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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: August 5, 1996
Date of earliest event reported: August 5, 1996
ATLAS CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE 1-2714 13-5503312
(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
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370 SEVENTEENTH STREET, SUITE 3050
DENVER, COLORADO 80202
(Address of principal executive offices)
(303) 629-2440
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
The news release dated August 5, 1996, a copy of which is attached as
Exhibit 1 hereto, is incorporated herein by reference and made a part hereof.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ATLAS CORPORATION
Date: August 5, 1996 By: /s/ Jerome C. Cain
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Jerome C. Cain
Vice President - Finance
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EXHIBIT INDEX
Exhibit No. Description Page No.
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1. News Release dated August 5, 1996 5
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[LOGO OF ATLAS CORPORATION APPEARS HERE]
ATLAS CORPORATION
370 17th St., Suite 3050
Denver, CO 80202
NEWS CONTACT: GARY E. DAVIS
FOR IMMEDIATE RELEASE (303) 629-2440
ATLAS SIGNS LETTER OF INTENT TO ACQUIRE MINES IN BOLIVIA
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Denver, CO, August 5, 1996 -- Atlas Corporation (NYSE:AZ) announced that it
has entered into a Letter of Intent with Arimetco International Inc. (ARX:TSE)
and Suramco Metals, Inc. with respect to the purchase of 100% of Arisur, Inc.,
which is owned 50% by Arimetco and 50% by Suramco. Arisur owns the Andacaba and
Don Francisco mines and holds an option to acquire an 80% interest in the San
Matias and Capillani mines, all of which are located in southern Bolivia. Atlas
has 90 days to complete its due diligence investigation, which is currently
underway. Consummation of the transaction is subject to the satisfactory
completion of such due diligence, execution of a definitive agreement and any
required regulatory and shareholder approvals.
In connection with the proposed transaction, Atlas has advanced $1.8
million to Arimetco, to be applied against the cash portion of the purchase
price payable to Arimetco. If the proposed transaction is not consummated, the
loan, which bears interest at 10% per annum, is repayable within 180 days. The
loan is secured by Arimetco's Sullivan gold/copper property in Nevada, the 50%
of Arisur that is owned by Arimetco, and a corporate guarantee from Suramco.
Andacaba is an operating silver, zinc and lead mine. Andacaba's Don
Roy mill is operating at a rate of 220 tpd and is currently undergoing expansion
to 460 tpd. A second mill at Andacaba is available for processing additional
ores at a rate of 200 tpd. This mill will initially be used to process ore from
the Don Francisco mine, which should achieve 100 tpd by year's end, with the
balance of the capacity used for tolling other local ores. The San Matias and
Capillani silver, zinc, lead mines are scheduled to commence production in 1997.
Included with the option to purchase San Matias is a 500 tpd mill to be used as
a regional mill for the above properties. Arisur has offices in La Paz and
Potosi and employs approximately 200 people.
Gary E. Davis, President of Atlas, said "We believe that it is very
important for Atlas, at this moment in its history, to restore itself to the
status of an operating company and for its operations to generate positive cash
flow. At the same time, it is important for Atlas to continue to expand its
asset base in order to secure its long-term future. The present proposal, which
represents the first fruits of efforts by Atlas over several years to
participate in the growing opportunities for mining in South America, would
fulfill all these requirements. We believe the cash flow being generated by
Andacaba, together with the anticipated cash flow from the other mines, would
provide Atlas with a solid basis to develop its business, in particular its core
business of precious metals production including development of its existing
gold assets."
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