66649--3/16/2009--MINES_MANAGEMENT

related topics

{cost, contract, operation}

{cost, regulation, environmental}

{gas, price, oil}

{stock, price, share}

{competitive, industry, competition}

{control, financial, internal}

{loss, insurance, financial}

{property, intellectual, protect}

{stock, price, operating}

We have no recent history of production. We have a history of losses and we expect losses to continue for at least the next three years. We have no proven or probable reserves. The exploration of mineral properties is highly speculative in nature, involves substantial expenditures and is frequently non-productive. Even if our exploration efforts at Montanore are successful, we may not be able to raise the funds necessary to develop the Montanore Project. We may not be able to obtain permits required for development of the Montanore Project. The mining industry is intensely competitive. Our future success is subject to risks inherent in the mining industry. Our future profitability will be affected by changes in the prices of metals. We have ongoing reclamation obligations on the Montanore Project properties. We are subject to significant governmental regulations. Changes in mining or environmental laws could increase costs and impair our ability to develop our properties. We are subject to environmental risks. The title to some of our properties may be uncertain or defective. The market price of our common stock is subject to volatility and could decline significantly. We do not intend to pay any cash dividends in the foreseeable future. Our shareholders are subject to future dilution by the exercise of options and warrants, and the existence of a significant number of options and warrants can depress the price of our common stock.

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66649--3/16/2009--MINES_MANAGEMENT_INC