This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mines Management Announces Second Quarter 2010 Results

Mines Management, Inc. (NYSE-Amex:MGN) (TSX:MGT) is pleased to announce financial and operating results for the second quarter ending June 30, 2010.

In the second quarter of 2010:

  • The U.S. Forest Service (USFS) and the Montana Department of Environmental Quality (DEQ) continued formulating responses to public comments received on the Draft Environmental Impact Statement (DEIS) for the Montanore Project in 2009.
  • The Company‚Äôs exploration and corporate development team continued to explore additional resource opportunities in North America and Latin America.
  • The Company continued meetings with federal and state agencies, Montana legislators, local Lincoln County Commissioners, Libby City officials and residents.
  • The Company closed out the quarter at June 30, 2010 with $9.0 million of unrestricted cash and certificates of deposit.
  • The Company continued its program to reduce expenditures and conserve cash pending the completion of permitting.

The net cash operating expenditures for the six months ended June 30, 2010 was $3.6 million. The Company believes that it has sufficient working capital to complete the rehabilitation of the Libby adit and initiate delineation drilling at Montanore.

Advanced Exploration and Delineation Drilling Program

Second quarter operations included continued operations on the Montanore mine site water treatment system and maintaining the water level of the decline. Water from the decline is being treated on day shift at a rate of 350 gallons per minute which equates to approximately 72 gallons per minute of water infiltration from the formations. Ongoing water monitoring continues with respect to the water treatment in order to generate data which is used in monthly reports furnished to the Montana DEQ for monitoring purposes and for the hydrological data base that is currently under development through our hydrology contractor.

In April 2010, the Company awarded a contract to Mine Quarry Engineering Services (MQES) to develop an economic assessment of the project using the existing NI 43-101 resource report prepared by Mine Development Associates and to develop a Preliminary Economic Assessment (PEA) of the Montanore Project.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
MGT $0.54 -3.55%
MGN $0.53 2.21%
AAPL $127.60 2.28%
FB $83.09 2.87%
GOOG $535.38 2.16%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs