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Enter Symbol
or Name
USA
CA



Mines Management Inc
Symbol MGT
Shares Issued 29,814,040
Close 2015-10-07 C$ 0.44
Market Cap C$ 13,118,178
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Mines Management sells $1.25-million of assets

2015-10-09 15:46 ET - News Release

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.

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