Mines Management Inc./ MGN (AMEX)

Na, dann kannst du jetzt den Kurs ja wieder hochkaufen!

Die News ist uns noch entgangen:

MGT expects permits this year for Montana silver/copper
project
By: Liezel Hill
18th January 2011

TORONTO (miningweekly.com) – Amex- and TSX-listed Mines Management
(MGT) hopes to have permitting resolved for its flagship Montanore
silver/copper project within the next 12 months, said
vice-president for corporate development Doug Dobbs.
The company announced the results of a preliminary economic
assessment on the mine in December, outlining plans for a 12 500
t/d operation, producing an average of 6,4-million ounces of silver
and 51,1-million pounds of copper a year.
The initial capital cost to build the mine was estimated at
$552,3-million and the study indicated the project would be robust
at current prices.
The Montanore deposit has been studied off and on, under a series
of owners, since its discovery in 1983 and Canada's Noranda
Minerals actually permitted a proposed mine in the early 1990s,
before putting the project on ice because of low metals prices.
MGT bought the asset from Noranda and started working on updating
and reactivating the existing permits under the National
Environmental Policy Act process in 2005.
Once the permits are received, the company will move forward with
underground drilling and evaluation, ahead of completing a full
bankable feasibility study, likely about 24 months later.
The Montanore deposit is located in north-west Montana, about 40
miles from the historic Silver Valley mining district.
The permitting process, while by no means simple, was certainly
helped by the fact that the project is planned as an underground
mine, which means a smaller environmental footprint, and will use
conventional grinding and flotation processing, Dobbs
commented.
“And the key thing is that it won't use any cyanide, which has been
somewhat demonised in the state of Montana.”
There is also strong support for the project from the local
community and politicians, he said.
Dobbs also commented that the silver/copper combination means the
operation is well positioned to remain profitable whether the
global economic outlook improves or darkens.
Silver, like gold, is seen as a safe-haven investment against
riskier assets during times of uncertainty, while both silver and
copper are used in industrial applications, which means demand
increases with economic growth.
Edited by: Liezel Hill

http://www.miningweekly.com/ar…copper-project-2011-01-18

Hi Ihr Zwei,

freut mich, dass Ihr auch dabei seid!

Ich halte noch meine ganze alte Posi. Bin sehr zuversichtlich, dass das mal was wird ...

lg Matze

Mines Management’s Montanore Silver-Copper Project Will Start Producing In 2016

By Kevin Michael Grace

When Doug Dobbs, Vice President, Corporate Development of Mines Management Inc,
is asked about his company’s name, he replies, “It was the best they
could come up with in 1947.” He explains, “We were originally involved
in managing mines. It’s a misnomer today, because it’s easy to confuse
us with a consulting or contracting company. We have a joke—we don’t
have any mines, and we don’t have any management. But we’re close to
having both now.”

Indeed they are. Mines Management’s
Montanore Silver-Copper Project is scheduled to go into production in
2016. Located in Lincoln County, Montana, it is 40 miles east of Idaho’s
Silver Valley, which has produced over one billion ounces of silver.
Discovered in 1983 by US Borax & Chemical, it was sold to Noranda in
1988. In 2002, with metals prices languishing, Noranda sold it to Mines Management,
the same year the current management of the company took over. The
deposit strike is 4,000 metres long and 500 metres to 700 metres wide.

[Blockierte Grafik: http://resourceclips.com/wp-content/feature_images/MinesManagement_lg.jpg]

According to a February 2011 Preliminary Economic Assessment,
Montanore hosts 166.3 million ounces silver measured and indicated at a
1% cutoff and 65.1 million ounces inferred. Its copper deposit is
estimated at 1.23 billion pounds measured and indicated at a 0.75%
cutoff and 497.5 million pounds inferred. Dobbs comments, “This is not a
world-class copper deposit by any extent, but it’s still a significant
resource. However, 231 million ounces of silver is a very significant
resource.”

Montanore is scheduled for a 15-year mine life, producing 12,500 tons per day. Mines Management
has invested about $50 million in the project since 2002, but bringing
it to production will take $552.3 million. Based on November 2010 prices
of $25.65 per ounce silver and $3.72 per pound copper, Montanore’s
pre-tax Net Present Value is US$1.323 billion and has an internal rate
of return of 32.3%, at a 5% discount rate.

