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, Inc. Announces Third Quarter 2010 Results

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

In the third quarter of 2010:

  • The USFS and the DEQ continued formulating responses to public comments received on the DEIS for the Montanore Project.
  • Mine Quarry Engineering Services (MQES), the Company’s contractor, continued its development of an Preliminary Economic Assessment (PEA) of the Montanore Project.
  • The Company’s 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, and local Lincoln County Commissioners, Libby City officials and residents.
  • The Company closed out the quarter at September 30, 2010 with $7.4 million of unrestricted cash and certificates of deposit.
  • The Company continued its program to reduce expenditures and conserve cash pending the completion of permitting.

Current Activities

Until the environmental review process is complete, the Company is prohibited from conducting drilling and other exploration activities at the Libby adit. Current operations at the Libby adit include ongoing treatment of inflow water through the water treatment plant. Water is treated at a rate of approximately 350 gallons per minute on day shift. This allows the inflow rate of approximately 72 gallons per minute to be treated and maintains the water level in the Libby adit at the 7200 foot level. Monitoring programs verify compliance with Montana DEQ standards by sending random samples to independent laboratories for analysis. Additional water monitoring programs verify non-degradation of the Libby Creek drainage by sampling programs in the stream and in monitoring wells near the site. Aquatic life monitoring programs continue to be carried out in the surrounding drainages through the Company’s biological contractor on a quarterly basis.

1 of 7

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

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs