Applied Minerals, Inc. (formerly Atlas Mining Company) Announces Entering into a Memorandum of Understanding with KaMin Performa

NEW YORK, Nov 20, 2009 (BUSINESS WIRE) --
ALMIE | Quote | Chart | News | PowerRating -- Applied Minerals, Inc. (OTCBB: ALMI | Quote | Chart | News | PowerRating) (formerly known as Atlas Mining
Company) is pleased to announce that it has entered into a Memorandum of
Understanding ("MOU") with KaMin Performance Minerals LLC. The terms of
the MOU represent the key understandings that both parties have relating
to a joint business relationship. The MOU is intended to serve as the
template for which a binding toll manufacturing contract is developed.

Under the terms of the agreement, KaMin can commit to providing up to
26,500 short tons of annual capacity to produce Applied Minerals'
Halloysite products utilizing a manufacturing method, which has been
established and deemed effective for such production. KaMin can commit
to additional volume or additional process steps, if needed, based on
the market demand for Applied Minerals' product. KaMin can also provide
additional support in terms of logistics, warehousing and quality
control.

Applied Minerals has been working very closely with KaMin LLC to test
different processing methods available at its manufacturing facility. We
have successfully processed over 20 tons of our material, consisting of
four different grades geared toward different market applications. These
finished products have been sampled out to customers for evaluation and
preliminary feedback has been encouraging. In addition, Applied Minerals
has successfully performed its own testing of this material in various
targeted applications that have demonstrated the desired property
improvements being sought for such applications.

In addition to this arrangement with KaMin, Applied Minerals intends to
process certain grades of product at their existing plant located at
their Utah mine site.

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. There is no assurance that the Company and KaMin will actually
enter into a final agreement or that the terms will not be materially
different from the terms of the MOU. Refer to the company's Form 10-Q
and 10-K reports for a more detailed discussion of factors that may
impact future results. The company undertakes no obligation and has no
intention of updating forward-looking statements.

SOURCE: Applied Minerals, Inc.

Applied Minerals Inc. Investor Relations Contact 
Rubenstein IR 
Tim Clemensen, 212-843-9337

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