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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: March 12, 1997
Date of earliest event reported: March 11,1997
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 March 11, 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: March 11, 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.
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99 News Release dated March 11, 1997 5
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EXHIBIT 99
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ATLAS CORPORATION NEWS RELEASE
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370 SEVENTEENTH STREET, SUITE 3050 NYSE: AZ
DENVER, CO 80202
ATLAS RECEIVES FAVORABLE DECISION FROM
THE NUCLEAR REGULATORY COMMISSION
_________________________________
DENVER, COLORADO - MARCH 11, 1997 - ATLAS CORPORATION announced today receipt
from the Nuclear Regulatory Commission (the "NRC") of the final Technical
Evaluation Report on Atlas's proposed reclamation plan for its uranium mill site
located near Moab, Utah. This Report concludes that Atlas's proposed plan meets
the requirements identified in Nuclear Regulatory Commission regulations and
will ultimately allow Atlas to relinquish its responsibility for the site.
The uranium mill, which operated from 1956 until 1984, was purchased by Atlas in
1962. Atlas completed demolition and disposal of the mill facilities in 1996.
Under Atlas's proposed plan to cap the mill tailings pile in place, the pile
will be recontoured and covered with earthen material and rock to control radon
emanations and prevent erosion. Atlas estimates the remaining cost to fulfill
the plan to be $13 - $15 million of which Atlas's net share will be 44%.
Alternative plans for off-site reclamation had been estimated to cost nearly
$200 million.
With respect to the Moab site, the 1992 Comprehensive National Energy Policy Act
provides for reimbursement to Atlas by the federal government of 56% of past and
future reclamation-related expenses. Atlas has submitted claims for
reimbursement of $6.8 million, of which $3.3 million has been received to date.
It is anticipated that these outstanding reimbursements, when combined with
funds already provided by Atlas and which secure Atlas's future reclamation
obligations, will adequately cover Atlas's share of the costs remaining to
conclude the decommissioning and reclamation process.
Atlas filed its original reclamation plan in 1988. The plan was revised in 1992
in response to changes in the NRC's technical guidance. After issuing a notice
permitting the reclamation plan to proceed in July 1993, the NRC withdrew its
approval and initiated a full environmental review in March 1994. The NRC issued
a draft version of the final Technical Evaluation Report and a draft
Environmental Impact Statement for public comment in January 1996. The
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EXHIBIT 99
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final Report reflects consideration of these public comments, Atlas's response
to all the issues identified in the preliminary Report and additional Nuclear
Regulatory Commission staff analysis.
Atlas's Vice President for Environmental and Governmental Affairs, Richard
Blubaugh, stated, "This is a major step forward for Atlas. Completion of the
final Environmental Impact Statement is the last step remaining in this process
towards achieving final approval of the on-site disposal plan. Atlas currently
expects to receive this final approval by this summer, with construction
commencing in 1998."
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. 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:
Richard Blubaugh Leslie Young
Vice President Environmental/Governmental Affairs Director, Investor Relations
Phone: 303-629-2436 Phone: 303-629-2435
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