Mines Management Announces Results of Annual General Meeting of Shareholders
Spokane, WA US, June 19, 2012 /FSC/ - Mines Management, Inc. (MGT - TSX, MGN - NYSE-Amex),(the "Company") is pleased to announce that all proposals submitted to shareholders were approved.
At the Annual General Meeting of Shareholders, which was held on June 14, 2012, shareholders approved the re-election of Russell C. Babcock as a member of the board for a three year term scheduled to expire in 2015.
Shareholders also approved ratification of Tanner LC as its' independent registered accounting firm for the fiscal year ending December 31, 2012, and the 2012 Equity Incentive Plan, which is expected to allow the Board authority and flexibility to adequately provide employees of the company future incentives.
The foregoing proposals and the results of the shareholder vote thereon are described in more detail in the Company's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission ("SEC") on April 30, 2012, and Form 8-K filed with the SEC on June 19, 2012, respectively.
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 containing a Canadian NI 43-101 compliant measured resource of 4.03 million tons of material grading 1.85 ounces per ton ("opt") silver and 0.74% copper, an indicated resource of 77.5 million tons grading 2.05 opt silver and 0.75% copper, and an inferred resource of 35.1 million tons grading 1.85 opt silver and 0.71% copper, and is currently undergoing the process to obtain permitting approval. Additional information is available at Mines Management's website: www.minesmanagement.com.
Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated and Inferred Mineral Resources:
This press release uses the terms "Measured Mineral Resource", "Indicated Mineral Resource", and "Inferred Mineral Resource." We advise U.S. investors that while those terms are recognized and required by Canadian National Instrument 43-101, the Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Inferred Mineral Resources have a greater amount of uncertainty as to their existence and as to their economic and legal feasibility. In accordance with Canadian rules, estimates of Inferred Mineral Resources cannot form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that part or all of the Inferred Mineral Resources exists, or is economically or legally mineable. Disclosure of "contained ounces" in a Mineral Resource is permitted under Canadian regulations, however, the SEC normally only permits issuers to report mineralization that does not constitute 'reserves' by SEC standards as "in place" tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject to NI 43-101.
FOR MORE INFORMATION:
Mines Management, Inc.
Douglas Dobbs, Vice President of Corporate Development
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