Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Carney Christopher T
 2. Date of Event Requiring Statement (Month/Day/Year)
02/17/2009		 3. Issuer Name and Ticker or Trading Symbol
ATLAS MINING CO [ALMI]
(Last)
(First)
(Middle)
630 E MULLAN AVE. SUITE D		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Interim CFO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

OSBURN, ID 83849		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 788,000
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option Right to Purchase   (1) 01/01/2019 Common Stock 6,966,419 (1) $ 0.7 I Material Advisors LLC (1)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Carney Christopher T
630 E MULLAN AVE. SUITE D
OSBURN, ID 83849		       Interim CFO  

Signatures

/s/ Christopher T. Carney 03/25/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) A Stock Option for 6,966,419 shares of Common Stock of Atlas Mining Company (the "Company") was granted to Material Advisors LLC effective January 1, 2009 pursuant to a Management Agreement dated December 30, 2008 with the Company, pursuant to which Material Advisors will perform senior management services for the Company. The option will vest in 36 equal monthly installments over 3 years. Mr. Carney is the owner of a minority interest in Material Advisors LLC. This filing will not be deemed an admission that Mr. Carney is a beneficial owner of the Stock Option or any of the Common Stock covered by the Stock Option.

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