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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: April 25, 1997
Date of earliest event reported: April 24, 1997
ATLAS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-2714 13-5503312
(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
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 April 24, 1997 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: April 25, 1997 By: /s/ James R. Jensen
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James R. Jensen
Treasurer, Controller & Secretary
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EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
1. News Release dated April 24, 1997 5
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ATLAS CORPORATION NEWS RELEASE
370 SEVENTEENTH STREET, SUITE 3050 NYSE: AZ
DENVER, CO 80202
USA
ATLAS AND BARRICK SIGN GOLD BAR AGREEMENT
_________________________________
DENVER, COLORADO - APRIL 24, 1997 ATLAS CORPORATION ("Atlas") said today that
Barrick Gold Exploration Inc. ("Barrick"), a subsidiary of Barrick Gold
Corporation of Toronto, Ontario, Canada has signed a binding letter agreement
with Atlas with respect to the purchase from Atlas of Atlas's Gold Bar
properties. Atlas's 100% owned Gold Bar claim block is situated in Eureka
County, Nevada on the prolific Battle Mountain-Eureka Trend. The claim block
covers in excess of 100 square miles and contains Atlas's Gold Bar mill, a 3,200
ton per day carbon-in-leach facility.
Under the terms of the letter agreement, subject to the completion of
satisfactory due diligence, Barrick will purchase from Atlas more than 90% of
the Gold Bar properties with an option to acquire the balance within two years.
During this two year period, Barrick will expend $3,000,000 on the Gold Bar
properties, including holding costs. Unless Barrick elects to reconvey the
properties to Atlas at the end of the two year period, upon the transfer of the
balance of the properties to Barrick, Atlas will have the right to receive
$15,000,000 and retain a 2% net smelter royalty, or to participate with Barrick
in the further exploration and development of the properties as a 25% carried
joint venture participant. If Atlas selects the joint venture alternative,
Barrick will be obligated to expend a minimum of $15,000,000 on the project.
The letter agreement provides for completion of definitive purchase agreements
on or before June 3, 1997. Upon execution of the definitive purchase
agreements, Atlas will receive from Barrick $1,000,000 in cash and Barrick will
purchase 1,000,000 Atlas Common Shares at $1 per share. If Barrick elects to
reconvey the properties purchased at the end of the initial two year period,
then all of Barrick's interest in Gold Bar will be reconveyed to Atlas, which
will regain 100% ownership interest in the claim block.
"We are confident that this will be a beneficial transaction for both parties,"
Mr. Gregg B. Shafter, Atlas's Vice President of Project Development, stated.
"The Gold Bar project has produced over 485,000 ounces of gold to date, and has
remaining reserves, mineral resources and exceptional exploration potential.
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"Atlas will have $2,000,000 in funding immediately available upon execution of
the definitive purchase agreements and not less than $3,000,000 will be
committed toward further exploration on our highly prospective Gold Bar
property. If Barrick elects to proceed beyond the initial two year period, the
amount committed, inclusive of the initial payment, stock purchase and work
committment, will total $20,000,000," Mr. Shafter said. "As a result of the
transaction Atlas will have the opportunity to participate in development of
additional reserves and production from Gold Bar as a carried joint venture
owner or to sell it outright at an attractive price. Either alternative would
give us the opportunity to advance evaluation and development of the Gold Bar
property while continuing to focus our effort and resources on expanding
production and facilities at our Bolivian and Tucker Hill properties."
Atlas Corporation is an international diversified mining company with gold
properties and development projects in North America and lead, zinc and silver
production in Bolivia, South America. The Company's publicly traded 65%-owned
subsidiary Cornerstone Industrial Minerals Corporation produces the industrial
mineral perlite from its Oregon facility.
FOR FURTHER INFORMATION PLEASE CONTACT:
Leslie Young
Director, Investor Relations
Phone: 303-629-2435
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