<PAGE>
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: February 5, 1997
Date of earliest event reported: February 4, 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)
Page 1 of 6
<PAGE>
ITEM 5. OTHER EVENTS
The news release dated February 4, 1997 a copy of which is attached as
Exhibit 1 hereto, is incorporated herein by reference and made a part hereof.
Page 2 of 6
<PAGE>
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: February 5, 1997 By: /s/ James R. Jensen
----------------------
James R. Jensen
Treasurer and Controller
Page 3 of 6
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
1. News Release dated February 4, 1997 5
Page 4 of 6
<PAGE>
Exhibit 1
ATLAS CORPORATION NEWS RELEASE
370 SEVENTEENTH STREET, SUITE 3050 NYSE: AZ
DENVER, CO 80202, USA
ATLAS ANNOUNCES FIRST PRODUCTION RESULTS
FOR BOLIVIAN OPERATIONS
-----------------------
DENVER, COLORADO - FEBRUARY 4, 1997 - ATLAS CORPORATION announced today fourth
quarter 1996 production results for its zinc, lead and silver Andacaba Mine
located in the Potosi district of southern Bolivia, South America. The mine is
operated by its wholly-owned subsidiary Arisur, Inc. Atlas acquired Arisur,
which owns and operates the Andacaba and Don Francisco mines, in October of
1996. The Don Francisco Mine underwent mine development work during the last
quarter of 1996, resulting in minimal ore production.
ANDACABA 1996 4TH QUARTER PRODUCTION RESULTS
--------------------------------------------
TONNES % Tonnes % Tonnes oz/Tonne ounces
Milled Zinc Zinc Lead Lead Silver Silver
- -------------------------------------------------------------------------
OCTOBER 6,853 6.44 312 2.64 134 8.41 46,097
- -------------------------------------------------------------------------
NOVEMBER 6,466 7.70 359 2.84 137 9.10 48,234
- -------------------------------------------------------------------------
DECEMBER 5,857 7.54 327 2.69 115 8.50 41,331
- -------------------------------------------------------------------------
4TH Q 19,176 7.20 998 2.72 386 8.63 135,662
- -------------------------------------------------------------------------
Arisur has begun an expansion program to increase mill capacity from 200 tonnes
per day to 450 tonnes per day, which restricted Andacaba production during the
latter part of the quarter. Expansion programs for both mines are currently
underway and are expected to be completed in the first half of 1997.
In addition to the Andacaba and Don Francisco mines, the Company recently
acquired the Koyamayu zinc, lead and silver property, also in southern Bolivia.
Based on results of recent limited production, the Company anticipates
commencing commercial production at Koyamayu at an estimated rate of 50 to 100
tonnes per day, during the second half of 1997. Based on prior production,
grades for the Koyamayu ore are estimated to be 18% zinc, 4% lead and 3.5 oz
silver per tonne. Atlas has also purchased the Vicormo Mill, located within 90
kilometers of Arisur's current operations. A capital
Page 5 of 6
<PAGE>
investment of approximately $250,000 will be required to put the facility into
operation at a rate of 250 tonnes per day later this year. The Company plans to
utilize the mill to process ore from surrounding mines in the second half of
1997 and is currently evaluating its potential to process ore from the Don
Francisco and Koyamayu properties.
"These recent acquisitions have returned Atlas to operating status and will
generate positive cash flow," said Gregg Shafter, Vice President Project
Development. "We will now focus our efforts in Bolivia on expansion of
operations, including contemplated gold exploration concentrating on areas in
and around our existing infrastructure there."
Atlas Corporation is an international diversified mining company with zinc, lead
and silver production in Bolivia, South America and gold development and
exploration projects in North America. The Company anticipates that the
southeast Oregon facility of Cornerstone Industrial Minerals Corporation, a
majority-owned subsidiary, will begin production of the industrial mineral
perlite later this month.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregg B. Shafter Leslie Young
Vice President Project Development Director, Investor Relations
Phone: 303-629-2439 Phone: 303-629-2435
Fax: 303-629-2445 Fax: 303-629-2445
#####
Page 6 of 6