Montanore is a high-investment, high-return property, but before
construction is financed, about another $30 million to $50 million in
investment is needed. Dobbs says, “Noranda had the project fully
permitted in 1993. As part of their withdrawal in 2002, they allowed a
number of their permits to expire. The various government agencies
requested that we update the environmental impact study. We’re nearing
completion of that, with a final EIS in the next 12 months. This will
culminate in a record of decision that will reinstate our permits and
approval to build the mine. Then we have an underground drilling program
as part of a feasibility study, which should wrap up in about 36
months.” Construction will require another two years.

Zitat

We are undervalued relative to the net asset value of our project – Doug Dobbs

Although Mines Management
is content with the resource it has, Dobbs adds, “The upcoming drilling
program could actually identify a discovery. There’s potential for a
discovery at depth, where there is evidence of a third, additional,
mineralized zone, which would certainly add value, if found.”

Of course, the rise of silver to $34.47 an ounce and copper to $4.49 a
pound (at press time) has already added considerable value to
Montanore. Despite this, Mines Management’s
share price has fallen about a dollar this year to $3.15. Current
market cap is $74 million. The company has only 23.5 million shares
outstanding. Dobbs says, “We’ve never had a rollback or reverse split or
restructuring of our stock, so that’s an organic number. We’ve been
given the opportunity over the last five years to raise larger amounts
of capital, but we’ve tended to raise the cap as needed, not in a manner
that’s terribly dilutive. This has resulted in a fairly tight share
structure that gives us lots of room from the standpoint of shareholder
value to raise the capital we need.” On March 3, the company announced a
$15-million offering of 4.8 million shares.

“We are undervalued relative to the net asset value of our project,”
Dobbs declares. “That’s not unusual. You typically see companies’
valuations growing as development approaches, and I think we’re on track
to do that.” He concludes, “This is a large enough project to attract
the attention of larger mining companies looking to expand. It could
become a takeover target as we advance it.”

http://resourceclips.com/tag/mgt_ca/

Comments are closed.

This article was posted by Will Roy on Thursday, March 3rd, 2011 at 11:21 pm.

Ich hab die MGN auch wieder auf dem Plan ... im Moment aber noch nicht wieder im Depot!
Momentan nur dilution-freie Ware aus Silver Valley Idaho und ein kleiner Chinawert.

Müssen wohl erst noch mal durchs Feuer die nächsten jahre! ...

Grüße,
gutso

Moin,

"Anhand aktueller Zahlen habe ich mal gerechnet : Das EVPO liegt bei etwa o,3 $ / OZ R&R. "

Danke für den Hinweis.

Zugleich ein Hinweis auf den Hebel.

Es gibt noch andere, völlig unterbewertete Unternehmen. Apogee z.B. halte ich auch.

Viele Grüße

Matze

auf aktuellem Kursnieveau ein klarer Kauf - daher auf meiner Einkaufsliste...

Wer kennt sie noch, wer sieht sie wie?

Aktuelle Marketcap ist bei 30 Mio $ ...

Hier die Press Releases zur Situation ...
Auch ihr Cash schmilzt stark, aber immerhin haben sie welches!

http://www.minesmanagement.com…releases/mmi_pr_1415.html

Könnte ein gutes Standbein werden, dennoch: Momentan wird sie praktisch von allen Beobachtern übersehen.

Ich weiss noch genau, wie wir sie 2006 intensiv diskutiert haben, bin froh, dass ich sie damals doch nur relativ kurz im Depot hatte.
Allerdings sehe ich sie als Beimengung in einem Silberminendepot nach wie vor als interessant an.
Die Frage ist halt, wie viel Dilution da noch kommt, bis in die nächste Hausse hinein.
Denn: Sooo viel ist in den letzten 8 Jahren ja wahrlich nicht passiert!

Wenn, dann wird es also eine kleine Position im Depot ... .
Nur kostet sie ein Zehntel von 2006!
Ich finde, nach allem, jetzt ist sie endlich ihr Geld als spekulative Beimengung wert!

Gruß,
gutso

PPS:

Zitat

Overview Third Quarter 2014

The Company completed a financing in July of 2014 which yielded gross proceeds, of $4.0 million (net proceeds of $3.5 million after deducting placement agent and investor fees and expenses and other offering expenses). The Company sold 4,000 units consisting of one share of the Company’s Series B 6% convertible preferred stock plus a warrant to purchase approximately 636 shares of the Company’s common stock at a stated value of $1,000 per unit.

The U.S. Forest Service (“USFS”) and the Montana Department of Environmental Quality (“MDEQ”) continued to develop the Final Environmental Impact Statement (“FEIS”) and issued the preliminary FEIS during the third quarter of 2014.

