Mines Management Adds to Asset Base in Second Quarter
Mines Management (MGN) reported financial and operating results for the second quarter of 2012. During the three months ended June 30th, the emerging silver company continued to progress with its flagship Montanore silver-copper project in Montana and signed an agreement for an interest in a gold project in South America.
Highlights:
* Mines Management is awaiting the final Environmental Impact Study (EIS) for the Montanore project and continued to work on mine plan reviews related to optimization of the Preliminary Economic Assessment (PEA)
* The Company continued its program to reduce expenditures and conserve cash pending the completion of permitting
* In April, Mines Management executed an agreement with Estrella Gold Corp. in which MGN can earn 75% of the La Estrella gold exploration project in central Peru – the Company`s first venture into South America
* At the end of the quarter, the Company’s cash and investment position remained strong at $15.5 million
Glenn M. Dobbs, President and CEO Of Mines Management:
“La Estrella represents Mines Management`s step into one of the most prolific silver and gold regions in the world. The Project is in a favorable mining district, and possesses a number of positive attributes including previous exploration success, and a permitted drilling program which affords us the ability to move forward expeditiously.”
Roth Capital:
Buy rating and $5.00 price target on MGN
2012-08-16 08:45:00
Source: http://www.goldalert.com/2012/08/mines-management-adds-to-asset-base-in-second-quarter/
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