Mr. Glenn Dobbs reports
MINES MANAGEMENT RAISES CASH AND PROVIDES
UPDATE ON FINANCIAL MATTERS AND THE MONTANORE PERMITTING PROCESS
Mines Management Inc. has raised $1.25-million
through the sale of assets. Funds will be used for general working capital and the advancement of
permitting for the Montanore silver-copper project.
The assets sold are equipment utilized previously for construction of infrastructure at the
Montanore silver-copper project, which has been idle since discontinuance of construction and
rehabilitation activities in 2010.
The company's chairman and chief executive officer, Glenn M. Dobbs, stated: "We are pleased to have raised
the additional cash that will enable ongoing Montanore and corporate operations. We remain
focused on completion of the final record of decision by the permitting agencies and pursuing
strategic alternatives to provide financial resources for completion of an evaluation/feasibility
study at the project. Montanore is a highly desirable project. Our objective is to continue
moving the project forward in anticipation of an eventual turnaround in commodities financial
markets."
Management believes that the funds raised from the equipment sale are sufficient to sustain the
company's business and operations through the end of November, 2015, and potentially further
with additional asset sales. Additional external financing will be required for the company to
continue its business and operations. Accordingly, the company is seeking external financing
and considering strategic alternatives. There can be no assurance that the company will be
successful in obtaining financing or entering into another type of transaction that will permit it to
continue its business or that the terms of any such financing or transaction would not make
future financings or transactions more difficult or otherwise limit the company's flexibility or
opportunities in the future.
Permitting
The U.S. Forest Service, the primary permitting agency for the Montanore project, is currently
working to complete integration of responses to public comments into the final environmental
impact statement and final record of decision, as announced on Aug. 18, 2015. Agencies
indicate they expect the completion of the final record of decision before or shortly following
year-end.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.