Mines Management Reports No Compensation Due to Claimholders Near Montanore

Mines Management Inc. (TSX:MGT,NYSEMKT:MGN) provided an update on a commission appointed by the Federal District Court for the District of Montana to determine fair compensation for the company’s easements across various unpatented mineral claims near the Montanore silver-copper project.

According to the company, the commission found that claimholders did not lose any value and are not entitled to compensation from Mines Management.

As quoted in the press release:

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.

Click here to read the full Mines Management Inc. (TSX:MGT,NYSEMKT:MGN) press release.

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.