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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: February 28, 1997
Date of earliest event reported: February 27, 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 February 27, 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: February 28, 1997 By: /s/ James R. Jensen
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James R. Jensen
Treasurer and Controller
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EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
1. News Release dated February 27, 1997 5
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EXHIBIT 1
ATLAS CORPORATION CORNERSTONE INDUSTRIAL
370 SEVENTEENTH STREET, SUITE 3050 MINERALS CORPORATION
DENVER, CO 80202-5610 370 SEVENTEENTH STREET, SUITE 3050
NYSE: AZ DENVER, CO 80202-5610
CDN: CORN
NEWS RELEASE
ATLAS AND CORNERSTONE ANNOUNCE COMMENCEMENT
OF OPERATIONS AT TUCKER HILL
____________________________
DENVER, COLORADO - FEBRUARY 27, 1997 - ATLAS CORPORATION (ATLAS) AND CORNERSTONE
INDUSTRIAL MINERALS CORPORATION (CORNERSTONE) said today that the Tucker Hill
perlite project has commenced operations. The Tucker Hill Project is located in
Lakeview, south-central Oregon, and is owned and operated by Cornerstone, a
majority-owned publicly listed subsidiary of Atlas. Mining of perlite ore,
which is stockpiled for processing at the plant, began in December 1996 at the
Tucker Hill Quarry. The plant and quarry are operated by a Cornerstone staff
employed from the Lakeview area.
Perlite is a versatile, environmentally-friendly volcanic glass which is mined,
crushed and sized to specification for customers who subsequently expand the
material for use. Initially the Lakeview plant will process three grades of
perlite. One grade, about the size of beach sand, is used for fabricating
building products and acoustic ceiling tiles. The plant will also produce a
coarser, horticultural grade of the material used in potting soil and as a soil
conditioner and a much finer grade which has other applications including use as
a filter media for pharmaceuticals, food products and chemicals.
"We have our first contract in place, which is for annual delivery of 40,000
tons to one of the largest domestic producers of acoustic tile and we are
finalizing negotiations for additional contracts," Mr. Gregg Shafter, Vice
President Project Development said. "We have completed our first contracted
shipment and anticipate reaching in excess of 5,000 tons per month shortly, with
1997 production projected at 55,000 tons," Mr. Shafter stated. "The plant is
permitted for production of 100,000 tons per year. We believe that plant
capacity may be increased to 150,000 tons annually. The Tucker Hill deposit is
of exceptional quality and contains a resource of commercial grade ore
sufficient to supply current North American demand for many years. Preliminary
estimates of the geologic resource are in excess of 50 million tons. The
Lakeview operation combines the product quality, competitive production cost and
access to transport which are key to creating a successful industrial minerals
project with near-term positive cash flow."
Cornerstone Industrial Minerals Corporation is an industrial minerals company,
the primary asset of which is the Tucker Hill Project. Atlas Corporation is an
international diversified mining company with gold development and exploration
projects in North America and lead, zinc and silver production in Bolivia, South
America.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregg Shafter Leslie Young
Vice President Project Development, Director, Investor Relations
Atlas Corporation Atlas Corporation
Phone: 303-629-2439 Phone: 303-629-2435
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