A high-density calorimeter, consisting of magnetized iron planes interleaved by RPCs, as tracking and timing devices, is a good candidate for a next generation experiment on atmospheric neutrinos. With 34 kt of mass and in four years of data taking, this experiment will be sensitive to $ u_mu to u_x$ oscillation with $Delta m^2 > 6 times 10^{-5}$ and mixing near to maximal and fully cover the region of oscillation parameters suggested by Super-Kamiokande results. Moreover, the experimental method will enable to measure the oscillation parameters from the modulation of the L/E spectrum ($ u_mu$ disappearance). For $Delta m^2 > 3 times 10^{-3}$ eV$^2$, this experiment can also establish whether the oscillation occurs into a tau or a sterile neutrino, by looking for an excess of muon-less events at high energies produced by upward-going tau neutrinos ($ u_tau$ appearance).