Mines Management, Inc. (AMEX:MGN) (TSX:MGT) is pleased
to announce it has re-opened the portal to the Libby adit at the
Montanore Silver-Copper Project located in northwestern Montana
following plan approval from the state of Montana's Department of
Environmental Quality (DEQ).
The first phase plan was submitted on June 13th as the first minor revision to the original state Hard Rock Mining Permit #00150, which remained in place following the departure of the previous operator. The permit was acquired by Mines Management in May of this year, and under the recent approval, the Company is allowed to reopen and assess the condition of the adit.
The second phase plan, submitted at the same time as the second minor revision, is currently under review pending analysis and results from the first phase, and proposes rehabilitation of the adit and a program of underground evaluation drilling.
Glenn Dobbs, President and CEO, stated, "We are very pleased with the DEQ's approval of this important step in the advancement of the Montanore Project. The evaluation project will allow us to accelerate engineering of the project, conduct optimization studies, and to evaluate recently developed analyses of the structure of the ore body. We are also very pleased with the progress that is being made on both the engineering and permitting efforts related to the project."
The Libby adit was originally constructed and partially completed between 1988 and 1991 by the former operator of the Montanore Project. The adit was advanced to a length of approximately 14,000 feet prior to cessation of activities. Once the tunnel has been rehabilitated, and necessary infrastructure replaced, the Company plans to advance the tunnel 3,000 feet toward the deposit and to commence a program of diamond core drilling totaling approximately 35,000 feet.
Mines Management, Inc. is a U.S.-based mineral company focused on the exploration and acquisition of precious and base metals mineral deposits. The company's primary focus is on the advancement of the Montanore Silver-Copper Project located in northwestern Montana.
This press release contains forward-looking statements regarding the Company within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the planned underground evaluation program. These statements are based on assumptions that the Company believes are reasonable but that are subject to uncertainties and business risks. Actual results relating to any and all of these subjects may differ materially from those presented. Factors that could cause results to differ materially include economic and political events affecting supply of and demand for silver and copper, fluctuations in silver and copper prices, negative results of environmental studies, problems or delays in or objections to the permitting process, the proximity of the Project to the Cabinet Wilderness Area, failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Montanore Project, the ability to raise capital in the financial markets, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2005.
Further information about Mines Management, Inc. can be reviewed on the website for the Securities and Exchange Commission at www.sec.gov, the website for Canadian securities reporting at www.sedar.com, or on the Company's website at www.minesmanagement.com.
The first phase plan was submitted on June 13th as the first minor revision to the original state Hard Rock Mining Permit #00150, which remained in place following the departure of the previous operator. The permit was acquired by Mines Management in May of this year, and under the recent approval, the Company is allowed to reopen and assess the condition of the adit.
The second phase plan, submitted at the same time as the second minor revision, is currently under review pending analysis and results from the first phase, and proposes rehabilitation of the adit and a program of underground evaluation drilling.
Glenn Dobbs, President and CEO, stated, "We are very pleased with the DEQ's approval of this important step in the advancement of the Montanore Project. The evaluation project will allow us to accelerate engineering of the project, conduct optimization studies, and to evaluate recently developed analyses of the structure of the ore body. We are also very pleased with the progress that is being made on both the engineering and permitting efforts related to the project."
The Libby adit was originally constructed and partially completed between 1988 and 1991 by the former operator of the Montanore Project. The adit was advanced to a length of approximately 14,000 feet prior to cessation of activities. Once the tunnel has been rehabilitated, and necessary infrastructure replaced, the Company plans to advance the tunnel 3,000 feet toward the deposit and to commence a program of diamond core drilling totaling approximately 35,000 feet.
Mines Management, Inc. is a U.S.-based mineral company focused on the exploration and acquisition of precious and base metals mineral deposits. The company's primary focus is on the advancement of the Montanore Silver-Copper Project located in northwestern Montana.
This press release contains forward-looking statements regarding the Company within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the planned underground evaluation program. These statements are based on assumptions that the Company believes are reasonable but that are subject to uncertainties and business risks. Actual results relating to any and all of these subjects may differ materially from those presented. Factors that could cause results to differ materially include economic and political events affecting supply of and demand for silver and copper, fluctuations in silver and copper prices, negative results of environmental studies, problems or delays in or objections to the permitting process, the proximity of the Project to the Cabinet Wilderness Area, failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Montanore Project, the ability to raise capital in the financial markets, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2005.
Further information about Mines Management, Inc. can be reviewed on the website for the Securities and Exchange Commission at www.sec.gov, the website for Canadian securities reporting at www.sedar.com, or on the Company's website at www.minesmanagement.com.
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