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Mines Management Gives Back Early Gain After Reporting Wider Q2 Net Loss

Mines Management (MGT.TO) is up about 3% in early TSX trade despite the silver-copper exploration company reporting a wider Q2 net loss, posting a $1.6 million loss, or $0.06 per share, compared to a net loss of $1.2 million, or $0.05 per share, during the quarter ended June 30.

Company management said the $400,000 increase in net loss is attributable to a $700,000 drop in the gain recognized from the fair value of warrant derivatives. This was partially offset by a reduction in operating expenses from the second quarter of 2010, principally a $300,000 decrease in consultant fees paid to Mine and Quarry Engineering for work on the preliminary economic assessment and the completion of the Grizzly Bear study during 2010.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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