Mines Management Achieves Permitting Milestone for the Montanore Silver-Copper Project

Mines Management, Inc. (NYSE-Amex:MGN) (TSX:MGT) (the 'Company') is
pleased to announce that a Supplemental Draft Environmental Impact
Statement (the 'SDEIS?) has been completed by the U.S. Forest Service
for the Montanore Project.

'Completion of the SDEIS is a major step forward in the final phase of
the permitting process,? stated Glenn M. Dobbs, the Company′s President
and CEO. 'It signals a move toward completion of the process we began in
2005, since which time we have developed extensive documentation
demonstrating the benign nature of this underground mining project, and
the protections to the environment provided in the plan of operations.

'Using proven processes to mine and process the material, we have
designed a mine which would exceed current standards and regulations to
protect wildlife, maintain purity and viability of water in the region,
and mitigate any other potential or perceived risks to the environment.
We are gratified with the work that has been done by the agencies and
the EIS contractor who have completed a thorough analysis of the
Montanore Project. We are especially appreciative of the overwhelming
support the community has provided throughout this process.

'Having been previously fully permitted in 1993, the project has
undergone additional exhaustive studies, and it is clear the community
in the area of the project would like to see the mine built. If
developed, the Montanore Project would provide an estimated 350 direct
long term jobs in a community with approximately 20% unemployment,
resulting in significant economic growth and an increase in the tax
base. With the completion of the SDEIS, we are optimistic that the
permitting process is nearing a conclusion, after which the project can
move forward.?

The remaining steps of the permitting process include:

• 
  Public review of the SDEIS, and comments
  
• 
  Biological Consultation with the U.S. Dept. of Fish and Wildlife,
  concluding with a Biological Opinion ('BO?)
  
• 
  Final Environmental Impact Study ('FEIS?), followed by a Record of
  Decision ('ROD?) from the U.S. Forest Service
  

Development of the Montanore Project would offer many benefits. In
addition to the long term, high paying jobs provided in the local
community, the metals that would be produced from the project are
strategic to the nation at large in supporting domestic production of
many products, including:

• 
  Silver is increasingly valuable with respect to:
  
  
  • 
    solar energy production,
    
  • 
    replacing the use of toxic materials, such as lead,
    
  • 
    its anti-bacterial properties to purify water and reduce the
    spread of disease.
    
• 
  Copper is a strategic mineral to the United States, and critical to:
  
  
  • 
    expanding green energy, including solar and wind power generation
    & distribution,
    
  • 
    electrical distribution in new construction
    
  • 
    low cost material for electronics, critical to maintaining
    America′s global competitiveness.
    

Additional information regarding silver can be viewed at the Company′s
website at the following location: http://www.minesmanagement.com/silver-news.php.

Economically, the country benefits as the production of more raw
material results in lower material prices, and lower costs for
manufacturers and consumers, increasing the country′s competitiveness
and contributing to job growth.

If and when the Montanore Project is fully permitted, the Company
intends to complete rehabilitation and construction of its 14,000 ft.
evaluation adit, followed by an underground drilling program. Data
obtained from the drilling program will be used to support detailed
engineering and development of a feasibility study.

About Mines Management

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

Statements Regarding Forward-Looking Information:Some
statements contained in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and other applicable securities laws. Investors are
cautioned that forward-looking statements are inherently uncertain
and involve risks and uncertainties that could cause actual results to
differ materially, including comments regarding the number of jobs and
other benefits provided by the Montanore Project, the timing and
conclusion of the permitting process, plans for the Montanore Project
following the completion of permitting, including rehabilitation and
construction of the adit, the underground drilling program and the use
of data from the drilling program.Actual results may differ
materially from those presented.Factors that could cause results
to differ materially include fluctuations in silver and copper prices.Mines Management, Inc. assumes no obligation to update this
information.There can be no assurance that future developments
affecting Mines Management, Inc. will be those anticipated by
management. Please refer to the discussion of risk factors in the
Company's Form 10-K for the year ended December 31, 2010, as amended,
and the Company′s website at: www.minesmanagement.com.

Mines Management, Inc.

Douglas Dobbs, Vice President of Corporate
Development, 509-838-6050

Email: info@minesmanagement.com