Hecla's Net Income Doubles in the First Quarter 2011

Hecla Mining Company ('Hecla?) (NYSE:HL)
today announced first quarter financial and operational results. Hecla
reported net income applicable to common shareholders of $43.2 million,
or $0.16 per basic share. First quarter silver production was 2.5
million ounces at a total cash cost of $1.03 per ounce, net of
by-products.¹

FIRST QUARTER 2011 HIGHLIGHTS

• 
  Revenues of $136.4 million, a $56.5 million increase over the same
  period in 2010
  
• 
  Gross profit of $79.6 million, more than double the amount for the
  same period in 2010
  
• 
  Net income applicable to shareholders of $43.2 million, or $0.16 per
  basic share
  
• 
  EBITDA of $81.0 million in comparison to $31.7 million in the same
  period in 2010²
• 
  Operating cash flow of $60.9 million, a $43.1 million increase over
  the same period in 2010
  
• 
  Silver production of 2.5 million ounces at a total cash cost of $1.03
  per ounce, net of by-products
  
• 
  Cash and cash equivalents of $321.7 million, a $38 million increase in
  the quarter
  

'Hecla's first quarter results were records for revenue, gross profit,
and net income reflecting the strong operating performance and metals
prices,? said Hecla′s President and Chief Executive Officer, Phillips S.
Baker, Jr. 'We expect our balance sheet and growing cash flow will meet
our financial obligations, fund capital projects that expand our
operations, and advance organic growth projects on our large land
packages in the U.S. and Mexico. Notwithstanding these results, we are
deeply saddened by the loss of Larry Marek, a family member, friend and
colleague. He will be greatly missed. The strength and dedication of the
Lucky Friday team during the rescue and recovery efforts was unwavering.
I would like to extend my gratitude to all of those who had us in their
thoughts and prayers and helped us during this difficult time.?

¹⁾Total cash cost per ounce of silver represents a
non-U.S. Generally Accepted Accounting Principles (GAAP) measurement. A
reconciliation of total cash cost to cost of sales and other direct
production costs and depreciation, depletion and amortization (GAAP) can
be found at the end of the release.

²⁾Earnings Before Interest, Taxes, Depreciation,
and Amortization ('EBITDA?) is not a measure of operating performance
computed in accordance with GAAP and should not be considered as a
substitute for net income prepared in conformity with GAAP. A
reconciliation of adjusted EBITDA to net income (GAAP) can be found at
the end of the release.

FINANCIAL OVERVIEW

Hecla reported strong first quarter 2011 revenues and cash flow from
operating activities as a result of Lucky Friday's and Greens Creek′s
performance and higher metals prices. Net income applicable to common
shareholders for the quarter increased by $24.8 million over the same
period in 2010. The increase in net income and gross profits in the
first quarter was due to higher metals prices.

Hecla′s cash position at March 31, 2011 was $321.7 million, compared to
$116.3 million of cash on hand at March 31, 2010.

Capital expenditures at our operations totaled $21.8 million for the
first quarter of 2011. The expenditures incurred at Lucky Friday were
$14.4 million, the majority of which was on the #4 Shaft Project. The
expenditures incurred at Greens Creek were $4.9 million.

Exploration expenditures during the first quarter were $3.3 million.
Drill programs were under way in Mexico, the Silver Valley, Greens
Creek, and Lucky Friday (underground), with preparations for drilling at
the San Juan Silver JV and Greens Creek (surface) in progress. Because
of weather conditions, the first quarter always has the smallest
exploration expenditures.

Coeur d′Alene Basin Litigation

In May, settlement of the litigation advanced with the negotiators
representing Hecla Limited and the United States, the Coeur d′Alene
Indian Tribe, and the State of Idaho reaching an understanding on the
proposed non-monetary terms of settlement that, together with the
previously announced proposed monetary terms, would represent a
comprehensive settlement of the Coeur d′Alene Basin litigation and
related claims in the form of a Consent Decree. Although Hecla is
optimistic the Consent Decree will be entered, there can be no assurance
that the parties will successfully complete the terms of a Consent
Decree or that the Consent Decree will be entered by the Court and
thereby become final and binding. For more information on the proposed
terms of settlement, please refer to our Form 10-Q filed with the SEC on
May 9, 2011.

Metals Prices

Realized metals prices increased significantly in the first quarter of
2011 compared to the same period in 2010. In the first quarter of 2011,
realized metals prices exceeded market prices primarily because of
precious metals provisional price gains of $8.4 million. This compares
to a price adjustment of negative $0.4 million in the first quarter 2010.

