Mines Management Inc. Commission Report Concludes No Compensation is Due to Claimholders in Area of The Montanore Project
14 Maggio 2015 - 11:42PM
Spokane, Washington - May 14, 2015 -
MINES MANAGEMENT, INC. (NYSE-MARKET: "MGN", TSX: "MGT"; the
"Company") is pleased to announce that a three member commission,
appointed by the Federal District Court (the "Court") for the
District of Montana to determine just compensation for the
Company's easements across certain unpatented mineral claims in the
area of the Montanore Silver-Copper Project, reported that
claimholders lost no value and are entitled to no compensation from
the Company.
The Defendants in the case, a group known as
Optima Inc. headed by former Montana governor Brian Schweitzer and
Frank Duval, Spokane, had publicly asserted that the Company owed
them $10 million for right of access through the Libby adit, which
was constructed across the claims by previous operators as part of
the evaluation and future development of the Montanore
Silver-Copper Project.
Although the Company's access to and operations
within the Libby adit were never interrupted, the Company obtained
its easements and other access rights through a preliminary
condemnation order and injunction issued against the defendants on
April 29, 2014.
The three person commission, the members of which
were selected by the U.S. District Court and are considered experts
in mineral law, heard the case over the three day trial which
concluded on April 10, 2015. Defendants have three weeks to
challenge the commission's findings. Mines Management fully
expects it will continue to prevail through any future challenges
or appeals.
About Mines
Management
Mines Management, Inc. is engaged
in the business of acquiring and exploring, and if exploration is
successful, developing mineral properties containing precious and
base metals. The Company's primary focus is on the advancement of
the Montanore silver-copper project located in northwestern
Montana. The Montanore is an advanced stage exploration project,
which deposit contains mineralized material of approximately 81.5
million tons with average grades of 2.04 ounces silver per ton and
0.74% copper into two mineralized zones.
In 2011, in accordance with
Canadian National Instrument (NI) 43-101, the Company completed a
3rd party Preliminary Economic Assessment (PEA) which indicated
robust potential economics. The mineral resource is
considered to contain the following:
|
Tons |
Silver Grade (oz. per ton) |
Copper Grade |
|
|
|
|
Measured |
4,026,000 |
1.85 |
0.74% |
Indicated |
77,480,000 |
2.05 |
0.75% |
Inferred |
35,080,000 |
1.85 |
0.71% |
|
|
|
|
Additional information is
available on the Company's website at
www.minesmanagement.com.
Cautionary Note
to U.S. Investors concerning estimates of Measured and Inferred
Mineral Resources: This press release uses the terms
"Measured Mineral Resource", "Indicated Mineral Resource", and
"Inferred Mineral Resource." We advise U.S. investors that while
those terms are recognized and required by Canadian NI 43-101, the
Securities and Exchange Commission does not recognize them. U.S.
investors are cautioned not to assume that any part or all of the
mineral deposits in these categories will ever be converted into
mineral reserves. Inferred Mineral Resources have a greater amount
of uncertainty as to their existence and as to their economic and
legal feasibility. In accordance with Canadian rules,
estimates of Inferred Mineral Resources cannot form the basis of
feasibility or other economic studies. U.S. investors are
cautioned not to assume that part or all of the Inferred Mineral
Resources exists, or is economically or legally mineable. The
SEC normally only permits issuers to report mineralization that
does not constitute 'reserves' by SEC standards as "in place"
tonnage and grade without reference to unit measures.
Accordingly, the information contained in this press release
may not be comparable to similar information made public by U.S.
companies that are not subject to NI 43-101.
Statements
Regarding Forward-Looking Information:
Some statements contained in this press release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other applicable U.S.
and Canadian securities laws. Investors are cautioned that
forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ
materially, including comments regarding no obligation to pay
compensation for the taking of easements and other rights at the
Montanore project, estimates of mineralized material and mineral
resources, potential robust economics for the Montanore project.
Actual results may differ materially from those presented.
Factors that could cause results to differ materially include
potential adverse decisions in the condemnation litigation;
continued disputes regarding claim ownership and rights in the
Montanore project area and potential unfavorable results, changes
in interpretation of geological and other technical information,
which could affect amounts of reported mineralized material and
mineral resources whether additional permitting may be required at
Montanore in the future; the results of delineation drilling and
feasibility studies and their effects on reported mineralized
material and mineral resources and on the potential economics of
the Montanore project; whether external financing for the Company's
business can be obtained on acceptable terms or at all; continued
decreases and future fluctuations in silver, gold and copper
prices; and world economic conditions. Mines Management, Inc.
assumes no obligation to update this information. There can be no
assurance that future developments affecting Mines Management, Inc.
will be those anticipated by management. Please refer to the
discussion of risk factors in the Company's Form 10-K for the year
ended December 31, 2014.
FOR MORE INFORMATION:
Douglas D. Dobbs
President, Mines Management, Inc.
905 West Riverside Avenue - Suite 311
Spokane, WA 99201
Phone: 509-838-6050
Fax: 509-838-0486
Email: info@minesmanagement.com
Web: www.minesmanagement.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Mines Management Inc. via Globenewswire
HUG#1921772
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