Applied Minerals, Inc. Raises an Additional $2 Million of Equity Financing

On June 27, 2011, Applied Minerals, Inc. (OTCBB: AMNL) sold a total of 1,250,000 shares of common stock at $1.60 per share to one purchaser in a transaction that was exempt from registration under section 4(2) of the Securities Act of 1933. The Company did not use a broker and paid no commission as part of the transaction. The $2 million of cash proceeds will be used primarily to fund continued resource and product development.

About Applied Minerals, Inc.

Applied Minerals, Inc. (the "Company”) is a leading global producer of Halloysite Clay from its wholly-owned Dragon Mine property in Utah. Halloysite is an aluminosilicate clay that exhibits a unique naturally occurring tubular morphology. In addition to serving the traditional Halloysite markets for use in technical ceramics and catalytic applications, the Company has developed applications that benefit from its tubular morphology of its Halloysite. These include: carriers of active ingredients in paints, coatings and building materials, agricultural applications and high-performance functional fillers & additives in advanced polymer composites.

Statements in this press release that are not historical facts, and this includes all the statements concerning future-oriented statements relating to processing, capacity, costs, notifications, working together, are "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of significant risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied.