Mines Management, Inc. (“Mines Management” or the “Company”) (NYSE Amex:MGN)(TSX:MGT) is pleased to announce that it intends to offer shares of its common stock pursuant to the Company’s shelf registration statement. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Mines Management intends to use the net proceeds from this 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.

Roth Capital Partners, LLC is acting as sole manager for the offering.

The offering is being made 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 preliminary prospectus supplement, each of which has been filed with the SEC. Before you invest, you should read the preliminary prospectus supplement and the base shelf prospectus in that registration statement and other documents that Mines Management has filed or will file with the SEC for more complete information about Mines Management and the offering. Electronic copies of the preliminary 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

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 being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement, the prospectus or the Company’s shelf registration statement.

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.
For further information, please contact:
Mines Management, Inc.
Attn: Douglas Dobbs
905 W. Riverside Ave., Ste. 311
Phone: 509-838-6050
Fax: 509-838-0486

Email: info@minesmanagement.com

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 whether or when the offering may be completed, the size or terms of the offering and the anticipated use of proceeds. 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.

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