold mine near Beatty,
Nevada and early feasibility study work is being conducted at
the Columbia gold project located near Lincoln, Montana.
Management will host a conference call on Wednesday, March
28th, 2012, at 11:00a.m. Eastern time, to discuss these
results and general corporate and project activities.
Participants in the U.S. and Canada dial (877) 559-1977;
International callers dial (660) 422-4979. Please reference
conference ID # 64977213
A replay of the fourth quarter and year-end call will be
available through midnight Eastern on Friday, March, 30,
2012, by dialing (855) 859-2056 or (404) 537-3406, reference
conference ID # 64977213
For additional information on Atna, its mining, development
and exploration projects, please visit our website at www.atna.com.
This press release contains certain "forward-looking
statements," as defined in the United States Private
Securities Litigation Reform Act of 1995, and within the
meaning of Canadian securities legislation. Forward-looking
statements are statements that are not historical fact.
They are based on the beliefs, estimates and opinions of
the Company's management on the date the statements are
made and they involve a number of risks and uncertainties.
Consequently, there can be no assurances that such
statements will prove to be accurate and actual results and
future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause future
results to differ materially from those anticipated in
these forward-looking statements include: the Company might
encounter problems such as the significant depreciation of
metals prices; accidents and other risks associated with
mining exploration and development operations; the risk
that the Company will encounter unanticipated geological
factors; the Company's need for and ability to obtain
additional financing; the possibility that the Company may
not be able to secure permitting and other governmental
clearances necessary to carry out the Company's
exploration programs; and the other risk factors discussed
in greater detail in the Company's various filings on
SEDAR (www.sedar.com) with Canadian securities regulators
and its filings with the U.S. Securities and Exchange
Commission, including the Company's 2011 Form 20-F
dated March 26, 2012.
Cautionary Note to U.S. Investors --- The United States
Securities and Exchange Commission permits U.S. mining
companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can economically and
legally extract or produce. We use certain terms in this
report, such as "measured,"
"indicated," "inferred," and
"resources," that the SEC guidelines strictly
prohibit U.S. registered companies from including in their
filings with the SEC.
FOR FURTHER INFORMATION, CONTACT:
James Hesketh, President and CEO - (303) 278-8464
Valerie Kimball, Investor Relations - toll free (877)