May 31, 2006
SPOKANE, WA -------- May 31, 2006 ----- MINES MANAGEMENT, INC. (Amex:
“MGN”; TSX: “MGT”) announced today it has acquired two U.S. corporations
from Noranda Finance Inc., including Noranda Minerals Corp., and Normin
Resources Corp., both Delaware corporations.
Assets held by the corporations include the Hard Rock Operating Permit and MPDES water discharge permit for the project located in northwestern Montana, and title to properties at the portal site of the Libby adit.
Acquisition of these companies will enable Mines Management to reopen the Libby adit and to conduct underground activities necessary for further exploration and evaluation of the deposit.
Glenn M. Dobbs, Mines Management’s President and Chief Executive Officer, stated, “We are pleased at being able to consolidate the Company’s land position at the project site and to accelerate our schedule for going underground.”
The Libby adit was constructed in the early 1990’s by previous operators to a depth of approximately 14,000 feet prior to the conclusion of activities on the site. The adit stopped approximately 2,000 feet short of the target.
MMI anticipates a decision to be made within the next 90 days regarding re- opening the adit to do additional delineation drilling of the deposit, bulk sampling and other activities as part of the ongoing evaluation process.
Mines Management, Inc. is a U.S. based mineral company focused on the acquisition and exploration of silver dominant mineral deposits. The company’s primary focus is on the advancement of the silver-copper project located in Sanders and Lincoln Counties, Montana.
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding underground activities for further exploration and evaluation of the Project and the acceleration in the schedule for those activities. 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 fluctuations in silver and copper prices, inability to raise additional financing when needed on acceptable terms or at all, 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 period ended December 31, 2005.
Contact:
Assets held by the corporations include the Hard Rock Operating Permit and MPDES water discharge permit for the project located in northwestern Montana, and title to properties at the portal site of the Libby adit.
Acquisition of these companies will enable Mines Management to reopen the Libby adit and to conduct underground activities necessary for further exploration and evaluation of the deposit.
Glenn M. Dobbs, Mines Management’s President and Chief Executive Officer, stated, “We are pleased at being able to consolidate the Company’s land position at the project site and to accelerate our schedule for going underground.”
The Libby adit was constructed in the early 1990’s by previous operators to a depth of approximately 14,000 feet prior to the conclusion of activities on the site. The adit stopped approximately 2,000 feet short of the target.
MMI anticipates a decision to be made within the next 90 days regarding re- opening the adit to do additional delineation drilling of the deposit, bulk sampling and other activities as part of the ongoing evaluation process.
Mines Management, Inc. is a U.S. based mineral company focused on the acquisition and exploration of silver dominant mineral deposits. The company’s primary focus is on the advancement of the silver-copper project located in Sanders and Lincoln Counties, Montana.
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding underground activities for further exploration and evaluation of the Project and the acceleration in the schedule for those activities. 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 fluctuations in silver and copper prices, inability to raise additional financing when needed on acceptable terms or at all, 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 period 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 or on the company's website at www.minesmanagement.com.
Contact:
Douglas Dobbs
Vice President, 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.