Posts tagged: Mines Management
We didn't take the time earlier this morning, when posting about the proximity of the proposed Rock Creek Mine and the proposed Montanore Mine, to get down a little deeper.
We should have known the USGS has the maps to answer the key question behind that earlier post: namely, how near would the two mines be, if they ever opened?
The map here, provided at this link as a USGS publication, shows that both mines would be working the same formation, the Revett Formation.
If this map is accuarte, the mines would be roughly three to five miles apart and approached from different directions. Both would be operating below the Cabinet Mountains Wilderness Area.
The Rock Creek proposed mine is to the left of the Montanore proposed site. The Troy dot closer to Libby is the operating silver-copper Troy Mine, operated by Revett Minerals.
A Revett Minerals spokesman contacted us after the first post went live, to inform us that the two mines would be distinct, but would both drill the same formation of copper and silver.
There are many miles to go before either mine clears all the hurdles.
A Reuters story yesterday (Tuesday) reported that Spokane-based Mines Management took the unusual step of making a public statement about its stock price rise.
The Reuters story said: Mines Management, which trades on the New York Stock Amex Exchange as MGN, was contacted by the exchange in regard to the gain of more than 48 percent over the past six weeks.
Mines Management execs issued a release that said: “It's not the company's policy to comment on unusual market activity, but it confirms it is not aware of any material corporate developments that could account for recent unusual trading activity.”
The price rose to around $3, which is not quite to the year-high of $3.14. Since Tuesday the stock dropped some to $2.75 on Wednesday afternoon.
The main focus of Mines Management is developing the Montanore silver-copper project in northwest Montana.