Mines Management Inc., a Spokane-based exploration-stage mining company, has posted a loss for the third quarter as it continues to pursue possible development of its proposed Montanore silver and copper project in northwest Montana.
The company reported a net loss of $3.1 million, or 14 cents a share, for the quarter, compared with a loss of $1.7 million, or 9 cents a share, in the year-earlier quarter. The company has no revenues from mining operations yet, and its expenses are largely related to preliminary environmental work at the Montanore site, which is located in the Cabinet Mountains south of Libby, Mont., and efforts to get that project permitted eventually for mining activity.
During the third quarter, Mines Management made progress on a site-water treatment system at the Montanore, and the company believes it has enough working capital to rehabilitate an adit, or entrance, to the mine to allow for further drilling there. As of Sept. 30, the company reported a cash position of $19.6 million.
Meanwhile, Mines Management is working on an environmental impact statement for the overall project. Once further drilling at the site is completed, it plans to begin work on what's called a bankable feasibility study for possible financing and mine development.
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