UPDATE: Atna Edges Lower As Reports Third Quarter Development Progress at Pinson; Shrs Eased 3% Friday

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Atna Resources Ltd. (ATN.TO), which fell more than 3% Friday, has eased a bit more Monday as it updated the status of development at its underground Pinson Mine near Winnemucca, Nevada.

Significant progress was made during the third quarter of 2012, including:

The second access into the mine was completed in June, and the spiral decline has been driven an additional 370 feet, providing access to two ore mining areas. A total of 440 feet of ore stope access has been completed.

Year to date ore production from development now totals approximately 3,390 tons at an average grade of 0.41 oz/ton. Ground conditions in the ore mining areas have been good.

Boart-Longyear started underground RC drilling for stope delineation in early October and eighteen drillholes have been completed for a total of 1,420 feet. Assay results on this drilling are pending.

A temporary Cemented Rock Fill ( CRF ) plant is being built for use in backfilling ore mining areas and a permanent CRF plant has been designed. A mobile crushing plant is being set up on site to crush CRF aggregate.

Power lines have been extended to provide power to additional de-watering wells and the crusher location. A second dewatering well was commissioned in September and quotes are being received to add a third well.

An assay lab is under construction and is expected to be completed in early December. Assay services are presently being provided by a third party lab. Expansion of the lined ore stockpile area is also underway to contain mined sulfide ore.

The Nevada Division of Environmental Protection, Application for Major Modification to the Water Pollution Control Permit, has been declared administratively complete and is currently under technical review with approval expected by the end of the year.

In July, approximately 1,550 tons of oxide ore was shipped to Newmont Twin Creeks oxide mill for processing. The ore contained 548 ounces of gold at and average grade of 0.353 oz/ton. Recovery by the mill was 92.6% of contained gold. Atna received approximately $600,000 for this ore sale which will be credited against capital in the third quarter.

All department head positions at Pinson have been filled. Atna now has 13 full-time employees on site. DMC Mining Services, the contract mining company, has 32 full-time employees on site, and they have mobilized the major equipment needed for underground mining.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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