MINES MANAGEMENT, INC. is pleased to announce that the Montana State Department of Commerce has approved the Hard Rock Mining Impact Plan proposed for the Montanore Silver-Copper Project near the town of Libby, Montana.
In accordance with the Montana Hard-Rock Mining Impact Act, the Plan is based on a study of the socio-economic impact to the communities in the Montanore Project area. The Plan underwent a statutory 60-day public notice period, during which the Hard Rock Mining Impact Board received no objections to amendments proposed by the Company. The Plan was subsequently approved unanimously.
Mines Management’s President and CEO, Mr. Glenn Dobbs, commented, “We are appreciative for the recent approval of the impact plan by the State of Montana. The Montanore Project could potentially provide 350-400 high paying jobs in the local community. The approval reflects a high level of support for the Montanore Project in the region, for which we are extremely gratified.”
The intent of the Act is to ensure that local governmental units are able to cover costs associated with increased community services and facilities for potential in-migrating mine workers and their families.
Based on the Plan’s projection, the net tax revenue impact to the Lincoln County government agencies would increase to over $4.8 million by year five of mine operations. Sanders County is also projected to receive a positive net impact in gross process tax during mine operations. To offset the projected temporary shortfall in tax revenue in the first year of construction, the company’s proposal is to prepay $180,242 in taxes at the start of construction.
Mines Management, Inc., is a U.S. based mineral exploration company in the business of acquisition, exploration and development of precious and base metals minerals deposits. Currently, the Company is focused on advancement of the Montanore Silver-Copper Project located in northwestern Montana. The Montanore Project is currently undergoing an advanced stage exploration and evaluation program and re-permitting process.
Mines Management, Inc.
Vice President Corporate Development & Investor Relations
Douglas Dobbs, 509-838-6050
Source: Mines Management, Inc.