Applied Minerals Settles with SEC Securities Charges Concerning Former CEO’s Conduct

OSBURN, Idaho--(BUSINESS WIRE)--Applied Minerals, Inc. (OTCBB: AMNL), f/k/a Atlas Mining Company (the “Company”), today announced that the Securities and Exchange Commission (“SEC”) had approved the Company’s offer of settlement to claims by the SEC arising out of the conduct of Atlas Mining Company’s former CEO, Chairman, and President William Jacobson (“Jacobson”). The SEC settlement imposes no fine or other monetary sanction to be paid by the Company.

The settlement with the SEC removes the last major issue confronting the Company left over from the prior management. With the SEC settlement, and final court approval of the previously announced class action settlement expected on January 19, 2010, the Company’s management team is free to focus on the continued execution of its business plan into 2010, unencumbered with the legacy issues of the past.

Details of the SEC Settlement:

In an SEC administrative proceeding, the Company consented, without admitting or denying the facts, to the entry of a cease-and-desist order barring future violations of certain registration and reporting provisions of the federal securities laws. The SEC’s cease-and-desist order specifically recognizes the remedial efforts undertaken by the new management of the Company.

The SEC explains that after Jacobson's violations came to light in 2008, the Company promptly undertook “significant remedial efforts.” These efforts included undertaking an internal investigation and reporting its findings to the SEC; replacing all members of the management team of the Company, including hiring a new CEO and CFO; changing all members of the Board of Directors; changing its independent auditor; adopting a Code of Conduct and Ethics for its senior officers; implementing internal control and corporate governance policies; and implementing additional remedial measures to improve its financial reporting and disclosure controls, including the appointment of a financial expert to the Board of Directors. As of August 14, 2009, the Company had brought itself current on all due and/or delinquent periodic reports and continues to be current on such reports.

About Applied Minerals Inc

Applied Minerals Inc, formerly the Atlas Mining Company, is the producer of halloysite clay from their wholly owned Dragon Mine Property in Utah. Halloysite is aluminosilicate clay that forms naturally occurring nanotubes. In addition to serving the traditional halloysite markets for use in technical ceramics and catalytic applications, the company has targeted niche applications that they feel will benefit from the tubular morphology of their Halloysite. These include: carriers of active ingredients in paints, coatings and building materials, agricultural applications and high performance fillers in plastic composites.

Statements in this press release that are not historical facts and this includes all the statements concerning future-oriented statements relating to processing, capacity, costs, notifications, working together are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of significant risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied.