SYDNEY, NS, March 23 /CNW Telbec/ - Atlantic Industrial Minerals Incorporated (TSXV:ANL.V) ("AIM") announced today that it has completed its previously announced sale of its common shares of Kelly Rock Limited to Municipal Capital Incorporated.

Effective upon completion of the transaction, the Board of Directors of AIM have appointed Colin J. MacDonald as President and director and H. Robert Hemming, FCA, as a director, in each case subject to regulatory approval, and David MacKenna, Glen Dexter and Barclay Cunningham have resigned as officers and directors of AIM.

Colin J. MacDonald is an Antigonish businessman. Mr. MacDonald was a founding shareholder and director of Kaoclay Resources Inc., a private mineral resource company, until its acquisition by Erdene Gold Inc. in 2006. Prior to that Mr. MacDonald worked in the financial services sector for 16 years. Mr. MacDonald has previously served as a director of Seabright Resources Inc., a public mineral resource company. H. Robert Hemming, FCA, is president of Towerview Apartments Limited. Mr. Hemming is also a retired chartered accountant and was a founding partner of the Nova Scotia accounting firm, Hemming Weir Casey Inc., and practiced with that firm until 2006. Mr. Hemming was also previously a director of Seabright Resources Inc.

The common shares of AIM are currently listed on the TSX Venture Exchange, and AIM will seek to maintain this listing. However, due to the effects of the transaction on the nature of AIM's primary business activity, the TSX Venture Exchange is reviewing AIM's compliance with its Tier Maintenance Standards for continued listing. Should the TSX Venture Exchange determine that the common shares of AIM no longer meet its minimum listing requirements, AIM will seek to list its common shares on the NEX board of the TSX Venture Exchange.

AIM is a natural resource company based in Sydney, Nova Scotia, with interests in several limestone and water resources located in the Atlantic Provinces.

Commentary regarding forward looking statements:

This news release may contain forward-looking statements, including in connection with the continued listing of the common shares of AIM on the TSX Venture Exchange. Such statements involve known and unknown risks, uncertainties, and other factors outside management's control including, but not limited to, receipt of required approvals for the completion of the transactions contemplated in the Agreement, that could cause actual results to differ materially from those expressed in the forward-looking statements. AIM does not assume responsibility for the accuracy and completeness of the forward-looking statements and does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Neither TSX Venture Exchange nor its Regulation Services Provider (as

that term is defined in the policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release.

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