Mornin' Basser......You get the feeling we're in a track race here? They just handed the baton to GPXM this morning and it's doin' a good job canceling a temp. swoon on the other side of the portfolio.....can this euphoria continue.....until it doesn't....this is a fun track meet to watch. LOL
Mines Management Announces Final Approval to Move Forward with Underground Evaluation Program at the Montanore
Tuesday November 28, 9:30 pm ET
SPOKANE, Wash.--(BUSINESS WIRE)--Mines Management, Inc. (AMEX:MGN - News; TSX:MGT - News) is pleased to announce that it has received final approval to move forward with underground evaluation and drilling activities at the Montanore Silver-Copper Project in northwestern Montana.
Final approval was received for a minor revision to the Hard Rock Operating Permit to resume exploration and drilling activities at the Libby Adit following review by the Montana State Department of Environmental Quality ("DEQ"). This authorization allows dewatering, adit rehabilitation, exploration, and drilling activities for the Montanore Project. Activities at the site may begin immediately.
Mines Management's President and CEO, Mr. Glenn M. Dobbs, commented, "We are very pleased with the final approval as it allows us to move ahead with another major step in developing a bankable feasibility study. We also hope to further delineate the thicknesses of the mineralized zones, which could have a positive impact to capital and operating costs for the project."
The initial approval by the DEQ of the first minor revision was announced on July 25, 2006, which approval allowed the Company to re-open and assess the condition of the Libby Adit. Having completed this activity, Mr. Eric Klepfer, the Company's Vice President of Operations, stated, "It appears that the first 600 feet of the adit is in good condition and will need little rehabilitation work. Water quality samples collected also show minimal issues for the dewatering phase. Bench scale water treatability analysis has also been completed preparing for the next important step of pilot scale test work."
The underground evaluation program was initiated following the Company's May 2006, acquisition of the U.S. subsidiaries of Noranda Minerals of Canada, which included the existing Operating Permit #00150 and MPDES Permit #0030279. Both permits were originally issued in 1993, were kept current, and remain in force. Exploration activities were originally approved in April 1989, and the MPDES Permit was renewed as recently as March, 2006.
Underground Evaluation Program
The objectives of the Underground Evaluation Program are to:
* Expand the known higher grade zones of the deposit * Develop additional information about the deposit to support a bankable feasibility study * Assess and define the mineralized zone that extends beyond the current resource boundary * Provide additional data for geotechnical, hydrological and other information required to complete a final, bankable feasibility study
The Underground Evaluation Program is designed to include the following activities:
* Dewatering and rehabilitation of the adit * Re-installation of services and infrastructure including electricity, ventilation, pumps and pipeline, and associated surface facilities * Extension of the adit by an additional 3,000 feet * Development drifting of approximately 10,000 feet to establish drill stations * Diamond core drilling of approximately 45,000 feet
The Libby Adit was constructed by Noranda between 1989 and 1991, but remained uncompleted following cessation of activities and closure in the mid-1990's. The adit consists of a 6% decline approximately 14,000 feet in length, 18 feet high and 18 feet wide.
The evaluation project is expected to initially employ an additional five local workers, increasing as the project advances. In recent years, Lincoln County has suffered from one of the highest unemployment rates in the state as a result of a declining local and regional natural resource industry. If the mine were built at the Montanore, it would be expected to employ 250-300 people.
The communities of Libby and Lincoln County have expressed their support for the Montanore Project, including sending a delegation to the state's Capital to appeal to the Governor who expressed his support for the Project in early 2005. On August 2, 2006, the State's Director of Economic Development expressed the Governor's continued support at a re-opening ceremony for the Libby Adit attended by representatives from the U.S. Forest Service and approximately 100 local representatives and community leaders.
Mines Management, Inc. is a U.S.-based mineral company focused on the exploration and acquisition of precious and base metals mineral deposits. The company's primary focus is on the advancement of the Montanore Silver-Copper Project located in northwestern Montana. The Montanore Project is currently undergoing environmental assessment as part of the development of an Environmental Impact Statement and the NEPA process, which are necessary to gaining full permits to develop and conduct commercial mining activities. An underground evaluation program has been initiated as part of the development of a final, bankable feasibility study.
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