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NEWS                                                        CONTACT:  ROBBIN LEE
FOR IMMEDIATE RELEASE                                              (303)825-1200


         Denver, CO, January 31, 1996 -- Atlas Corporation (NYSE:AZ) announced
today that the Nuclear Regulatory Commission (NRC) has released the Draft       
Environmental Impact Statement (DEIS) and Draft Technical Evaluation Report     
(DTER) regarding the Company's proposal for on-site reclamation of tailings     
associated with its discontinued uranium processing facility located near Moab, 
Utah.  The public comment period on both documents will be 60 days beginning    
January 30, 1996.                                                               

        Atlas' proposed reclamation plan consists of contouring the tailings
to reduce side-slopes and allow precipitation to drain naturally.  Also an earth
and rock cover system would be installed over the pile.  The current plan was   
originally submitted in 1988 and modified in 1992.  Commenting on Atlas'        
proposed plan, which is one of three alternatives described and evaluated for   
potential environmental impacts in the DEIS, the NRC staff's preliminary        
conclusion in the DEIS is that "...this alternative is acceptable with respect  
to environmental costs and benefits."  The DTER evaluates Atlas' compliance with
the NRC's technical and safety criteria.  Approximately 20 items which need to  
be addressed prior to final approval of Atlas' plan are identified in this      
document by the NRC.  The requisite studies necessary to address the open items 
have been completed.                                                            

   Richard E. Blubaugh, Atlas' Vice President of Environmental and
Governmental Affairs, stated, "This is a major step in what has become a long   
and arduous process.  The preliminary conclusions of the NRC's staff affirm what
Atlas has asserted throughout this process, that our proposal to reclaim the    
pile in place is acceptable and less costly than the alternative.  We believe   
the DEIS supports the Company's view that its proposal is lower in risk to human
health from radon exposure than the alternative.  Independent contractors have  
completed studies on the open issues identified in the DTER.  The conclusions of
these experts strongly support the capping in place option proposed by Atlas.   
Hopefully, the resolution of this process will be expedited so that we can      
proceed quickly with final reclamation of the tailings, a process which we      
believe is in the best interest of everyone."                                   

Mr. Blubaugh further noted that in 1995 an independent assessment of the risks associated with tailings reclamation under the same three alternative plans addressed in the DEIS was undertaken. In addition to the option of "No Action," the report evaluated reclamation of the tailings at the existing location versus relocation to an alternative disposal site. The risk assessment determined that "both potential radiological and nonradiological risks associated with reclamation by relocation of the tailings pile to an alternative site are significantly higher than such risks associated with on-site reclamation." The study found that moving the tailings increased radon exposure to both the general public and the site workers as well as significantly increasing the risk to both workers and the general public of fatal accidents.