------------------ U.S. SECURITIES AND EXCHANGE COMMISSION ----------------------------
| F O R M 4 | Washington, D.C. 20549 | OMB APPROVAL |
------------------ |--------------------------|
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0287|
[ ] Check this box if |Expires: December 31, 2001|
no longer Subject Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, |Estimated avg. burden |
to Section 16. Section 17(a) of the Public Utility Holding Company Act of 1935 or |hours per response.....0.5|
Section 30(f) of the Investment Company Act 1940 ----------------------------
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|1.Name and Address of Reporting Person* |2.Issuer Name and Ticker or Trading Symbol |6.Relationship of Reporting Person to |
| | | Issuer (Check all Applicable) |
| Shipes H.R. (Roy) | Atlas Minerals, Inc (ATMR) | |
| | | X Director 10% Owner |
|----------------------------------------|------------------------------------------------|--- --- |
| (Last) (First) (MI)|3.IRS Identification |4.Statement for Month/ | X Officer Other |
| | Number of Reporting | Year |---(give title below) ---(Specify below)|
| | Person, if an entity | | |
| | (Voluntary) | January, 2002 | President and Chief Executive Officer |
| 11251 E. Camino del Sahuaro | | | ------------------------------------- |
|----------------------------------------| |------------------------|----------------------------------------|
| (Street) | -- |5.If Amendment, Date of |7. Individual or Joint/Group Filing |
| | | Original (Month/Year) | (Check Applicable Line) |
| | | | |
| | | | X Form filed by One Reporting Person |
| | | -- |--- |
| | | | Form filed by More than One |
| Tucson AZ 85749 | | |--- Reporting Person |
|----------------------------------------------------------------------------------------------------------------------------------|
| (City) (State) (Zip) |
| TABLE I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned |
|----------------------------------------------------------------------------------------------------------------------------------|
|1.Title of Security |2.Transac- |3.Trans. |4.Security Acquired (A) or |5.Amount of |6. |7.Nature of Indirect|
| (Instr. 3) | tion Date | Code | Disposed of (D) | Securities |Own.| Beneficial |
| |(Mon/Day/Yr)|(Instr.8)| (Instr. 3, 4 & 5) | Beneficially |Form| Ownership |
| | |---------|-------------------------------| Owned at End of|(D) | (Instr. 4) |
| | | | | |(A) | | Month |or | |
| | |Code| V | Amount |(D) | Price | (Instr. 3 & 4) |(I) | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
|Common Stock | 01/31/02 | P | | 256,759 | A | $0.15 | 1,196,686(1) | D | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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Reminder: Report on a separate line for each class securities owned directly or indirectly. SEC 1474 (7-97)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
PAGE: 1 OF 2
FORM 4 (continued) TABLE II - Derivative Securities Acquired, Disposed of, Beneficially Owned
(e.g., puts, calls, warrants, options, convertible security)
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|1.Title of|2.Conver-|3. |4.Tran- |5.Number of |6.Date |7.Title and Amount |8.Price of|9.Number |10. |11.Nature |
|Derivative|sion or |Trans| saction| Derivative |Exercisable | of Underlying |Derivative| of |Own.| of |
|Security |Exercise |Date | Code | Securities |and | Securities |Security |Derivative|Form|Indirect |
|(Instr. 3)|Price of |(Mon/|(Instr.8)| Acquired (A) or |Expiration | (Instr. 3 & 4) |(Instr. 5)|Securities|of |Beneficial|
| |Deriva- | Day/| | Disposed of (D) |Date | | |Benefi- |Deri|Ownership |
| |tive |Year)| | (Instr. 3, 4 & 5)|(Month/Day/ | | |cially |Sec.|(Instr. 4)|
| |Security | | | | Year) | | |Owned at |Dir.| |
| | | | | |-------------|---------------------| |End of |(D) | |
| | | | | | | | |Amount or | |Month |or | |
| | | |---------|-------------------|Date |Exp. | Title |Number of | |(Instr. 4)|Ind.| |
| | | |Code| V | (A) | (D) |Exbl. |Date | |Shares | | |(I) | |
|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|---------|---------|------|------|----------|----------|----------|----------|----|----------|
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Explanation of Responses:
(1) Includes 150,000 shares of common stock underlying stock options which are immediately exercisable.
**Intentional misstatements or omissions of facts constitute Federal /s/ H.R. Shipes February 8, 2002
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------------ -----------------
**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed. H.R. (Roy) Shipes
If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (7-97)
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMD Number
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