MINES MANAGEMENT, INC. (NYSE Amex:MGN) (TSX:MGT)(the “Company”) is pleased to announce results for the first quarter, 2010.
In the first quarter of 2010:
The net decrease in cash and cash equivalents for the quarter ended March 31, 2010 was approximately $1.6 million. The Company has reviewed the near term spending forecast and implemented a plan to conserve cash where prudent.Advanced Exploration and Delineation Drilling Program Libby operations in the first quarter of 2010 included continued operations on the Montanore site water treatment system and dewatering of the decline. Monitoring continues to provide data for the hydrologic database that is currently under development through the Company’s contractor. The Company expects that the resulting model will support its position on the water issues being considered by the agencies in the permitting process. The Company awarded a contract to MQES in April to carry out work for the PEA. Engineering and geology work continues using existing information in support of ongoing engineering work and analysis for the PEA.