News Release

SPOKANE, Wash -- August 26, 2002 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) announces that it has acquired controlling ownership of the Rock Lake silver-copper deposit in Sanders County, Montana. MMI Has received a quitclaim deed from Noranda Minerals Corp., which has elected to withdraw from the project. The patented mining claims control the mineralization, formerly investigated as the Montanore Project.

Widely spaced drilling has encountered substantial silver-copper mineralization over an area measuring more than 12,000 feet long and averaging 3,000 feet in width. An approved Environmental Impact Statement (EIS) estimated a resource of 135 million tons containing 261 million ounces silver and 2 billion pounds of copper.

Although Rock Lake represents one of the largest silver deposits in the world, it is thought to be sub-economic at today’s depressed metals prices. Mines Management believes that silver is highly undervalued at this time and that an improvement in price could have a significant impact on the deposit’s economic viability. Considerable additional development work needs to be carried out on the deposit and MMI is assessing alternative plans, with an eye toward maximizing shareholder value.

Mines Management, Inc., is a public US mineral exploration company whose focus is the exploration and development of deposits containing a dominant silver value. MMI has owned a minority interest in the Rock Lake deposit since 1988 and recently initiated an aggressive campaign to evaluate other silver opportunities in the US, Canada and Mexico.

This press release contains forward-looking statements regarding the Company, within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the development of it’s mining development projects as well as it’s global exploration program. Actual results relating to any and all of these subjects may differ materially from those presented. The Company assumes no obligation to update this information.

Further information about Mines Management, Inc. can be reviewed on the website for the Securities and Exchange Commission at www.sec.gov or on the company's website at www.minesmanagement.com.

Contact:

     Douglas Dobbs
     Director, Corporate Development & Investor Relations

     Mines Management, Inc.
     Douglas Dobbs, 509/838-6050
     fax: 509/838-0486
     email: info@minesmanagement.com
     website: www.minesmanagement.com



Mines Management Acquires Control of 260 Million Ounce Silver Deposit Monday, August 26, 2002
Press Release
SPOKANE, Wash -- August 26, 2002 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) announces that it has acquired controlling ownership of the Rock Lake silver-copper deposit in Sanders County, Montana. MMI Has received a quitclaim deed from Noranda Minerals Corp., which has elected to withdraw from the project. The patented mining claims control the mineralization, formerly investigated as the Montanore Project. Widely spaced drilling has encountered substantial silver-copper mineralization over an area measuring more than 12,000 feet long and averaging 3,000 feet in width. An approved Environmental Impact Statement (EIS) estimated a resource of 135 million tons containing 261 million ounces silver and 2 billion pounds of copper. Although Rock Lake represents one of the largest silver deposits in the world, it is thought to be sub-economic at today’s depressed metals prices. Mines Management believes that silver is highly undervalued at this time and that an improvement in price could have a significant impact on the deposit’s economic viability. Considerable additional development work needs to be carried out on the deposit and MMI is assessing alternative plans, with an eye toward maximizing shareholder value. Mines Management, Inc., is a public US mineral exploration company whose focus is the exploration and development of deposits containing a dominant silver value. MMI has owned a minority interest in the Rock Lake deposit since 1988 and recently initiated an aggressive campaign to evaluate other silver opportunities in the US, Canada and Mexico. This press release contains forward-looking statements regarding the Company, within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the development of it’s mining development projects as well as it’s global exploration program. Actual results relating to any and all of these subjects may differ materially from those presented. The Company assumes no obligation to update this information. Further information about Mines Management, Inc. can be reviewed on the website for the Securities and Exchange Commission at www.sec.gov or on the company's website at www.minesmanagement.com. Contact: Douglas Dobbs Director, Corporate Development & Investor Relations Mines Management, Inc. Douglas Dobbs, 509/838-6050 fax: 509/838-0486 email: info@minesmanagement.com website: www.minesmanagement.com Source: Mines Management, Inc.