mines management inc (MGN) Key Developments
Mines Management, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014 and for the Year 2015
Nov 24 14
Mines Management, Inc. announced earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net loss of $1.5 million compared to $1.8 million a year ago. 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. The company has no revenues from mining operations.
For the nine months, the company reported 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 loss was $4.9 million 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: 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; 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 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 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 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.
The company anticipates expenditures of approximately $1.3 million for the fourth quarter of 2014, which they 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.
For the year 2015, anticipated expenditures 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. The company plans to continue to limit activity levels, including capital expenditures, until the record of decision is issued.
Mines Management, Inc. Presents at 4th Annual Euro Pacific Capital Global Investment Conference, Sep-09-2014 02:30 PM
Sep 5 14
Mines Management, Inc. Presents at 4th Annual Euro Pacific Capital Global Investment Conference, Sep-09-2014 02:30 PM. Venue: Sofitel Hotel, 45 W 44th St., Midtown Manhattan, New York, New York, United States.
Mines Management, Inc. Presents at Cambridge House Silver Summit 2014, Oct-24-2014 09:20 AM
Aug 19 14
Mines Management, Inc. Presents at Cambridge House Silver Summit 2014, Oct-24-2014 09:20 AM. Venue: The Davenport Hotel, 10 South Post Street, Spokane, WA, 99201, United States.
Mines Management, Inc. Presents at Rodman & Renshaw 16th Annual Global Investment Conference, Sep-10-2014 01:40 PM
Aug 12 14
Mines Management, Inc. Presents at Rodman & Renshaw 16th Annual Global Investment Conference, Sep-10-2014 01:40 PM. Venue: New York Palace Hotel – 455 Madison Avenue, New York, NY 10022, United States.
Mines Management, Inc., Special/Extraordinary Shareholders Meeting, Oct 28, 2014
Aug 6 14
Mines Management, Inc., Special/Extraordinary Shareholders Meeting, Oct 28, 2014., at 14:00 US Eastern Standard Time. Location: 905 W. Riverside Ave. Ste. 311, Spokane. Agenda: To consider the issuance of shares of the company's common stock, par value $0.001 per share; and to consider the reduction of the preferred stock conversion price to equal the price at which the company subsequently sells equity if the company subsequently sells equity at a price lower than the conversion price.