Mines Management, Inc. (“Mines Management” or the “Company”) (NYSE Amex: MGN) (TSX: MGT) is pleased to announce that it has priced an underwritten public offering of 4,800,000 shares of common stock at a price to the public of $3.15 per share. Mines Management expects that the offering will yield net proceeds, before estimated offering expenses, of approximately $14.2 million and 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 acted as sole manager for the offering. In connection with the offering, Mines Management granted Roth Capital Partners a 30-day option to purchase up to an additional 720,000 shares to cover over-allotments, if any. The offering is expected to close on or about March 8, 2011, subject to the satisfaction of customary closing conditions.

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. Electronic copies of the final prospectus supplement, when available, may be obtained by either contacting the underwriter (as set forth below) or by accessing the SEC website, www.sec.gov.

Roth Capital Partners, LLCAttn: Syndicate Department24 Corporate PlazaNewport Beach, CA 92660Phone: 800-678-9147Email: 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.

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