Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
IBS CAPITAL LLC
   2. Issuer Name and Ticker or Trading Symbol
ATLAS MINING CO [ALMI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
ONE INTERNATIONAL PLACE, SUITE 2401		 3. Date of Earliest Transaction (Month/Day/Year)
09/23/2008
(Street)

BOSTON, MA 02110		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/23/2008   P(2)   1,700,000 A $ 0.5 13,972,415 I See Note 2. (1) (2)
Common Stock 09/24/2008   S(3)   775,000 D $ 0.5 13,972,415 I See Note 3. (1) (3)
Common Stock 09/24/2008   P(3)   775,000 A $ 0.5 13,972,415 I See Note 3. (1) (3)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
IBS CAPITAL LLC
ONE INTERNATIONAL PLACE
SUITE 2401
BOSTON, MA 02110		     X    
IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP)
ONE INTERNATIONAL PLACE
STE 2410
BOSTON, MA 02110		     X    

Signatures

 IBS Capital LLC, by David A. Taft, Manager   09/25/2008
**Signature of Reporting Person Date
 IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) By IBS Capital LLC, Its General Partner, David A. Taft, Manager   09/25/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) IBS Capital LLC is the general partner of The IBS Turnaround (QP) Fund (A Limited Partnership) and The IBS Turnaround Fund (A Limited Partnership). IBS Capital LLC is the investment adviser of The IBS Opportunity Fund (BVI), Ltd.
(2) The 1,700,000 shares purchased on September 23, 2008 were purchased as follows: (i) 1,019,265 shares were purchased by The IBS Turnaround (QP) Fund (A Limited Partnership) and (ii) 680,735 shares were purchased by the The IBS Turnaround Fund (A Limited Partnership). After the completion of the transaction, (i) The IBS Turnaround (QP) Fund (A Limited Partnership) held 9,235,203 shares; (ii) The IBS Turnaround Fund (A Limited Partnership) held 3,436,937 shares; and (iii) The IBS Opportunity Fund (BVI), Ltd. held 1,300,275 shares.
(3) The 775,000 shares sold on September 24, 2008, were sold as follows: (i) The IBS Turnaround (QP) Fund (A Limited Partnership) sold 564,805 shares to The IBS Opportunity Fund (BVI), Ltd. and (ii) The IBS Turnaround Fund (A Limited Partnership) sold 210,195 shares to The IBS Opportunity Fund (BVI), Ltd. After the completion of the transactions, (i) The IBS Turnaround (QP) Fund (A Limited Partnership) holds 8,670,398 shares; (ii) The IBS Turnaround Fund (A Limited Partnership) holds 3,226,742 shares; and (iii) The IBS Opportunity Fund (BVI), Ltd. holds 2,075,275 shares.

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