Mines Management Inc.'s Montanore Silver-Copper Project Receives Final Environmental Impact Statement
December 22, 2015
Spokane, Wash., Dec. 21, 2015 (GLOBE NEWSWIRE) -- MINES MANAGEMENT, INC. (NYSE-MKT: "MGN", TSX: "MGT")(Company) is pleased to report that on December 15, 2015, the U.S. Forest Service (USFS) and the Montana Department of Environmental Quality (MDEQ) issued a Joint Final Environmental Impact Statement (Final EIS) for the development of its 100% owned Montanore silver-copper project located in northwestern Montana. Following issuance by the USFS, a Notice of Availability of the Joint Final EIS was published in the Federal Register on December 18, 2015.
Approval of the Final EIS is a major milestone in the conclusion of the Montanore's permitting process. The project's proposed plan of operations has undergone extensive review and analysis since the filing of its application in 2005. The Joint Final EIS includes many revisions from the project's original plan based upon significant analysis and public input following review of two previous draft environmental impact statements which were issued respectively in 2009 and 2011.
Mr. Glenn M. Dobbs, the Company's Chairman and CEO, stated, "A monumental amount of analysis, work, and thought has gone into designing a mining project that not only protects the environment, but also helps sensitive terrestrial and aquatic wildlife to flourish at a level that reflects concerns raised by the public and its desire to protect the environment. Completion of the Final EIS is the result of successful collaboration between the community, State and Federal government agencies, and the Company. We look forward to the timely issuance of the Final Records of Decision by USFS and the MDEQ. We are especially grateful for the overwhelming support from the community of Libby, Montana and the greater Lincoln County area, and we look forward to seeing the fruits of the many long term, high paying jobs the Montanore project will provide when development begins."
As part of the conclusion of the permitting process, filing of the Joint Final EIS is to be followed by issuance of a Final Record of Decision (Final ROD) by each of the respective agencies. The USFS may issue its Final ROD at least 30 days following the Notice of Availability in the Federal Register, and the State of Montana has reported it would issue its Final ROD on or after January 29, 2016.
Issuance of the Final RODs signals approval of the project contingent upon mitigative and other preliminary steps, and paves the way for issuance of the remaining minor permits by the State of Montana and U.S. Army Corps of Engineers (USACE), including the Clean Water Act 404 permit, and others which have been in progress during the permitting process.
ABOUT MINES MANAGEMENT
Mines Management, Inc. is engaged in the business of 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 in two mineralized zones.
In 2011, in accordance with Canadian National Instrument (NI) 43-101, the Company completed a third party Preliminary Economic Assessment (PEA) which indicated robust potential economics at the time. The mineral resource was reported to contain the following:
|Tons||Silver Grade (oz. per ton)||Copper Grade|
The Montanore project is currently in the final phase of the permitting process which, if completed successfully, would allow for the construction of the project. Prior to considering a development decision, the Company plans to conduct additional underground evaluation and drilling activities to support completion of a final feasibility study. Preparation for additional evaluation and drilling could commence upon issuance of a Final Record of Decision and completion of certain environmental mitigation activities, if sufficient funds are available.
Additional information is available on the Company's website atwww.minesmanagement.com.