Base Metals Forward Sales Contracts

The following table summarizes the quantities of base metals committed
under financially settled forward sales contracts at March 31, 2011:

OPERATIONS OVERVIEW

Silver production of 2.5 million ounces was almost identical to the
first quarter 2010. The increase in cost of sales and total cash cost
per ounce of silver quarter-over-quarter is attributable to increased
mine license taxes, higher treatment and freight charges, incurred
employee profit-sharing due to higher metals prices, and increased
production costs, and for cost per ounce, lower gold, zinc and lead ore
grades resulting in lower by-product credits. Depreciation, depletion
and amortization have declined due to lower zinc and lead production at
Greens Creek.

(1)Total cash cost per ounce of silver represents a non-U.S.
Generally Accepted Accounting Principles (GAAP) measurement. A
reconciliation of total cash costs to cost of sales and other direct
production costs and depreciation, depletion and amortization (GAAP) can
be found at the end of the release.

Greens Creek

First quarter silver production at Greens Creek of 1.7 million ounces
was slightly higher than the same period in 2010. The increase is due to
higher silver ore grades.

Total cash cost for the first quarter was negative $0.73 per ounce, net
of by-products, compared to negative $6.47 per ounce, for the same
period in 2010. The increase in total cash cost in the first quarter
over the same period in 2010 is due to lower by-product credits, higher
mine license tax and profit sharing due to higher metals prices, and
increased production costs. Mining and milling costs per ton in the
first quarter 2011 increased by 11% and 25%, respectively, due primarily
to lower mill throughput, resulting from lower availability of
higher-volume longhole stopes, and an increase in power costs, due to
higher diesel prices and reduced availability of hydroelectric power.

Lucky Friday

First quarter silver production at Lucky Friday was 0.8 million ounces,
which was slightly lower than the same period in 2010. The overall
decrease in production quarter-over-quarter is primarily due to lower
silver ore grade.

Total cash cost at Lucky Friday was $4.99 per ounce, net of by-product
credits, in comparison to $3.21 per ounce, for the same period in 2010.
The increase in total cash cost per ounce quarter-over-quarter is mainly
due to higher treatment and freight costs, employee profit-sharing due
to higher metals prices, and increased production costs. This was
partially off-set by higher lead and zinc by-product credits. Mining and
milling costs per ton increased in the first quarter 2011 by 10% and 6%,
respectively, due to a decrease in tonnage produced, increased fuel
costs, and consumable underground materials.

On April 15, 2011, a fatal accident occurred at the Lucky Friday Mine
resulting in our decision to immediately halt all operations at the mine
(other than rescue efforts) for a period of 10 days. The accident
involved a localized fall of ground at 6150 level in the west 15 stope.
The Mine Safety Health Administration ('MSHA?) had representatives
on-site during the rescue and recovery effort. They will access the mine
during the investigation. Stopes 15 and 12 are currently closed;
however, it is not anticipated to impact guidance.

ENGINEERING ORGANIC GROWTH

Hecla is currently looking at potential projects which could generate
organic growth for the Company. These projects have been separated into
three categories: construction, scoping studies, and exploration.

Construction - #4 Shaft Project

Lucky Friday's #4 Shaft Project progressed well during the quarter.
Completion of the hoist room at the end of 2010 allowed the associated
equipment installation to continue with all major mechanical components
installed and operational. Detailed engineering of the shaft and its
components are expected to be completed in the second quarter. Drilling
of the geotechnical hole is under way. We expect to get final approval
from the Board of Directors on this project by mid-2011.

Capital expenditures were $11.6 million for a total of $60.3 million
spent to date on the project. Total project capital is expected to be
approximately $200 million, which includes $45  million budgeted for the
full year of 2011, for an internal shaft descending from the 4900 level
to the 8800 level, with expected completion in 2014.

Scoping Studies

The Company has initiated three re-opening studies of mines that
operated in the last 25 years or less in price environments that were
significantly lower than current prices and that have identified
resources. In the Silver Valley, the Star mine operated from 1891 to
1981 and again in the early "90′s. This re-opening study will quantify
existing resources and develop a plan for rehabilitating access for both
operations and exploration. This study will include the Noonday. The
second is the San Juan Silver JV in Creede, Colorado, where the study is
developing plans to re-open the Bulldog portal and underground drifts to
provide underground drill platforms and access resources. The company
which previously operated the Bulldog mine reported approximately 37
million ounces in reserves which Hecla currently reports as a resource.
The third is an update of the scoping study on the Hugh Zone at our San
Sebastian property in Mexico, to look at potentially resuming production
on this deeper polymetallic orebody.

