The Conversation (0)
Mines Management Inc. (TSX:MGT,AMEX:MGN) announced the financial and operation results for the third quarter of 2012. Included in these results were updates on the permitting process associated with the Montanore Silver-Copper Project and on the La Estrella Gold-Silver Project in Peru.
As quoted in the press release:
Overview Third Quarter 2012
- The Biological Consultation between the U.S. Forest Service (“USFS”) and the U.S. Fish and Wildlife Service (“USFWS”) has been initiated and is expected to conclude with a Biological Opinion.
- Initial drilling at the La Estrella exploration project in Peru was encouraging and has extended the gold and silver mineralized zone.
- The USFS and the Montana Department of Environmental Quality (“MDEQ”) issued the completed Supplemental Draft Environmental Impact Study (“SDEIS”) in late September 2011. The comment period on the SDEIS concluded on December 21, 2011. The USFS and MDEQ are currently incorporating the responses into the Final Environmental Impact Statement (“FEIS”).
- The Company continues to work with the U.S. Army Corps of Engineers (“Corps of Engineers”) on the 404 permitting process. This process will continue concurrently with completion of the FEIS.
- The Company continued meeting with federal and state agencies, members of Congress, Montana legislators, local Lincoln County Commissioners, Libby City officials, business leaders and community members in an effort to keep them informed of the project’s status.
- The Company continued its program to reduce expenditures and conserve cash pending the completion of permitting.
- The Company’s cash and investment position remained strong at $13.4 million as of September 30, 2012.
Mines Management Inc. President and CEO, Glenn M. Dobbs said:
Significant progress has been made on the permitting process for the Montanore over the past quarter, and while the timing is always a significant variable, there are very few steps remaining in the permitting process. The Biological Consultation and preparation of the Biological Opinion are underway, which, upon completion, are expected to be followed by the Final Environmental Impact Statement and Record of Decision. The process has been long and arduous, but we are pleased that the Environmental Impact Statement is being constructed to address the major environmental concerns raised by the public so that when the process is complete, all major questions should have been addressed. At La Estrella, we are very gratified with the results of the initial exploration activities, and we plan to continue to advance the project in an aggressive and prudent manner which reflects both the growing potential of the project and our cash management needs.
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