FOR IMMEDIATE RELEASE
|
RELEASE 09-06
|
MINES MANAGEMENT UPDATES
PERMITTING
ACTIVITIES AT THE MONTANORE PROJECT
SPOKANE, Wash., July 13, 2009
� Mines Management, Inc. (NYSE Amex: MGN)(TSX: MGT) is pleased to report
that the public comment period for the re-permitting process for the
Company's Montanore Silver-Copper Project
concluded on June 29, 2009. The 120-day period began upon completion of
the Draft Environmental Impact Statement ("EIS"), and allowed
the public to review the Draft EIS and provide comments to the
governmental agencies overseeing the re-permitting process.
Mr. Glenn M. Dobbs,
the Company's President and CEO, commented, "Completion of the
public comment period marks the conclusion of an important step in the
process to re-permit the Montanore
Silver-Copper Project, and significant advancement through the final
stage of activities toward completion of the Final EIS. We began the
process to re-permit the Montanore in 2005, and
have been gratified with both the support we have received from the
community in the vicinity of the proposed mine, and the substantial work
conducted by all those involved in the environmental review process. We
look forward to completing the remaining steps required for final
permitting of mining activities."
The remaining steps
in the process include the selection of preferred alternatives, a
biological assessment, and drafting and editing of the Final EIS
document, which would be followed by the issuance of a Record of
Decision.
The Montanore was originally discovered and explored in
the 1980's, received mining and environmental approval, and advanced
through preliminary engineering during the 1990's. The previous operators
transferred the project to Mines Management, Inc., in accordance with
their lease agreement in 2002, near the bottom of the metals market.
Since then, Mines
Management has assembled land holdings, conducted significant engineering
activities, engaged in the re-permitting process, and initiated
preparations to complete the underground exploration program, including
construction of surface facilities and site infrastructure, and other
activities totaling more than $40 million.
With approximately
50,000 feet of diamond core drilling planned from underground, data from
the exploration program would be used to support completion of detailed
engineering and a feasibility study, which is necessary to raise the
capital needed to construct the mine.
The Montanore project is similar to other silver-copper
projects in the region, and is designed to be an
underground silver and copper mine that would utilize bulk mining
methods and conventional crushing and flotation processes to produce a
copper-silver concentrate that would be sold to an offsite smelting
facility. If approval is received and the project is developed
successfully proposed, the project is expected to employ approximately
400 workers when in operation, with targeted production of approximately
8 million ounces of silver and 60 million pounds of copper annually.
Mines Management,
Inc. is a U.S.-based mineral exploration company in the business of
acquiring, exploring and developing precious and base metals deposits. The
Montanore Silver-Copper Project is the
Company's primary focus, and is located in northwestern
Montana.
Some information
contained in or incorporated by reference into this release may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
identified by words such as "should," "may,"
"will," "anticipate," "estimate,"
"intend" or "continue," or comparable words or
phrases. In addition, all statements other than statements of historical
facts that address activities that the Company intends, expects or
anticipates will or may occur in the future are forward-looking
statements. Readers are encouraged to read the Company's reports filed
with the SEC, particularly the Company's Quarterly Report on Form 10-Q
for the quarter ended March 31, 2009, and the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2008, for cautionary
language disclosing why actual results may vary materially from those
anticipated by management.
|