In addition, Hecla has initiated work on two scoping studies at the
mines. The first is a mine optimization study at Lucky Friday to
establish the optimal rate of mining in order to determine a mill
expansion. The second study is developing plans to rehabilitate the 29
Ramp at Greens Creek which could increase silver production from the
higher grade East Ore zone and extend mine life.

EXPLORATION

At Greens Creek, results from underground drilling continue to define
high-grade resources at the NWW Zone for over 400 feet strike along two
limbs below the current workings. The two mineralized zones remain open
along strike in both directions. Drilling from the southern-most section
of Deep 200 South intersected white baritic ore with precious and base
metals in both zones. This is an 800-foot continuation of a high-grade
mineralized trend that does not appear to be weakening in either
thickness or grade.

Past drilling at the western-most Gallagher Zone defines multiple
intervals of dominantly white baritic ore containing bands of massive,
fine-grained sulfides including galena and sphalerite. The upper lens
varies from 15 to 32 feet in thickness, the middle lens varies from 10
to 25 feet and the lower tail varies from 12 to 20 feet. These broader
zones typically vary in grades from 4.5 to 8.0 ounces per ton silver,
0.04 to 0.11 ounce per ton gold, and 4% to 16% combined lead and zinc.
Within these broad zones are higher-grade cores from 4 to 8 feet in
thickness that include 5.5 to 12.6 ounces per ton silver, 0.08 to 0.21
ounce per ton gold, and 6.8% to 36.3% combined lead and zinc. Recent
drilling along 300 feet of strike length defined flat-lying
mineralization that is continuous for over 500 feet and steepens as it
is terminated to the east and west. Drilling has also defined a second
discrete orebody near the Gallagher Fault.

Approval of the 2011 surface exploration work plan at Greens Creek from
the U.S. Secretary of Agriculture was received and pad building for
drill sites has begun. Road drilling commenced in early May and by
mid-May, a second surface drill will be operational. By early June,
three drills will be operating on surface at Greens Creek and a program
of over 35,000 feet is anticipated for 2011.

At the Lucky Friday, drilling continues to define strong veining in the
intermediate veins to the east and below the 4050 Level beyond the
current resource boundaries. Drilling from the 4050 Level at the Lucky
Friday is improving reserve quality and increasing resources between the
3600 and 4400 elevations. Drill intersections of the 30 Vein are narrow
with variable grade; however, a number of intermediate veins have
significant intersections that could represent new resources.
Exploration drilling also continued from the 5900 #4 Shaft Project
station to target the west side of the deposit to about the 8000 Level.

In Mexico recent high-grade, gold-silver drill intersections on the
epithermal Andrea Vein have now defined a 1 to 5 meter-wide mineralized
vein with a strike length of 1.0 mile that is open in a number of
directions. The main Andrea Vein and mineralized splays consist of
banded quartz sulfide veins with localized brecciation, with halos
containing strong alterations and disseminated sulfides. The consequence
of these encouraging results is an expansion of the original drill
program to three drills in operation.

At the San Juan Silver JV (Creede, CO district), with partners Emerald
Mining and Leasing, LLC and Golden 8 Mining LLC, a new high-grade
gold/silver zone was encountered by drilling in late 2010 at the
intersection of the Amethyst and Equity Vein. Drill intersections from
the program in 2010 included 13.1 ounces per ton silver and 0.18 ounce
per ton gold over 7.9  feet, 10.0 ounces per ton silver and 0.14 ounce
per ton gold over 5.5 feet, 31.8 ounces per ton silver and 0.31 ounce
per ton gold over 2.5 feet, 2.31 ounces per ton silver and 0.45 ounce
per ton gold over 2.0 feet, and 0.32 ounce of silver over 2.0 feet.
These intersections will be followed-up with both a surface drill
program in June and a plan to re-open the Equity portal and related
underground workings to drill this new target from underground later
this year in an effort to define a new gold-silver resource.

2011 GUIDANCE

Hecla reiterates silver production guidance in 2011 which will range
between 9 and 10  million ounces. Forecast total cash cost per ounce³
is expected to be approximately zero dollars per ounce of silver
produced, net of by-product credits, based on $1,350 per ounce of gold,
and $1.05 per pound of lead and zinc.

CONFERENCE CALL AND WEBCAST

A conference call and webcast will be held Monday, May 9, at 11:00 a.m.
Eastern Time to discuss these results. You may join the conference call
by dialing toll-free 1-866-713-8395 or 1-617-597-5309 internationally.
The participant passcode is HECLA.

