Mines Management, Inc. Announces Exercise of Underwriter′s Over-Allotment Option

Mines Management, Inc. ('Mines Management? or the 'Company?) (NYSE
Amex:MGN) (TSX:MGT) is pleased to announce that Roth Capital Partners,
the sole manager for the Company′s underwritten offering of 4,800,000
shares of common stock that closed on March 8, 2011, has partially
exercised its over-allotment option to purchase an additional 320,000
shares of common stock of the Company, at a price of US$3.15 per share.
The gross proceeds resulting from the over-allotment option exercise,
which closed earlier today, are US$1,008,000, or US$947,520 in net
proceeds to the Company, after deducting underwriting commissions and a
corporate finance fee but before deducting offering expenses. The total
offering is therefore 5,120,000 shares of common stock for gross
proceeds to the Company of US$16,128,000, or US$15,160,320 in net
proceeds to the Company, after deducting underwriting commissions and a
corporate finance fee but before deducting offering expenses.

Mines Management intends to use the net proceeds from the offering for
(i) the advancement of the permitting process for its Montanore Project
and the commencement of the Company′s planned delineation drilling
program, which will include advancement of the adit, establishment of
drilling stations and commencement of exploratory drilling and (ii) for
general corporate purposes, including possible acquisition and
exploration of new mining properties.

The securities described above were offered by way of a shelf
registration statement, which was declared effective by the Securities
and Exchange Commission ('SEC?) on October 27, 2009, a base shelf
prospectus and a prospectus supplement, each of which has been filed
with the SEC. This news release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The securities may be offered only by means of the base
shelf prospectus and the prospectus supplement, each of which form a
part of the shelf registration statement. Electronic copies of the
prospectus supplement incorporating the base shelf prospectus relating
to the offering may be obtained by either contacting the underwriter (as
set forth below) or by accessing the SEC website, www.sec.gov.

Roth Capital Partners, LLC

Attn: Syndicate Department

24
Corporate Plaza

Newport Beach, CA 92660

Phone: 800-678-9147

Email:
Rothecm@roth.com

About Mines Management Inc.

Mines Management, Inc. is engaged in the business of acquiring and
exploring, and if exploration is successful, developing mineral
properties, primarily those containing silver and associated base and
precious metals.Its primary focus is on the advancement of the
Montanore silver-copper project located in northwestern Montana.

This press release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, including statements
regarding this proposed offering. Forward-looking statements are all
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that Mines
Management expects or anticipates will or may occur in the future,
including such things as the anticipated use of proceeds of the
offering. When used in this press release, the words 'potential?,
'indicate?, 'expect?, 'intend?, 'possible?, 'hopes,? 'believe,? 'may,?
'will,? 'if? and similar expressions are intended to identify
forward-looking statements. These statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Mines Management to be
materially different from any future results, performance or
achievements expressed or implied by such statements. Such factors
include, among others, uncertainty of market response to the offering,
the pricing of the offering, the future use of proceeds, fluctuations in
silver and copper prices, general economic conditions, economic or
political events affecting the supply of and demand for silver and
copper, changes in U.S. securities markets, failure to receive
regulatory approvals or changes in the attitude of state and local
officials to the Montanore Project; as well as those factors discussed
in Mines Management′s latest Annual Report on Form  10-K and Quarterly
Report on Form  10-Q and other documents filed with the U.S. Securities
and Exchange Commission. Although Mines Management has attempted to
identify important factors that could cause actual results to differ
materially from those described in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated
or intended. Except as required by law, Mines Management assumes no
obligation to publicly update any forward-looking statements, whether as
a result of new information, future events or otherwise.

Mines Management, Inc.

Vice President Corporate Finance &
Development

Douglas Dobbs, 509-838-6050

Fax: 509-838-0486

info@minesmanagement.com

www.minesmanagement.com