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 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 ProgramSecond 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.