Wednesday, March 24, 2004
Mines Management, Inc. is a U.S. based mineral development company focused on the exploration and development of silver dominant deposits. In August 2002, the company acquired 100% ownership of the Montanore Silver-Copper Project, in northwestern Montana, when the previous operator withdrew after having spent an estimated $100 million on development activities.
Work conducted by previous operators was substantial, and included 70,000 ft. of diamond core drilling, feasibility and engineering studies, construction of a 14,000 ft. long evaluation tunnel, environmental assessment activities that ultimately led to an approved Environmental Impact Statement (EIS) and full project permitting, and patenting of the mineral claims controlling the deposit.
The company’s President and CEO, Glenn M. Dobbs, stated “This listing is part of the company’s long term strategic plan to add shareholder value as it advances development of the Montanore Project, and will provide enhanced investment opportunities and liquidity for investors, investment professionals and institutions.”
Acquisition of the Montanore Project, containing an estimated 260 million ounces of silver and 2 billion pounds of copper, places Mines Management in the top tier of silver companies in the world. Over the past year, the company has worked to assimilate all assets related to the project, and is currently working to develop a revised mine plan that would serve as the foundation for the re-permitting process planned for commencement later this year.
Previous mining plans considered a processing capacity of 17,500 tons per day that would yield annual production of an estimated 10 million ounces of silver and 90 million pounds of copper. Director, Robert L. Russell, stated “A number of revisions have been identified that could improve both the economics and environmental acceptability of the venture.” Mr. Russell’s previous activities included design and management of the expansion of the giant Grasberg Project as General Manager for Freeport McMoran Copper and Gold (NYSE: FCX) in Indonesia.
This release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company’s periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB for the year ended December 31, 2003.
Further information about Mines Management, Inc. can be reviewed on the website for the Securities and Exchange Commission at www.sec.gov or on the company's website at www.minesmanagement.com.
Contact:
Douglas Dobbs
Director, Corporate Development & Investor Relations
Mines Management, Inc. Douglas Dobbs, 509/838-6050 fax: 509/838-0486 email: info@minesmanagement.com website: www.minesmanagement.com
Source: Mines Management, Inc.