Queries Atlantic Mining files for bankruptcy

Please let me know if I can purchase back issues with information about Peddle Lake and/or Atlantic Mining Corp. The latter went bankrupt in March, l987. R. Hreha, Robbinsdale, Minn.

Yes, you can. In an extensive article published Oct 7, l985, The Northern Miner noted that Minneapolis, Minn.-based Atlantic Mining was using an old milling technique called “pulverizing,” which utilizes two opposing streams of high pressure air to turn small gold deposits into profitable ventures.

According to the article, Atlantic Mining had the patented worldwide distribution and marketing rights to use its Dunbar Pulverizer and was subcontracting its manufacture to several firms from Atlantic’s head office in Roseville, Minn.

In a March 10, l986, article, The Miner noted that Atlantic had optioned its 41-claim property in the Beardmore area of northwestern Ontario to Noranda Exploration.

By agreeing to spend $1.5 million over three years on the Twin Falls property, Noranda was entitled to earn a 60% interest in the ground.

Atlantic also acquired one-third of the shares of Peddle Lake Mining which holds a 92-claim group immediately north of the Twin Falls property.

According to our records we were apparently unaware that on Feb 24 this year, Atlantic filed under Chapter 11 (the reorganization clause) of the U.S. bankruptcy act.

The company was apparently experiencing cash flow problems and filed for bankruptcy after an “immediate unlawful detainer action” by Atlantic’s former landlord.

When the company filed for bankruptcy, it had personal property worth $1,233,000. That included $700,000 in mineral rights and real estate, $300,000 worth of equipment, $85,000 in Peddle Lake shares and a licence to market the Dunbar Pulverizer which the company values at $85,000.

Under supervision from the U.S. bankruptcy court in Minneapolis, Atlantic is currently attempting to restructure its business activities by emphasizing the sale of its Dunbar Pulverizer.

At a meeting of creditors on April 22, Atlantic was seeking new investors but any move would have to be approved by the U.S. bankruptcy court.

For more information, write to Atlantic’s new address at 2368 North Helen St., North St. Paul, Minn. 55109 or try calling Attorney David Orenstein at (612) 333-2111.