Hecla′s live and archived webcast can be accessed at www.hecla-mining.com
under Investor Relations or via Thomson StreetEvents Network. Individual
investors can listen to the call at www.earnings.com,
Thomson's individual investor portal, powered by StreetEvents.
Institutional investors can access the call via Thomson Street Events (www.streetevents.com),
a password-protected event management site.

ABOUT HECLA

Established in 1891, Hecla Mining Company is the largest and lowest cash
cost silver producer in the U.S. The company has two operating mines and
exploration properties in four world-class silver mining districts in
the U.S. and Mexico.

³⁾Forecast total cash cost per ounce of silver
represents a non-U.S. Generally Accepted Accounting Principles (GAAP)
measurement. A reconciliation of forecast total cash cost to cost of
sales and other direct production costs and depreciation, depletion and
amortization (GAAP) can be found at the end of the release.

Cautionary Statements

Statements made which are not historical facts, such as anticipated
payments, litigation outcome (including settlement negotiations),
production, sales of assets, exploration results and plans, costs, and
prices or sales performance are 'forward-looking statements' within the
meaning of the Private Securities Litigation Reform Act of 1995, and
involve a number of risks and uncertainties that could cause actual
results to differ materially from those projected, anticipated, expected
or implied. These risks and uncertainties include, but are not limited
to, metals price volatility, volatility of metals production and costs,
environmental and litigation risks, operating risks, project development
risks, political risks, labor issues, ability to raise financing and
exploration risks and results. Refer to the company's Form 10-K and 10-Q
reports for a more detailed discussion of factors that may impact
expected future results. The company undertakes no obligation and has no
intention of updating forward-looking statements other than as may be
required by law.

Cautionary Statements to Investors on Reserves and Resources

The United States Securities and Exchange Commission permits mining
companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce.
We use certain terms on this release, such as 'resource,? 'other
resources,? and 'mineralized materials? that the SEC guidelines strictly
prohibit us from including in our filings with the SEC. U.S. investors
are urged to consider closely the disclosure in our Form 10-K and Form
10Q. You can review and obtain copies of these filings from the SEC′s
website at www.sec.gov.

(1) Gold, lead and zinc produced have been treated as by-product credits
in calculating silver costs per ounce. Total cash costs per ounce of
silver and gold represent non-U.S. Generally Accepted Accounting
Principles (GAAP) measurements. A reconciliation of total cash costs to
cost of sales and other direct production costs and depreciation,
depletion and amortization (GAAP) can be found in the cash costs per
ounce reconciliation section of this news release.

(1) Cash costs per ounce of silver represent non-U.S. Generally Accepted
Accounting Principles (GAAP) measurements that the Company believes
provide management and investors an indication of net cash flow.
Management also uses this measurement for the comparative monitoring of
performance of mining operations period-to-period from a cash flow
perspective. 'Total cash cost per ounce? is a measure developed by gold
companies in an effort to provide a comparable standard; however, there
can be no assurance that our reporting of this non-GAAP measure is
similar to that reported by other mining companies. Cost of sales and
other direct production costs and depreciation, depletion and
amortization, was the most comparable financial measures calculated in
accordance with GAAP to total cash costs.

(1) Earnings Before Interest, Taxes, Depreciation, and Amortization
('EBITDA?) is not a measure of operating performance computed in
accordance with GAAP and should not be considered as a substitute for
net income prepared in conformity with GAAP. In addition, EBITDA may not
be comparable to similarly titled measures of other companies. EBITDA
excludes the impacts of interest expense (net of interest income),
income tax provision or benefit, depreciation, depletion and
amortization of property, plants, equipment, and mineral interests, gain
on sale of investments, and loss on derivative contracts. Management
believes that EBITDA is an important indicator of our operations because
it excludes items that may not be indicative of our core operating
results, and provides a baseline for evaluating our underlying
performance.

(1) Forecast cash costs per ounce of silver represent non-U.S. Generally
Accepted Accounting Principles (GAAP) measurements that the Company
believes provide management and investors an indication of net cash
flow. Management also uses this measurement for the comparative
monitoring of performance of mining operations period-to-period from a
cash flow perspective. 'Total cash cost per ounce? is a measure
developed by gold companies in an effort to provide a comparable
standard; however, there can be no assurance that our reporting of this
non-GAAP measure is similar to that reported by other mining companies.
Cost of sales and other direct production costs and depreciation,
depletion and amortization, was the most comparable financial measures
calculated in accordance with GAAP to total cash costs.

Hecla Mining Company

M?nie Hennessey, 604-694-7729

Vice
President ? Investor Relations

Direct Main: 800-HECLA91
(800-432-5291)

hmc-info@hecla-mining.com

www.hecla-mining.com