VANCOUVER, BRITISH COLUMBIA–(EMWNews – July 22, 2008) –

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Atacama Minerals Corp. (“Atacama” or the “Company”) (TSX VENTURE:AAM) reports that it has agreed to sell on a brokered, private placement basis, an aggregate of up to 80 million common shares of the Company at a price of $1.00 per common share for gross proceeds of up to $80 million. The private placement will be sold on a best efforts basis by a syndicate co-led by GMP Securities L.P. and Cormark Securities Inc. and including Haywood Securities Inc.

A 5% fee will be payable on a portion of the private placement. Net proceeds of the private placement will be used towards development of the Company’s nitrate fertilizer operations and for general working capital purposes.

The private placement is subject to regulatory approval. Shares issued pursuant to the private placement will be subject to a four month hold period.

On behalf of the Board,

Edward F. Posey, President and CEO

This news release contains forward-looking statements concerning the Company’s plans for its operations. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company’s exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.

“This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available”.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.