This is the 50th Anniversary of the start of operations of Atlas Consolidated Mining and Development Corporation (Atlas) in Toledo City, Cebu.

Following a change in control and management, the Atlas Group, with its subsidiaries, joint ventures and associates, is re-emerging as a leader in the Philippine mining industry and natural resource sectors. It has significant and focused interests in copper, gold, nickel, mineral exploration and water resources. Technical competence and resource management skills complement its engineering and construction capabilities.

With the comprehensive financial re-organization carried out since 2004, the financial stability of Atlas is now assured and its immediate goal is to move towards the profitable exploitation of its extensive resource base.

Atlas Consolidated Mining and Development Corporation (Atlas) was incorporated in 1935. Atlas is listed on the Philippine Stock Exchange (PSE) and was, until May 1995, listed on the American Stock Exchange (AMEX).

A major restructuring of the Company’s assets was undertaken in years 2004 and 2005 with the creation of three special purpose subsidiaries to develop the Toledo Copper Complex, Berong Nickel Project and the Toledo-Cebu Bulk Water and Reservoir Project. As a result, Carmen Copper Corporation (CCC), Berong Nickel Corporation (BNC) and AquAtlas Inc. (AI) were incorporated and, subsequently, were positioned to attract project financing as well as specialist management and operating expertise.

In addition, Atlas incorporated a 100%-owned subsidiary, Atlas Exploration Inc. (AEI), to host, explore and develop copper, gold, nickel and other mineral exploration properties. AEI will also explore for other metalliferous and industrial minerals to increase and diversify the mineral holdings and portfolio of Atlas.

As a result of the Debt for Equity Swap Agreement with Alakor Corporation (Alakor), the Company was able to substantially reduce its historic indebtedness by more than P7 billion, making Alakor the company’s largest single stockholder..

On May 5, 2006, CASOP signed a restructuring agreement with the Company for the infusion of US$7 million to Atlas and a further US$33 million into CCC via a convertible loan facility.

Carmen Copper Corporation (CCC)

A wholly-owned subsidiary, CCC, was incorporated on September 16, 2004 to operate the Company’s copper mine located in Toledo City, Cebu. CASOP committed to infuse US$33 million into CCC by way of a convertible loan which entitles CASOP to earn a 34% interest in CCC.

AquAtlas Incorporated (AI)

This subsidiary was incorporated to operate and develop water projects in the Philippines, in particular the Toledo-Cebu Bulk Water & Reservoir Project in Cebu.

The Feasibility Study on the viability of providing Metro Cebu with potable fresh water was completed and submitted to the Metro Cebu Water District (MCWD) in September 2006. The proposed Bulk Water Supply Project will be sourced from the existing Atlas fresh water dam located within the Atlas mine site in Toledo City. Improvements to the existing distribution system were incorporated in the AquAtlas proposal to make sure that potable water is made available at anytime to the consumers and at the same time substantially reduce non-revenue water being lost by the water district.

Berong Nickel Corporation (BNC)

Atlas has a 70% shareholding in URH which, in turn, owns 60% of Nickeline Resources Holdings, the 60% shareholder in BNC. The project Joint Venture partners have financed operations to date, including a US$5 million facility by Toledo Mining Corporation Plc. (TMC) to Atlas to fund the Company’s contributions towards the project. The convertible loan agreement signed by the Company with TMC on April 16, 2006 by which the Company was able to contribute its share in the project development of BNC prior to its full commercial operations also carried with it provisions for conversion into stock of the said loan. In May 2007, TMC opted to be repaid in shares of stock of the Company at the conversion price of P10.00 par value per share.

Atlas Exploration Inc. (AEI)

Registered on August 26, 2005, this wholly-owned subsidiary is tasked, either solely or in co-ventures with others, to explore for mineral deposits and to determine the quantity and quality of mineral resources according to international standards, and to acquire other mineral properties.

TMM Management Inc.

This management firm was organized on September 28, 2004 in tandem with TMC for the purpose of providing management to the Berong Nickel Project.

Ulugan Nickel Corporation (UNC)

This subsidiary shall undertake to explore and mine, among other activities, the mineral resources in the Ulugan Mineral Properties located in Palawan. Incorporated on June 23, 2005, Atlas owns a 42% interest in UNC.

Having been in mining operation for 39 years and a pioneer in environmental management, Atlas is committed to its lifetime social responsibility of:

	Complying with the relevant environmental laws / regulations.
	Controlling and / or preventing environmental pollution.
	Rehabilitating and reforesting mined-over lands and converting them to usable conditions consistent with the land-use plans as agreed upon with the host communities.
	Contributing to the heightened social awareness of every member of the Atlas Team and the entire Filipino community on environmental protection policies, and management for beneficial effects.
	Enhancing the host communities’ level of awareness concerning sustainable development.