The Company continued to work with the U.S. Army Corps of Engineers (“USACE”) on the Clean Water Act 404 permitting process. This process will continue concurrently with work on the FEIS and although not required for the FEIS, it is required prior to beginning construction of the tailings impoundment dam.

Montanore Permitting and Environmental

Approval by regulatory agencies will be required before the Montanore Project can proceed with exploration and project development. The agencies that are involved with the major permits include the USFS, MDEQ, USACE, and the U.S. Fish and Wildlife Service (“USFWS”). There are other permits required, such as water rights, which will involve other agencies.

The permitting process requires completion of the FEIS before a Record of Decision can be issued by the USFS and MDEQ. The FEIS describes various elements of the project, provides analysis of impacts, includes public input, and discloses aspects of the proposed project that were considered by the agencies. The FEIS is an important document utilized by the State of Montana to support issuance of the other permits. A preliminary FEIS was completed in August 2014 and participating agencies reviewed and submitted comments on the preliminary FEIS. During the fourth quarter of 2014, a second preliminary FEIS will be prepared and then reviewed by the USFS and MDEQ. Once the agencies approve the preliminary FEIS, it will be printed and a Notice of Availability will be filed in the Federal Register which marks the beginning of the public comment period on the FEIS.

The USFS and MDEQ are also preparing a Record of Decision (“ROD”) for the Montanore project. Draft versions of that document were also completed during the first quarter 2014 and are currently being reviewed and edited by the agencies. A draft ROD will be issued with the FEIS. The other major permit required is the 404 permit issued by the USACE under the Clean Water Act. This permit is required when waters of the U.S. are impacted by a proposed action, in this case by the project tailings impoundment. The USACE is currently focused on finalizing impact analyses on Waters of the U.S. as well as proposed compensatory mitigation proposed by the Company. The USACE process will be completed after the issuance of the ROD.

The MDEQ continues to work on water rights, transmission line permits, and other minor regulatory reviews that will be required to gain approval for the project. Under the State of Montana’s regulations, these permits will be issued following issuance of the FEIS and Record of Decision.

Financial and Operating Results

The Company continues to expense all of its expenditures when incurred, with the exception of equipment and buildings which are capitalized. The Company has no revenues from mining operations. Financial results of operations include primarily general and administrative expenses, and permitting, project advancement and engineering expenses.

Quarter Ended September 30, 2014

The Company reported a net loss of $1.5 million and $1.8 million for the quarters ended September 30, 2014 and 2013, respectively. The most significant differences in operating expenditures between the two quarters include a decrease in technical services of $0.1 million during the 2014 quarter, primarily due to a reduction of the amount of environmental baseline data collected in 2014 compared to 2013 as part of the pre-mining activity monitoring requirements included in the FEIS. Other decreases in operating expenses for the quarter ended September 30, 2014, include a decrease in depreciation as assets reach the end of their depreciable life, and a decrease in payroll related expenditures due to two less employees during 2014, which together totaled $0.1 million in general and administrative, technical services, and depreciation expenses. There was also a $0.1 million gain in other income resulting from the sale of the Company’s interest in an oil and gas lease during the quarter ended September 30, 2014.

Nine Months Ended September 30, 2014

The Company reported a net loss of $4.9 million for the nine months ended September 30, 2014 compared to a net loss of $5.8 million for the nine months ended September 30, 2013. The change in net loss resulted primarily from reduced operating expenses during the 2014 period including: (1) a $0.5 million decrease in general and administrative expenses consisting of $0.1 million less of stock-based compensation during the 2014 period compared to the 2013 period, the absence in 2014 of a $0.1 million payment to continue the Earn-In Agreement with Estrella Gold Corp., a decrease in 2014 of $0.2 million in payroll with two fewer employees, and a $0.1 million decrease in promotional and other administrative expenses during 2014; (2) a $0.5 million decrease in technical services and exploration expenses, $0.4 million related to the termination of the La Estrella project in January 2014, and $0.1 million related to the decrease in fees paid to the contractor working on the Environmental Impact Study during 2014; and (3) a $0.1 million decrease in depreciation during 2014 due to property and equipment having reached the end of its depreciable life; partly offset by (4) an increase of $0.2 million in legal, accounting and consulting expenditures during the 2014 period primarily associated with a litigation matter as described in Part II, Item I, Legal Proceedings; and (5) a $0.1 million gain in other income resulting from the sale of the Company’s interest in an oil and gas lease during 2014.

Liquidity

During the nine months ended September 30, 2014, the net cash used in operating activities was approximately $4.1 million, which is $0.7 million less than the same period in the prior year. Net cash provided by financing activities during 2014 was $3.7 million. This decreased our cash and cash equivalents and certificates of deposit from $5.7 million at December 31, 2013 to approximately $5.4 million at September 30, 2014.

