Mines Management Inc.'s Montanore Silver-Copper Project Receives Final Environmental Impact Statement
21 Dezembro 2015 - 5:39PM
Spokane, Washington -- December
21, 2015 - MINES MANAGEMENT, INC. (NYSE-MKT: "MGN", TSX:
"MGT")(Company) is pleased to report that on December 15, 2015, the
U.S. Forest Service (USFS) and the Montana Department of
Environmental Quality (MDEQ) issued a Joint Final Environmental
Impact Statement (Final EIS) for the development of its 100% owned
Montanore silver-copper project located in northwestern
Montana. Following issuance by the USFS, a Notice of
Availability of the Joint Final EIS was published in the Federal
Register on December 18, 2015.
Approval of the Final EIS is a major milestone in
the conclusion of the Montanore's permitting process. The
project's proposed plan of operations has undergone extensive
review and analysis since the filing of its application in
2005. The Joint Final EIS includes many revisions from the
project's original plan based upon significant analysis and public
input following review of two previous draft environmental impact
statements which were issued respectively in 2009 and 2011.
Mr. Glenn M. Dobbs, the Company's Chairman and
CEO, stated, "A monumental amount of analysis, work, and thought
has gone into designing a mining project that not only protects the
environment, but also helps sensitive terrestrial and aquatic
wildlife to flourish at a level that reflects concerns raised by
the public and its desire to protect the environment.
Completion of the Final EIS is the result of successful
collaboration between the community, State and Federal government
agencies, and the Company. We look forward to the timely
issuance of the Final Records of Decision by USFS and the
MDEQ. We are especially grateful for the overwhelming support
from the community of Libby, Montana and the greater Lincoln County
area, and we look forward to seeing the fruits of the many long
term, high paying jobs the Montanore project will provide when
development begins."
As part of the conclusion of the permitting
process, filing of the Joint Final EIS is to be followed by
issuance of a Final Record of Decision (Final ROD) by each of the
respective agencies. The USFS may issue its Final ROD at
least 30 days following the Notice of Availability in the Federal
Register, and the State of Montana has reported it would issue its
Final ROD on or after January 29, 2016.
Issuance of the Final RODs signals approval of the
project contingent upon mitigative and other preliminary steps, and
paves the way for issuance of the remaining minor permits by the
State of Montana and U.S. Army Corps of Engineers (USACE),
including the Clean Water Act 404 permit, and others which have
been in progress during the permitting process.
ABOUT MINES MANAGEMENT
Mines Management, Inc. is engaged in the business
of exploring, and if exploration is successful, developing mineral
properties containing precious and base metals. The Company's
primary focus is on the advancement of the Montanore silver-copper
project located in northwestern Montana. The Montanore is an
advanced stage exploration project, which deposit contains
mineralized material of approximately 81.5 million tons with
average grades of 2.04 ounces silver per ton and 0.74% copper in
two mineralized zones.
In 2011, in accordance with Canadian National
Instrument (NI) 43-101, the Company completed a third party
Preliminary Economic Assessment (PEA) which indicated robust
potential economics at the time. The mineral resource was reported
to contain the following:
|
Tons |
Silver Grade (oz. per ton) |
Copper Grade |
Measured |
4,026,000 |
1.85 |
0.74% |
Indicated |
77,480,000 |
2.05 |
0.75% |
Inferred |
35,080,000 |
1.85 |
0.71% |
The Montanore project is currently in the final phase of the
permitting process which, if completed successfully, would allow
for the construction of the project. Prior to considering a
development decision, the Company plans to conduct additional
underground evaluation and drilling activities to support
completion of a final feasibility study. Preparation for
additional evaluation and drilling could commence upon issuance of
a Final Record of Decision and completion of certain environmental
mitigation activities, if sufficient funds are available.
Additional information is available on the
Company's website at www.minesmanagement.com.
Cautionary Note
to U.S. Investors concerning estimates of Measured, Indicated and
Inferred Mineral Resources: This press release uses the
terms "Measured Mineral Resource", "Indicated Mineral Resource",
and "Inferred Mineral Resource." We advise U.S. investors
that while those terms are recognized and required by Canadian NI
43-101, the Securities and Exchange Commission does not recognize
them. U.S. investors are cautioned not to assume that any
part or all of the mineral deposits in these categories will ever
be converted into mineral reserves. Inferred Mineral
Resources have a greater amount of uncertainty as to their
existence and as to their economic and legal feasibility. In
accordance with Canadian rules, estimates of Inferred Mineral
Resources cannot form the basis of feasibility or other economic
studies. U.S. investors are cautioned not to assume that part
or all of the Inferred Mineral Resources exists, or is economically
or legally mineable. The SEC normally only permits issuers to
report mineralization that does not constitute 'reserves' by SEC
standards as 'in place' tonnage and grade without reference to unit
measures. Accordingly, the information contained in this
press release may not be comparable to similar information made
public by U.S. companies that are not subject to NI 43-101.
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 U.S. and Canadian
securities laws including comments regarding anticipated issuance
of the final Records of Decision and Clean Water Act 404 permit and
the timing thereof; potential for long term high paying jobs at the
Montanore project and development of the project; mineral
resources; plans to conduct underground evaluation and drilling
activities and prepare a final feasibility study; timing of
preparation for additional evaluation and drilling and completion
of environmental mitigation activities; dependence of future
activities on availability of sufficient funds. Investors are
cautioned that forward looking statements are inherently uncertain
and involve risks and uncertainties that could cause actual results
to differ materially from those presented. Factors that could
cause results to differ materially include delays in the Records of
Decision and 404 permit, whether external financing for the
Company's business can be obtained on acceptable terms or at all;
continued disputes regarding claim ownership and rights in the
Montanore Project area, changes in interpretation of geological
information; results of future drilling and evaluation work and
feasibility and other studies; whether additional permitting may be
required at Montanore in the future; continued decreases and future
fluctuations in silver, gold and copper prices; and world economic
conditions. 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, 2014, which are available on the U.S. government's website,
www.sec.gov, or on the Company's website.
For more information, contact:
Douglas D. Dobbs, President
Mines Management, Inc.
905 West Riverside Avenue - Suite 311
Spokane, WA 99201
Phone: 509-838-6050
Fax: 509-838-0486
Email: info@minesmanagement.com
Web: www.minesmanagement.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Mines Management Inc. via Globenewswire
HUG#1975240
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