GOLDEN, Colo., March 31 /PRNewswire-FirstCall/ -- Atna Resources Ltd. ('Atna' or the 'Company') (TSX: ATN) today reported audited financial results for the Company's fourth quarter and year end results for the period ended December 31, 2008. Unless otherwise designated all amounts are in Canadian dollars.

Highlights for the Year 2008

• Merger with Canyon Resources Corporation ('Canyon') closed March 18, 2008 (the 'Canyon Merger').
• Commenced mining and ore crushing operations at the Briggs Mine.
• Increased proven and probable reserves by 77 percent in the Briggs Mine; completed an updated mine plan.
• Yamana Gold Inc. drilled an encouraging second round on Atna's Clover project in Elko County, Nevada and made a US$150,000 option payment.
• Pinson Mining Company ('PMC'), a subsidiary of Barrick Gold, provided notice that they completed their US$30 million work program at the Pinson gold project to earn a 70% interest in the project. Atna will retain 30% interest in the project.
• Drilling beneath the main pit at the Briggs Mine outlined additional mineralization; new drilling at Cecil R, a satellite project to Briggs, began in early 2009.
• Closed the US$20 million sale of a royalty portfolio, including the Wolverine Royalty.
• Acquired the remaining land position at the Columbia gold property (formally known as Seven-Up Pete gold property) which contains significant gold resources.
• Reward Gold Project feasibility study completed, reserves were disclosed; major permits have been granted with final approval expected in the second quarter 2009.
• Optioned the Adelaide and Tuscarora gold properties in Nevada to Golden Predator for work commitments and other compensation.
• Cash balances for the Company as of March 23, 2009 are approximately $12.0 million. The reduction in cash since December 31, 2008 primarily reflects ongoing development and start-up costs at the Briggs Mine.

Financial Results:

Results of Operations - Year Ended December 31, 2008 versus Year Ended December 31, 2007

For the year ended December 31, 2008, Atna recorded net income of $20.3 million, or basic income per share of $0.26, on proceeds of $21.0 million from the sale of royalties. This compares to a net loss of $3.3 million, or a basic loss per share of $0.05, on revenues of nil for the year ended December 31, 2007. The positive variance of $23.6 million was due primarily to the following factors:

• Positive variance of $20.9 million in gain on asset disposals due to the sale of royalties.
• Negative variance of $2.4 million in selling, general and administrative expenses due to the consolidation of Canyon's costs and other Canyon related operating costs partially offset by cost reductions in the Atna operations.
• Positive variance related to new income tax benefits of $3.7 million, related to available tax net operation losses carry forwards that are expected to be utilized in the future.
• Negative variance of $1.5 million in provision for final site restoration due to an increase in expected final reclamation costs at the Kendall Mine that was acquired in the Canyon Merger.
• Negative variance of $0.6 million in reduced property write-downs.
• Negative variance of $0.4 million due to the accretion expense related to the Briggs and Kendall mines acquired in the Canyon Merger.
• Positive variance of $2.4 million in other income and expense, excluding the impact of the royalty sale. The variance was due primarily to a $3.2 million positive variance in foreign exchange gains as a result of a weakening Canadian dollar on the proceeds of the royalty sale that was held in U.S. dollars partially offset by an $0.8 million negative variance from reduced gains on sale of marketable securities, write-off of marketable securities related shares held in Canadian exploration companies and reduced net interest income.
• Positive variance of $1.3 million due to a decrease in exploration spending due to the focus on the Briggs restart.

Conference Call

Management will host a conference call on Tuesday, March 31, 2009 at 2:00 pm Eastern, to discuss these results and general corporate and project activities. Participants in the US and Canada dial (877) 559-1977, International callers dial (660) 422-4979. Please reference conference ID # 92099685.

Audio of the call will be webcast and available through www.atna.com. A replay of the call will be available two days following the call by dialing (800) 642-1687 or (706) 645-9291, reference conference ID # 92099685.

Operating Activities and Other Developments:

Atna - Canyon Merger

Atna and Canyon signed an Agreement and Plan of Merger on November 16, 2007. The transaction closed on March 18, 2008. The Canyon Merger significantly increased the gold reserves and resources controlled by the Company and will provide near term gold production opportunities from the Briggs Mine and the Reward Gold Project.

Sale of Royalties Package including the Wolverine Royalty, Yukon

In September 2008, the Company sold a portfolio of royalty interests for US$20 million. The royalty package was comprised of four royalty interests; a sliding scale precious metal net smelter return ('NSR') royalty on the Wolverine Project located in the Yukon Territory, a three percent NSR royalty on portions of the McDonald gold property in Montana, and royalty interests on properties in the Dominican Republic and Argentina.

Development Activities

Briggs Mine, California

An updated technical report detailing the estimation of open pit and underground reserves and resources at the Briggs Mine, was completed in May 2008, which is available on SEDAR at www.sedar.com, and an updated reserve and mine plan was announced on February 18, 2009. Restart activities commenced and the first gold pour is expected during the second quarter of 2009. Production during 2009 is forecast to be approximately 19,000 ounces. Highlights of the Briggs Mine include:

• Open pit proven and probable reserves containing 267,000 ounces of gold with an average grade of 0.021oz/ton based on a gold price of US$750/oz, a 77 percent increase over the previous reserve estimate, dated May 8, 2008.
• Mine life of six years.
• Planned production of approximately 210,000 ounces of gold with an average full year production rate that ranges between 40,000 to 50,000 ounces.
• Life-of-mine cash cost and full cost is projected to be US$470 and US$590 per ounce of gold, respectively.
• Life-of-mine pre-tax cumulative cash flow at a gold price of US$750 is approximately US$36 million.
• Total project pre-tax cash flow increases by approximately US$20 million for every US$100 increase in gold price.
• Key site management and support positions are in place.

Ore is being loaded on the leach pad and gold production is expected to increase to an annualized rate of between 40,000 to 50,000 ounces per year. Approximately 50 percent of existing plant capacity will be utilized at these production rates, allowing for a possible increase in production, if additional reserves can be developed. A total of approximately US$10 million has been spent on the Briggs project through February 2009. Additional capital and working capital spending at the Briggs Mine is projected to be about US$7 million for the remainder of 2009. The new, expanded mine plan is located entirely within the existing permit boundary area.