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UPDATE 1-Miner Atna Resources files for chapter 11 bankruptcy

Published 2015-11-19, 08:39 a/m
© Reuters. UPDATE 1-Miner Atna Resources files for chapter 11 bankruptcy
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Nov 19 (Reuters) - Miner Atna Resources Ltd ATN.TO on
Thursday filed for Chapter 11 bankruptcy protection, hurt by a
fall in gold prices, and said it planned to restructure its
business by selling assets.
The company has filed for bankruptcy in Colorado and will
also seek ancillary relief in Vancouver, Canada.
In the past year, a slowdown in China's economy and slumping
commodity prices have pushed many miners into bankruptcy. Spot
gold prices XAU= have fallen by 9.5 pct this year through
Wednesday.
Atna has posted losses and steep declines in revenue in the
last two years.
At the end of 2014, Atna had total debt of $23.8 million and
total liabilities of $33.7 million.
The company, which also mines zinc and copper, had targeted
production of 55,000-65,000 ounces of gold earlier this year.
Atna Resources has mines in Yukon and British Columbia in
Canada and owns 6 unpatented mining claims in the Blue Bird
Prospect in Granite County, Montana.

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