We anticipate expenditures of approximately $1.3 million for the fourth quarter of 2014, which we expect to consist of approximately $0.7 million for general and administrative expenses, and $0.6 million for permitting, environmental, engineering, and geologic studies for the Montanore Project. Anticipated expenditures for 2015 are not expected to vary significantly from 2014 until the Record of Decision is issued. Additional financing will be required to continue operations and to complete the evaluation drilling program and a bankable feasibility study. We plan to continue to limit activity levels, including capital expenditures, until the Record of Decision is issued.

About Mines Management

Mines Management, Inc. is engaged in the business of acquiring and exploring, and if exploration is successful, developing mineral properties containing precious and base metals. The Company’s primary focus is on the advancement of the Montanore silver-copper project located in northwestern Montana. The Montanore is an advanced stage exploration project, which deposit contains mineralized material of approximately 81.5 million tons with average grades of 2.04 ounces silver per ton and 0.74% copper.

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Hallo Ihr Beiden!

Vielen Dank für Eure Einschätzung, das trifft, was ich vermute, gefreut habe ich mich auch über den Erinnerer von Edel bezüglich Revett Mining, die hab ich ja beinahe komplett vergessen! Der Markt vermutlich auch, hoho ...

Mining in den USA, das ist schon ein unglaubliches Thema ... .
Ich werde wohl tatsächlich von der Mines Management und der Revett Mining was ins Depot legen. Aber WENIG!

Ehrlich gesagt, weiss ich noch nicht, wie ichs timen werde, allererste Wahl sind die beiden für mich nicht, aber zwischendurch ein paar Stücke innerhalb der kommenden paar Monate, das sollte gehen.

Die Frage ist für mich in erster Linie, was passiert, wenn in den USA die (momentan stärker und stärker werdenden) Republikaner nicht nur beim Öl, sondern auch bei den Minen wieder mehr auf einheimische Produktion bauen wollen ... dann müssten sie die EPA in die Schranken weisen.
Das Problem ist nur, das ist tatsächlich leider reine Kaffeesatzleserei.

Und da ich im Silver Valley schon gezwungener Maßen am Abwarten bin, sollte ich mich deshalb wohl hier eher "unterengagieren" ... .

Gruß,
gutso

Wow, danke!

erstaunlich klare Umrisse eines Problems mit ziemlich offen betriebener Korruption und Erpressung, die da erkennbar werden, vieles über miese Methoden kenne ich zwar schon aus dem benachbarten Idaho, aber diese Sachen hier waren mir völlig neu.
Das erklärt auch, weshalb in Montana seit so vielen Jahren keine Erfolgsmeldungen kommen, obwohl dort ansonsten doch alle anderen Voraussetzungen so gut wären!
Dazu dies noch: Das ist aus mehreren Gründen für mich wirklich ein sehr guter Artikel, denn ausgerechnet die darin erwähnte Stillwater Mining habe ich auch wieder auf der Watchlist, nachdem die North Amerikan Palladium so abstürzt ... .
Ich erinnere mich tatsächlich sogar dunkel, dass es da schon mal, grob gesagt ums Jahr 2000-2003 herum, einen größeren Skandal gab, der fast zur Pleite führte und den nur der kapitalstarke Einstieg investierender Russen verhindert hat.

Jedenfalls braucht mir kein Amerikaner mehr klug über Korruption in China, Lateinamerika und Italien zu schwadronieren, denn das hier ist wahrlich auch nicht besser.

Das einzige Verallgemeinerbare was man aus der Geschichte wieder mal lernen kann ist: Risiko streuen ist wichtig!

Und: Es ist kein Problem ein Risiko einzugehen, aber man sollte es zuvor möglichst genau kennen, denn ansonsten ist man auch nur nichts weiter als ein weiterer Narr, den die Karawane zurücklässt, am Straßenrand.

Gruß,
gutso

Hier, der Hommel zum Beispiel, seit April 2014 hat er nix mehr geschrieben.

Die letzte Tinte, die ihm - vorerst - aus dem Federkiel floss, formte mühsam das Kürzel "MGN" ...

http://silverstockreport.com/

Allerdings sieht der Kurs jetzt Stand Januar 2015 so fertig aus, dass man sich beherrschen muss nicht doch einzusteigen. ...
Wenigstens mit einer Miniportion oder so. Ich lass mir das im Moment durch den Kopf gehen.
Allerdings gibt es so viele andere Investmentmöglichkeiten ... .

