Atna Resources Reports Fourth Quarter and 2010 Fiscal Year End Results

Mar 23, 2011, 09:00 ET from Atna Resources Ltd.

GOLDEN, Colo., March 23, 2011 /PRNewswire/ -- Atna Resources Ltd. ("Atna" or the "Company") (TSX: ATN) (OTC Bulletin Board: ATNAF) today reported unaudited financial results for the Company's fourth quarter and year end for the period ended December 31, 2010. Unless otherwise designated, all amounts are in U.S. dollars. Additional details may be found in the fourth quarter and year-end MD&A and Financials filed on SEDAR and EDGAR or it may be found on our website at www.atna.com.

Highlights for Fourth Quarter:

  • Gold sales revenue was $10.4 million for the fourth quarter a 39% increase over third quarter revenue.
  • Briggs Mine produced $2.1 million in positive cash flow in the fourth quarter.
  • Unit cash cost of production for the fourth quarter was $878 per ounce, a 15% reduction over the third quarter and a 10% reduction over the preceding nine month average.
  • Estimated recoverable in-process gold in inventory was 13,600 ounces with a potential year end market value of $19.1 million based on a year-end gold price of $1,406.  
  • The Company completed an equity offering and raised gross proceeds of C$9.2 million.

Highlights for 2010:

  • Gold sales for 2010 increased 131% from 10,900 ounces in 2009 to 25,200 ounces in 2010.
  • The Briggs Mine received the MSHA - Sentinels of Safety 2009 Award in October 2010.  
  • Total revenues for 2010 were $30.6 million, which was an increase of 252% over 2009.
  • Total tons mined for 2010 increased by 123% to 10.2 million short tons.
  • Unit cash cost of production for 2010 was $948 per ounce, a 4% increase over 2009.
  • All permits at the Reward Mine have been received and infrastructure construction has commenced.
  • An NI43-101 compliant Technical Report and Preliminary Economic Assessment on the Columbia Gold Project in Montana was completed with positive results.
  • An NI43-101 compliant Resource Estimate was completed for the Cecil R project.

Fourth Quarter Financial Results:

For the three months ended December 31, 2010, Atna recorded a net loss of $0.6 million, or basic loss per share of $0.01, on revenues of $10.4 million. This compares to net loss of $1.8 million, or a basic income per share of $0.02, on revenues of $5.0 million for the three months ended December 31, 2009. For the fourth quarter ended December 31, 2010, cash and cash equivalents were $9.6 million, an increase of $8.0 million from September 30, 2010.

Year End 2010 Financial Results

For the year ended December 31, 2010, Atna recorded net loss of $8.8 million, or basic loss per share of $0.10, on revenues of $30.6 million. This compares to a net loss of $6.0 million, or a basic loss per share of $0.07, on revenues of $8.7 million for the year ended December 31, 2009. As of December 31, 2010, cash and cash equivalents were $9.6 million, a decrease of $3.5 million from December 31, 2009.

Conference Call:

Management will host a conference call on Monday, March 28th, 2011, at 1:00p.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 #54440560

A replay of the fourth quarter and year-end call will be available through midnight Eastern on Wednesday, March, 30, 2011, by dialing (800) 642-1687 or (706) 645-9291, reference conference ID #54440560

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 2010 Form 20-F dated March 23, 2011.

FOR FURTHER INFORMATION, CONTACT: James Hesketh, President and CEO - (303) 278-8464 Valerie Kimball, Investor Relations - toll free (877) 692-8182 www.atna.com

ATNA RESOURCES LTD. AND SUBSIDIARIES

SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION

(US dollars, Canadian GAAP basis)

(Audited)

December 31,

December 31,

2010

2009

BALANCE SHEETS

ASSETS

Current assets

$      23,841,600

$      21,331,700

Noncurrent assets

56,279,300

58,525,600

Total assets

80,120,900

79,857,300

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

12,261,300

9,679,500

Notes payable - long term

2,406,600

837,200

Gold bonds, net of discount

6,781,000

9,857,400

Noncurrent liabilities

4,620,600

5,445,800

Shareholders' equity

54,051,400

54,037,400

Total liabilities and shareholders’ equity

$      80,120,900

$      79,857,300

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

STATEMENTS OF OPERATIONS

Revenues

$ 10,380,900

$        4,957,800

$      30,606,900

$   8,689,200

Cost of sales

8,764,500

5,568,300

29,750,900

9,126,100

Depreciation - corporate only

31,900

41,000

119,500

155,600

General and administrative

1,015,300

1,050,700

3,622,700

3,402,900

Exploration

194,900

106,900

1,108,700

1,464,700

Other expense (income), net

964,100

14,800

4,801,900

500,000

Net (loss) income

(589,800)

(1,823,900)

(8,796,800)

(5,960,100)

Unrealized (losses) gains on translating the financials

  of self sustaining foreign operations

(60,400)

16,000

(89,700)

(7,000)

Unrealized (loss) gain on investments available-for-sale

(2,000)

(91,700)

(264,400)

53,900

Realized gain on available for sale securities

   recognized in net loss

152,900

199,500

218,900

199,500

Comprehensive loss

(499,300)

(1,700,100)

(8,932,000)

(5,713,700)

Basic loss per share

$          (0.01)

$               (0.02)

$               (0.10)

$          (0.07)

Basic weighted-average shares outstanding

89,867,305

83,291,100

84,967,450

83,291,133

CASH FLOWS

Cash and cash equivalents, beginning of period

$   1,634,800

$        1,712,400

$      13,060,300

$ 16,707,300

Net cash provided by (used in) operating activities

973,500

(901,600)

(4,740,800)

(9,578,500)

Net cash used in investing activities

(372,000)

(909,600)

(2,000,200)

(7,897,300)

Net cash provided by financing activities

7,351,900

13,153,800

3,261,100

13,820,000

Effect of exchange rate changes on cash

5,000

5,300

12,800

8,800

Cash and cash equivalents, end of period

$   9,593,200

$      13,060,300

$        9,593,200

$ 13,060,300

SOURCE Atna Resources Ltd.



RELATED LINKS

http://www.atna.com