DENVER, April 5 /PRNewswire/ -- Atlas Minerals Inc. (OTC: ATMR)
(formerly Atlas Corporation) today reported net income of $2,496,000 or
$2.05 per share for the year ended December 31, 1999 compared to a loss of
$2,730,000 or $2.99 per share for the year ended 1998.  The income included an
extraordinary gain from extinguishment of debt of $9,199,000 and a charge of
$3,349,000 for fresh-start adjustments, both related to the Company's
successful reorganization under Chapter 11 of the U.S. Bankruptcy code.
Before giving effect to these adjustments, the Company had an operating loss
of $3,354,000 compared to an operating loss of $2,730,000 for 1998.
    The increase in the operating loss during 1999 is attributable to a
decrease in revenues from $5,109,000 in 1998 to $3,485,000 in 1999.  The
decrease is due to a combination of lower grade ore mined and lower average
metal prices in 1999 compared to 1998.  In addition, 1998 revenues were higher
due to a reduction of excess concentrate inventory from 1997, and 1999
revenues were slightly reduced by an increase in inventory during the year.
Ore grades are expected to increase during 2000 as a larger percentage of ore
will be mined from the higher grade San Juan/San Jose veins in 2000 than in
1999.  Also increasing the loss in 1999 were reorganization expenses of
$834,000 compared to $148,000 for 1998.
    For the fourth quarter of 1999 Atlas reported net income of $4,712,000 or
$2.26 per share compared to a loss of $548,000 or $.60 a share for the same
period in 1998.  The fourth quarter net income includes the same extraordinary
gain and fresh-start adjustments noted above.  Before these adjustments, the
Company had an operating loss of $1,138,000 or $.55 per share compared to a
loss of $548,000 or $.60 share in the fourth quarter of 1998.
    Revenues for the fourth quarter of 1999 were $866,000, down from
$1,616,000 in 1998.  The decrease can also be attributed to the lower grades
and metal prices discussed above as well as concentrate inventory
fluctuations.  Reorganization expenses were $536,000 in the fourth quarter of
1999 compared to $105,000 in 1998.
    Atlas Minerals Inc. is an international mining company with lead, zinc and
silver operations in Bolivia, South America.

    For further information contact: James R. Jensen, Chief Financial Officer,
(303) 629-2440.

                               ATLAS MINERALS INC.
                      Condensed Statement of Operations (1)
                      (in thousands, except per share data)

                             Three Months Ended            Year Ended
                                 December 31,             December 31,
                           1999 (2)       1998 (3)
                          (unaudited)   (unaudited)     1999 (4)   1998 (3)

    Mining revenue            $866         $1,616       $3,485       $5,109
    Mining costs              (996)        (1,206)      (3,657)      (4,267)
    Depreciation, depletion
     and amortization        (175)          (297)      (1,009)        (999)
    General and
     administrative
     expenses                 (110)          (287)        (720)      (1,230)
    Standby, exploration
     and other costs           (96)           (98)        (452)        (467)
     Gross operating
      loss                    (510)          (272)      (2,353)      (1,854)
    Other income
     (expense)
     Loss on asset
      held for sale             --           (128)          --       (1,165)
     Income from
      joint venture
      agreement                 --            650           --        1,213
     Other expense, net       (628)          (798)      (1,001)        (924)
      Loss from
       operations
       before fresh-start
       revaluation and
       extraordinary
       gain                 (1,138)          (548)      (3,354)      (2,730)
    Fresh-start
     revaluation            (3,349)            --       (3,349)          --
    Extraordinary gain       9,199             --        9,199           --
     Net income (loss)      $4,712          $(548)      $2,496      $(2,730)

    Income (loss) per
     share of common
     stock:
    Loss from operations
     before fresh-start
     revaluation and
     extraordinary gain     $(0.55)        $(0.60)      $(2.76)     $(2.99)
    Fresh-start
     revaluation             (1.60)            --        (2.75)          --
    Extraordinary gain        4.41             --         7.56           --
     Net income (loss)       $2.26         $(0.60)       $2.05      $(2.99)
    Average number of
     common shares
     outstanding             2,087            917        1,216          914


    Comparative Balance Sheets
December 31,
                                                         1999      1998 (2)

    Assets:
     Current assets                                     $3,164       $5,493
     Property, plant
      and equipment (net)                                4,678       12,173
     Other assets                                        2,252       20,372
                                                       $10,094      $38,038

    Liabilities and stockholders'
     equity (deficit):
     Current liabilities                                $5,469       $5,374
     Long-term debt                                         --        1,216
     Long-term liabilities                               1,657       33,601
     Total stockholders'
      equity (deficit)                                   2,968       (2,153)
                                                       $10,094      $38,038

    (1) For reporting purposes, a new Company (the "Reorganized Company") was
        formed on December 11, 1999, the date of approval of the Company's
        plan of reorganization.  All activity prior to December 12, 1999
        relates to the pre-reorganization company (the "Predecessor Entity")
        and subsequent activity to the Reorganized Company.  These two periods
        have been combined in the above statements of operations for ease of
        comparison.

    (2) Includes the combined periods from October 1, 1999 to December 11,
        1999 (Predecessor Entity) and December 12, 1999 to December 31, 1999
        (Reorganized Company).

    (3) Predecessor Entity.

    (4) Includes the combined periods from January 1, 1999 to December 11,
        1999 (Predecessor Entity) and December 12, 1999 to December 31, 1999
        (Reorganized Company).

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