ATLAS CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT

Calgary, Alberta – August 22nd, 2008 – Atlas Minerals Inc. (TSXV - AMR) The Company is pleased to announce that it has closed the first tranche of its non-brokered private placement announced on August 5, 2008, by issuing a total of 1,088,699 units (the “Units”), at a price of $0.10 per Unit, to raise $108,869. Each Unit consisted of one common share and one transferable share purchase warrant, exercisable into an additional common share for a period of two years, at an exercise price of $0.13 per share. The shares and the warrants are subject to a four month hold period which expires on December 21, 2008. Proceeds of the financing will be used for general working capital. A finder’s fee of 10% cash and 10% warrants will be payable on a portion of the balance of the financing.

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