Mines Management (MGN) announced financial and operating results for the third quarter of 2012. During the three months ended September 30th, the emerging silver company continued to make considerable advancements at its Montanore Silver-Copper Project in the U.S. and at the La Estrella Gold-Silver Project in Peru.
* 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 on the Montanore Project
* 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) are currently incorporating the responses of the comment period into the Final Environmental Impact Statement (FEIS)
* Mines Management continues to work with the U.S. Army Corps of Engineers on the 404 permitting process, which will proceed concurrently with completion of the FEIS
Glenn M. Dobbs, President and CEO of Mines Management:
“Significant progress has been made on the permitting process for the Montanore over the past quarter…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.”
Buy rating and $5.00 price target on MGN