Mines Management clears a hurdle in Montana

Mines Management (MGT-T) has been given one official nod for its Montanore silver and copper project in northwestern Montana.

The Montana State Department of Commerce approved the company’s hard rock mining impact plan proposal for the project which lies in the protected wilderness of Montana’s Cabinet Mountains.

In Toronto on July 14, the Spokane, Washington-based company’s shares climbed roughly 8% or 25 to $3.12 on roughly 11,000 shares traded.

The approved plan is based on a study of the socio-economic impact to the surrounding communities. The plan sought to show that local governments would be able to cover the costs that come with increasing community services and other facilities for in-coming mine workers.

The company says there were no objections to the plan from those communities and the plan was approved unanimously.

In a statement, company president and chief executive Glen Dobb says the approval reflects “a high level of support for the Montanore Project in the region.”

Mines Managements says the project could provide 350-400 high paying jobs to communities in the area.

The Montanore project would be an underground mine if the final go-aheads are recieved. The company is currently awaiting approval for its environmental impact study while it does advanced stage exploration and evaluation on the project.