FOR IMMEDIATE RELEASE |
RELEASE 09-02 |
MINES MANAGEMENT ANNOUNCES RELEASE OF DRAFT ENVIRONMENTAL IMPACT STATEMENT FOR THE MONTANORE SILVER-COPPER PROJECT
Spokane, Washington � March 2, 2009 � MINES MANAGEMENT, INC. (NYSE Alternext US: MGN, TSX: MGT) is pleased to announce that a Draft Environmental Impact Statement ("EIS") for the Montanore Silver-Copper Project has been released for public comment by the U.S. Forest Service and Montana Department of Environmental Quality.
The 90-day comment period, which ends May 28, 2009, includes a public meeting on April 16, 2009, in Libby, Montana. The remaining steps in the re-permitting process include compilation and responses to public comments, editing and completion of the final EIS, and, if a favorable Record of Decision is granted, issuance of certain other operational permits.
Completion of the Draft EIS marks the latest and most significant step forward in the final phase of re-permitting the Montanore Project, which has undergone extensive analysis since its original approval in 1993.
Mines Management's President and CEO, Mr. Glenn M. Dobbs, stated, "Completion of the draft EIS represents the culmination of more than four years of work by the Company and its consultants, the U.S. Forest Service and the Montana Department of Environmental Quality. This entirely new assessment of the impacts of the Montanore Project takes into account refinements in mining methods and project design, and a progressive approach to minimizing the project�s impact to the environment. We expect that the Montanore Project will set the standard by which responsible mining will be conducted in the region. We appreciate the hard work that all parties have contributed thus far in the process, and look forward to completing the final phase of the re-permitting process."
The Montanore Deposit contains large deposits of silver and copper amenable to bulk mining methods, with grades ranging from 1.85 to 2.05 ounces silver per ton and 0.71% to 0.75% copper per ton. The deposit remains open in several directions for expansion. Additional information regarding the Montanore Deposit can be obtained by viewing the Company�s NI 43-101 Technical Report, which is available on SEDAR at www.sedar.com.
Work conducted on the project to date by Mines Management and previous operators includes approximately 60,000 feet of diamond core drilling, construction of a 14,000 foot evaluation adit, successful completion of the original permitting process in 1993, extensive engineering, mine planning and geologic modeling. Currently, in addition to the re-permitting process, Mines Management has initiated an advanced stage exploration and evaluation drilling program, the results of which could support development of a feasibility study.
If developed, the Montanore Project is expected to provide an estimated 500 jobs during the construction period, and 300-350 long-term, high paying jobs at the mine and associated facilities. Also, if developed, it is also expected to contribute significantly to the tax base of the local communities, the state of Montana, and federally through corporate income taxes.
Mines Management, Inc. is a U.S. based mineral exploration company in the business of acquiring, exploring and developing precious and base metals deposits. The Montanore Silver-Copper Project is the Company's primary focus, and is located in northwestern Montana.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act and similar Canadian legislation. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding the timing and availability of permits necessary to further explore and develop the Montanore Project, and methods and impacts of potential mine development. Factors that could cause actual results to differ materially include material economic and political events including those affecting supply of and demand for silver and copper, a material adverse change in the financial condition of the Company, fluctuations in silver and copper prices, changes in U.S. and Canadian securities markets, failure to receive regulatory approvals, negative results of environmental or technical studies, rehabilitation and drilling program problems or delays in or objections to the permitting process, the proximity of the project to the Cabinet Wilderness Area and habitat for grizzly bear, bull trout and lynx, failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Montanore Project, 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, 2007. Additional information is available in the Company's filings with the Securities and Exchange Commission, on SEDAR at www.sedar.com and at the Company's website at www.minesmanagement.com. |