Mines Management, Inc. (NYSE Amex: MGN) (TSX: MGT) (the "Company") is pleased to announce financial and operating results for the year ended December 31, 2010.
- On April 4, 2011, the Company completed an underwritten public offering of 5,120,000 shares of common stock that yielded net proceeds of approximately $15.1 million. The Company intends to use the net proceeds for advancement of the permitting process for its Montanore Project, the commencement of the Company's planned delineation drilling program which will include advancement of the adit, establishment of drilling stations and commencement of exploratory drilling, and for general corporate purposes, including possible acquisition and exploration of new mining properties.
- The Company engaged Mine and Quarry Engineering Services, Inc. of San Mateo, California (MQES) to prepare a Technical Report entitled "Technical Report: Preliminary Economic Assessment, Montanore Project, Montana, USA prepared for Mines Management, Inc." dated February 3, 2011 (PEA), in compliance with guidelines under Canadian National Instrument 43-101 ("NI 43-101"). The Company announced the PEA results on December 22, 2010.
- The U.S. Forest Service (USFS) and the Montana Department of Environmental Quality (MDEQ) continued their environmental review, and are in the process of formulating responses to comments received from the public and from Environmental Protection Agency (EPA) on the Draft Environmental Impact Study (EIS) for the Montanore Project.
Permitting Milestones achieved in 2010 included:
- Selection by the government agencies of the preferred alternative for the transmission line proposed for the Montanore Project, announced on October 8, 2010, and
- Completion of a study to monitor the grizzly bear in the Montanore Project area, which is located in a portion of the Cabinet/Yaak Ecosystem recovery area, announced on August 8, 2010.
- The Company continued meetings with federal and state agencies, Montana legislators, and local Lincoln County Commissioners, Libby City officials, business leaders and community members.
- The Company continued its program to reduce expenditures and conserve cash pending the completion of permitting.
- Cash and investment position remained strong at December 31, 2010.
At December 31, 2010, the balance of our cash and unrestricted certificates of deposit remained strong at over $6.4 million. We also had $3.7 million in equity securities that were available for sale. Our net cash expenditures for operating activities for 2010 totaled $6.7 million. Cash outlays were less than projected due to delays in the USFS approval of our EIS and the cessation of adit rehabilitation and dewatering until permits are received. Our cash position was augmented by the $15.1 million of net proceeds received from the common stock offering completed in April, 2011.
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