Mines Management, Inc. Announces Common Stock Offering

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.

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.

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.

Mines Management, Inc.

Douglas Dobbs, 509-838-6050

Fax:
509-838-0486

info@minesmanagement.com