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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (17687)	4/14/2008 10:25:34 PM
From: LoneClone	Read Replies (1) \| Respond to of 193970

$17.5m program for Montanore silver-copper project in US mineweb.co.za This year, Mines Management hopes its underground evaluation program will develop additional information about the Montanore silver-copper deposit as well as provide geotechnical, hydrological and other data. Author: Dorothy Kosich Posted: Thursday , 10 Apr 2008 RENO, NV - Spokane, Washington-based Mines Management (ASX: MGN, TSX: MGT) announced Wednesday that it anticipates capital expenditures of $22.7 million this year, including $17.5 million for the Montanore silver-copper project in northwestern Montana. The company said it will require external financing in 2008 and 2009 to fund the completion of the advanced exploration and delineation drilling program and completion of a feasibility study. In a recent 10-K filing with the SEC, Mines Management officials said, ""Our focus in 2008 continues to be the progression of our underground evaluation program at Montanore Project. The program schedule has been set back by approximately six months as a result of delay in receiving approval from the U.S. Forest Service of an environmental assessment (EA) pertaining to planned road use during the process of dewatering and rehabilitating the Libby Adit. " ‘Following receipt of that approval, we expect to dewater and rehabilitate the adit and proceed with the planned underground evaluation drilling program. We also expect to continue the update of the Montanore environmental and engineering studies focused on determined an economically viable operational design, and to complete the EIS process." Mines Management submitted a preliminary draft EIS in November 2007. Originally discovered by U.S. Borax in 1983 and eventually acquired by Noranda Minerals, Noranda quitclaimed the Montanore property to a subsidiary of Mines Management in 2002. The project is currently designed to produce approximately 8 million ounces of silver and 60 million pounds of copper annually at its base case operating capacity. Currently, Mines Management has not reported proven or probable reserves at Montanore. An October 2005 study by Mine Development Associates reported measured and indicated resources of 166,303,000 ounces of silver at a grade of 2.04 ounces of silver per ton and 1,227,982,000 pounds of copper at a grade of 0.75% copper, for a total of 81,506,000 tons of ore. Last year, Mines Management completed the development of site infrastructure to support the planned underground evaluation program at Montanore, including the construction of a $1.3 million water treatment plant to process all water pumped out of the Libby Adit. In January 2008, Mines Management appointed John Thompson as vice president and general manager of the Montanore Project. He will oversee advancement of the upcoming underground drill program and the feasibility study. Rod MacLeod has been appointed Chief Geologist and will oversee the drill program and resource estimation modeling. Denver Winslow has been appointed project engineer. Additional operations staff for the project site has been hired. The company reported a net loss for the year ended December 31, 2007, of $8.4 million or negative 38-cents per share, compared to a loss of $6 million or negative 47-cents per share for 2006. Cash and cash equivalents were reported at more than $32.3 million as of December 31, 2007.