FOR
IMMEDIATE RELEASE
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RELEASE 07-11
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MINES MANAGEMENT ANNOUNCES COMPLETION OF
US$10 MILLION PRIVATE PLACEMENT WITH SILVER WHEATON
Spokane, Washington � November 5, 2007 -- Mines Management, Inc.
(Amex: MGN, TSX: MGT) (the "Company") is pleased to announce it
has completed a US$10 million private placement of its common stock to
Silver Wheaton Corp. (TSX, NYSE: SLW). The transaction provided for the
issuance of 2.5 million shares at a price of US$4.00 per share (the
"Shares").
The Company intends to use the proceeds of the
transaction for working capital and general corporate purposes, including
the further advancement of the Montanore
Project and for potential acquisitions.
In connection with the private placement, the
Company has granted to Silver Wheaton a twenty-year right of first refusal
to purchase any silver stream that the Company elects to sell from its Montana
properties.
The Shares were sold on a private placement
basis in Canada
and in reliance on Regulation S under the Securities Act of 1933, as
amended (the "Securities Act"). The Shares have not been
registered under the Securities Act, or the securities laws of any other
jurisdiction, and may not be offered or sold in the United States without
registration under, or an applicable exemption from, the registration
requirements of the Securities Act, and will be subject to resale
restrictions in Canada.
The Shares were sold on a private placement
basis in Canada
and in reliance on Regulation S under the Securities Act of 1933, as
amended (the "Securities Act"). The Shares have not been
registered under the Securities Act, or the securities laws of any other
jurisdiction, and may not be offered or sold in the United States without
registration under, or an applicable exemption from, the registration
requirements of the Securities Act, and will be subject to resale
restrictions in Canada.
Statements Regarding Forward-Looking
Information: Some statements
contained in this press release are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and other
applicable securities laws. Investors are cautioned that forward-looking
statements are inherently uncertain and involve risks and uncertainties
that could cause actual results to differ materially, including comments
regarding the use of proceeds from the offering. Actual results may
differ materially from those presented. Factors that could cause results
to differ materially include fluctuations in silver and copper prices. Mines
Management, Inc. assumes no obligation to update this information. There
can be no assurance that future developments affecting Mines Management,
Inc. will be those anticipated by management. Please refer to the
discussion of risk factors in the Company's Form 10-K for the year ended
December 31, 2006, as amended.
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