Gruß,
gutso

PPS:

http://silverstockreport.com/2014/silver-vs-paper.html

Zitat

MGN Saves the Bears
(& Silver vs. Paper Money)
Silver Stock Report
by Jason Hommel, April 8, 2014

Mines Management. I own shares. The company has not paid me to write this article. That means I benefit only if the stock goes up.

Mines Management is a company stock that I feel can can rise from about $1.20 to about $20-$80/share. See my link below on why this stock is likely to do very well, even if silver prices reamin at $20/oz.

Mines Management: $1.50 to $20-$80/share. March 14th, 2014

Excerpt:
1. NPV: price target: $27.5/share
2. Resource leverage: 113:1 or 250:1
3. Expected PE ratio: price target $41/share

But with silver prices at $20, and a bad year in the sector last year, some people are discouraged, and they have emailed me. The biggest concern of about three of my readers was that maybe the company will never get a permit because the proposed mine might threaten wildlife.

However, Mines Management just received a favorable "non jeopardy" biological opinion from the government last week. This was very good news, and the stock moved up 15% on the day of this announcement.

Yahoo News: MGN favorable BO

"The U.S. Fish and Wildlife Service concludes in the Final Biological Opinion that, based upon the preferred plan of operations and the substantial environmental mitigation plan the Company will undertake, the project poses no jeopardy to endangered or threatened species in the area around the project." The government says the mine will NOT threaten endangered species! That's more than encouraging!

This means that permitting appears to be the next event, and soon, perhaps within a few months. Mining development companies typically get a big boost to their stock price when they get a mining permit.

After permitting, then major fundraising will begin, and that also tends to cause a mining stock's price to rise.

Other steps after permitting include more drilling leading to a final feasibility study, then more fundraising, then mine construction.

Another concern about Mines Management is about a small mining claim dispute. Some people pessimistically worry that the company will not be able to access their own property. But those people don't seem to know about easement rights.

"Under both federal and Montana law, access to mining claims or projects across accompanying claims is guaranteed," Dobbs says. - See more at: http://www.spokanejournal.com/…oss/#sthash.PiOAECVX.dpuf

The last concern is financing. But the biggest financing always always takes place after final permitting, and after the final feasibility study.

Permitting should be easy. There are many multi billion dollar funds that own stock in this company, and any one of them could finance the entire project.

This is a company that will need to raise $550 million, but looks to be able to earn profits of about $238 million per year, based on my last calculations. That kind of payback pulls money in like a magnet, and encourages me that financing should be one of the easiest challenges ahead. I have seen less economic projects raise many billions in the mining sector.

=====

Here are some thoughts that came to me this week. I shared them on facebook a few days later. It was one of my most popular recent posts.

https://www.facebook.com/jason.hommel

Silver is money, rare, honest, true, heavy, measureable, weighable, countable, the best electrical conductor, a great heat conductor, the most reflective metal, good, pure, shiny, acoustical, antibacterial, valuable, the free markets choice for thousands of years, rewards production, savers, and thrift, maintains honest and limited government, restrains government, promotes freedom, is slandered, misunderstood, ignored, undervalued, overlooked, maligned, hated by bankers, usurpers, and usurers, is traded, hoarded, saved, appreciates, goes up in value, rewards miners, promotes the production of byproduct minerals needed by society, is beautiful, substantial, useful, is ever more useful and rare, increasing in rarity,

Paper money is plentiful, dishonest, false, adulterated, watered down, dirty, filthy, moldy, dusty, diseased, imaginary, unjust, abominable, a theoretical abstraction, not identifiable, not definable, not measurable, inflatable, inflationary, intrinsically worthless, overvalued, used up paper, temporary, monopolistic, parasitic, easily counterfeited, a broken promise, a cause of taxes, oppresses the people, rewards laziness and political connections, corrupts politicians, subverts governments, heavily promoted by liars, is spent quickly, depreciates, grows more worthless, rewards debtors, rewards paper money printers, promotes tyrants and excessive and intrusive government, is a tool of theft, is evidence of theft, causes theft through imaginary and phantom capital gains taxes from inflation, causes theft from savers through devaluation, is worse than worthless, is harmful, causes economic distortions, encourages bad investments, encourages speculation, encourages debt, encourages leverage, discourages business, keeps alive bankrupt businesses, delays the natural business cycles, causes depressions, causes wars, funds wars, was discredited for hundreds of years in China, has currently lasted barely 101 years or 43 in America depending on how you count, has lost 99% of its value in 100 years in America,

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