SPOKANE, Wash., Aug. 18, 2015 (GLOBE NEWSWIRE) -- Mines Management Inc. (NYSE-MKT: "MGN", TSX: "MGT", the "Company") is pleased to report that the 'objection and resolution' process for the Montanore silver copper project's permitting process has been completed, advancing the process a step closer to issuance of the Final Record of Decision ("ROD").
The U.S. Forest Service ("USFS") issued a letter responding to issues raised during the 'objection and resolution' process, along with instructions to the Kootenai National Forest ("KNF") to provide additional clarifying information in the Final Environmental Impact Statement ("EIS") and Final ROD.
The letter concluded ".the project will be in compliance with all applicable laws and the Forest Plan," adding that it ".constitutes the final administrative determination of the Department of Agriculture," and authorized the responsible official to sign the Final ROD once clarifying information has been incorporated into the Final EIS.
Glenn M. Dobbs, the Company's Chairman and CEO, stated, "We are very pleased with the small number of comments filed during the objection process, and believe this is reflective of the massive amount of time and work that has gone into the permitting process for the responsible development of a state-of-the-art mine. The Company and agencies have used the best possible science developing the plan for the project, and mitigation for the mine's impact, to ensure protection for the surrounding environment. Examples include development of a cutting edge scientific modeling process to better understand surface and subsurface hydrology, and a DNA study of grizzly bears conducted in the region in conjunction with the University of Washington that documented a significantly larger population than had been previously surmised. We intend to establish conservation easements on large tracks of remote lands to help encourage proliferation of the grizzly bears while working to educate the public regarding the species and other wildlife in northwest Montana. It's a win-win-win situation for the bears, the community and the Company."
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. 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 ("SEC") 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. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially, including remaining actions required prior to issuance of the final record of decision; planned environmental mitigation measures including conservation easements; estimates of mineralized material and mineral resources; potential robust economics for the Montanore project; and planned underground evaluation and drilling activities and feasibility study and the potential timing thereof. Actual results may differ materially from those presented. Factors that could cause results to differ materially include continued disputes regarding claim ownership and rights in the Montanore project area and potential unfavorable results; delays in issuance of the final Record of Decision; uncertainties regarding whether the Company will be able to raise sufficient external funding to continue its business, including planned underground evaluation and drilling activities and the feasibility study, on acceptable terms or at all; changes in interpretation of geological and other technical information, which could reduce amounts of reported mineralized material and mineral resources; whether additional permitting may be required at Montanore in the future; the results of delineation drilling and feasibility studies and their effects on reported mineralized material and mineral resources and on the potential economics of the Montanore project; continued decreases or future fluctuations in silver 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. Additional information is available at www.sec.gov and www.sedar.com.
FOR MORE INFORMATION:
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
HUG#1945607