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Mines Management Announces Second Quarter 2011 Financial And Operating Results

Current Activities

During the second quarter of 2011, work at the Montanore Project included ongoing support operations for the permitting process. Studies continued on the ground water intake for the adit, monitoring wells and the surface waters in the area. Additional support for the permitting process includes data gathering for the biological aspects of the permit relating to fisheries and other wildlife in the area.

A light, imaging, detection and ranging (“LIDAR”) survey has been undertaken to provide a more accurate topographic rendition of the Montanore Project area. LIDAR survey methods have the ability to “see through” the trees and underbrush to yield a very accurate topographic map. This accuracy is necessary for the final engineering of surface facility layouts including the tailings area, plant site, conveyor runs and roads. The LIDAR survey will continue in phases throughout the summer months and advance to the higher elevations as the snowpack melts.

Community support activities included participation in the local Chamber of Commerce meetings, Montanore Positive Action Committee (“MPAC”) activities, and Job Service surveys. MPAC is a local support group that is actively promoting and supporting the Montanore Project in the local community and the state. MPAC held a rally in April 2011 with over fifteen speakers from the local community and political leaders from the surrounding area and region.

Permitting and Environmental

The Company continues its efforts to obtain the requisite approvals, permits and opinions from the USFS, the MDEQ, the Army Corps of Engineers and the U.S. Fish and Wildlife Service (“USFWS”) that would allow the Company to initiate its underground exploration drilling program. The results of the underground exploration drilling program will form the basis upon which the Company, and financing parties, can determine whether to advance the Montanore Project to the development stage.

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