Atna Res Ltd ATNAQ

Conference Call

[jsnfernley]

Briggs is becoming cash flow neutral.  Production costs should approach US$600 per ounce by the end of the year, with December production approaching 3,000 ounces.  Crush size is critical to recovery percentages, possibly increasing those %'s by tweaking the crush size smaller.

Looking at the increased resources at Briggs, and options on either increasing annual production or extending mine life.  The plant has capacity, but the mining operation would require additional capital to increase annual production.

Joint ventures in Nevada (except Pinson) awaiting permiting for expanded exploration programs.  The uranium JV is drilling but they haven't heard results yet.

Barrick has indicated that open pit production at Pinson is not economical, discussions are active regarding how to proceed.  A comment was made by Hasketh that Pinson is small for Barrick, but he was constrained on what he could actually discuss at this point.  No updated resources yet with 43-101 compliance.

Cash balances are a concern, however a number of financing options were discussed:
   -Sale and leaseback of certain mine equipment
   -Borrowing now that Briggs is operational
   -Sale of assets (BC/YK VMS properties)
   -Possible equity market (dilution)

There is now a market maker in the US for ATN on the pink sheets.

My comment:

It looks like that sale of the Wolverine royalty was the only thing that has us financed and where we are today with our present shares outstanding.  The timing was critical (pre-meltdown).  Certainly not that good things wouldn't have happened, but financing would have required dilution or debt. 

So far so good, but developing internal cash flow is critical to developing our other core properties.