Mines Management Inc. Engages Financial Advisor
21 Marzo 2016 - 3:22PM
Spokane, Washington - March 21, 2016 - MINES
MANAGEMENT, INC. (NYSE-MKT: "MGN", TSX: "MGT")(the "Company") is
pleased to announce that it has retained Canaccord Genuity Corp.
("Canaccord") as financial advisor to the Company to assist in
reviewing and developing strategic options to enhance shareholder
value. Canaccord is an independent, global, full-service
investment bank focused on growth companies in the mining sector,
and has provided advisory services in connection with some of the
largest mining transactions in recent years.
The Company's primary focus is on advancement of
the Montanore Silver-Copper Project, which contains one of the
largest known deposits of silver and copper in the Americas.
The property is located in northwestern Montana, part of the Belt
Super Group Basin, a geologic district which includes the famed
Silver Valley of north Idaho and the Coeur d'Alene
district.
On February 12, 2016, the Company announced the
completion of the permitting process and issuance of the Record of
Decision for the project, allowing the project to move forward
through final evaluation and a definitive feasibility study.
Current mineralized material is estimated at approximately 81.5
million tons grading 2.04 ounces per ton silver and 0.75%
copper. The deposit remains open in at least three directions
for potential growth. A Canadian NI 43-101 compliant
preliminary economic assessment ("PEA") published on February 3,
2011 indicated robust economics at $15.00 per ounce silver and
$2.50 per pound copper prices.
The project is permitted to operate up to 20,000
tons per day, and the PEA projected sales of 6.4 million ounces of
silver and 51 million pounds of copper annually at the initial
design throughput of 12,500 tons per day. The PEA and
additional descriptive information is available on the Company's
website (www.minesmanagement.com).
Rod MacLeod, M.Sc., P.G., is a Qualified Person
(QP) as defined by National Instrument 43-101, and has reviewed and
approved the technical contents of this news release.
Cautionary Note
to U.S. Investors concerning estimates of Mineralized
Material: This press release uses the terms "Mineralized
Material". We advise U.S. investors that the term, while
permissible under the Securities and Exchange Commission Industry
Guide 7, does not indicate "reserves" by SEC standards. There
can be no assurance that any part of the mineralized material at
Montanore will ever be confirmed or converted into SEC Industry
Guide 7 compliant "reserves". Investors are cautioned not to
assume that all or any part of the mineralized material will ever
be confirmed or converted into reserves or that mineralized
material can be economically or legally extracted.
Statement
regarding the PEA and Canadian NI 43-101: Canadian NI
43-101 requires that estimates of mineralization used to support
the conclusions of a preliminary economic assessment conform to the
definition of mineral "resource" at defined within NI 43-101.
The mineralization contained in the Montanore deposit has been the
subject of a NI 43-101 compliant technical report which categorizes
the mineralization in measured, indicated, and inferred
resources.
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 including comments regarding the existence and
measurement of mineralized material and the potential to expand the
deposit; effects of the issuance of the ROD to allow the Montanore
Project to move forward through further evaluations and preparation
of a final feasibility study; plans to seek and review strategic
options to enhance shareholder value; projected volumes of
throughput to be extracted from the Montanore mine and the amounts
of silver and copper included in the material extracted; and
projected amounts of annual sales of silver and copper from the
Montanore Project. Investors are cautioned that forward
looking statements are inherently uncertain and involve risks and
uncertainties that could cause actual results to differ materially
from those presented. Factors that could cause results to
differ materially include whether external financing for the
Company's business can be obtained on acceptable terms or at all;
whether business combinations are presented on favorable terms or
at all; whether other strategic options are presented on favorable
terms or at all; if strategic options are pursued, whether such
options enhance shareholder value; continued disputes regarding
claim ownership and rights in the Montanore Project area; whether
litigation related to the permits will be successful in stopping or
delaying the advancement of the Montanore Project; delays in
obtaining the remaining permits; changes in interpretation of
geological information; whether results of future drilling and
evaluation work and feasibility and other studies are favorable and
support the conclusions of the existing PEA; whether additional
permitting may be required at Montanore in the future; and
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, and subsequent
filings under the Securities and Exchange Act of 1934, as amended,
which are available on the U.S. government's website, www.sec.gov,
or on the Company's website.
For more information, contact:
Douglas D. Dobbs
President, Mines Management, Inc.
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#1996420
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