News Release

SPOKANE, Wash -- March 12, 2003 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) -- Junior mineral exploration and development company, Mines Management, Inc., ("Mines") acquired full ownership of the Montanore silver-copper deposit in northwestern Montana in August, 2002, when their 90% joint venture partner and operator, Noranda Minerals, elected to withdraw from the project.

Acquisition of the Montanore, the premier silver deposit in North America, places Mines among the top tier of silver companies in the world with an estimated 260 million ounces silver and 2 billion pounds copper, alongside Apex Silver, Pan American Silver, and Silver Standard Resources.

Mines was previously a 10% minority partner in the Montanore Project that commenced in 1988 as a result of their ownership of patented claims controlling a proportionate share of the mineralization.

Work done on the project by previous operators included approximately 70,000 feet of diamond core drilling, construction of a 14,000 foot exploration tunnel, project permitting and an approved Environmental Impact Study (EIS). In total, Noranda had expended more than $100 million toward development of the project prior to suspension of activities in the early 1990’s.

Noranda discontinued development of the project in 1992 as a result of poor economics and challenges raised by governmental agencies regarding the release of nitrates into local surface water as a result of blasting during construction of the exploration tunnel. At that time, the company opted to discontinue development of the project rather than to install a treatment facility to remove the nitrates from the water.

Mines plans to move the project forward toward the prefeasibility stage and is currently in the process of assimilating all assets and intellectual property related to the project, raising capital and building its corporate structure to more appropriately reflect the current stage of development and the substantial size and scope of the Montanore Project.

Engineering studies anticipate a mining and processing capacity of approximately 17,500 tons per day yielding in excess of 10 million ounces silver and 90 million pounds copper per year.

“In analyzing the original mining plan,” said the company’s CEO, Glenn Dobbs, “our engineering team is currently assessing alternatives to further enhance the economics of an outstanding project.”

Director Bob Russell stated, “A number of significant revisions have been identified that can improve both the economics and environmental acceptability of the venture.” Mr. Russell’s previous activities included designing and managing the expansion of the giant Grasberg Project on behalf of Freeport McMoran Copper & Gold (NYSE: FCX).

Toward heightening its visibility in the market, Mines intends to participate in the numerous mining investment conferences throughout the year including the Las Vegas Gold Show, sponsored by International Investment Conferences (IIC), on April 26 & 27th, 2003, booth number 1201.

This release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company’s periodic filings with the Securities and Exchange Commission (at www.sec.gov), including its annual report on Form 10-KSB for the year ended December 31, 2001.

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 260 Million Ounce Silver Deposit - CORPORATE UPDATE - Wednesday, March 12, 2003
Press Release
SPOKANE, Wash -- March 12, 2003 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) -- Junior mineral exploration and development company, Mines Management, Inc., ("Mines") acquired full ownership of the Montanore silver-copper deposit in northwestern Montana in August, 2002, when their 90% joint venture partner and operator, Noranda Minerals, elected to withdraw from the project. Acquisition of the Montanore, the premier silver deposit in North America, places Mines among the top tier of silver companies in the world with an estimated 260 million ounces silver and 2 billion pounds copper, alongside Apex Silver, Pan American Silver, and Silver Standard Resources. Mines was previously a 10% minority partner in the Montanore Project that commenced in 1988 as a result of their ownership of patented claims controlling a proportionate share of the mineralization. Work done on the project by previous operators included approximately 70,000 feet of diamond core drilling, construction of a 14,000 foot exploration tunnel, project permitting and an approved Environmental Impact Study (EIS). In total, Noranda had expended more than $100 million toward development of the project prior to suspension of activities in the early 1990’s. Noranda discontinued development of the project in 1992 as a result of poor economics and challenges raised by governmental agencies regarding the release of nitrates into local surface water as a result of blasting during construction of the exploration tunnel. At that time, the company opted to discontinue development of the project rather than to install a treatment facility to remove the nitrates from the water. Mines plans to move the project forward toward the prefeasibility stage and is currently in the process of assimilating all assets and intellectual property related to the project, raising capital and building its corporate structure to more appropriately reflect the current stage of development and the substantial size and scope of the Montanore Project. Engineering studies anticipate a mining and processing capacity of approximately 17,500 tons per day yielding in excess of 10 million ounces silver and 90 million pounds copper per year. “In analyzing the original mining plan,” said the company’s CEO, Glenn Dobbs, “our engineering team is currently assessing alternatives to further enhance the economics of an outstanding project.” Director Bob Russell stated, “A number of significant revisions have been identified that can improve both the economics and environmental acceptability of the venture.” Mr. Russell’s previous activities included designing and managing the expansion of the giant Grasberg Project on behalf of Freeport McMoran Copper & Gold (NYSE: FCX). Toward heightening its visibility in the market, Mines intends to participate in the numerous mining investment conferences throughout the year including the Las Vegas Gold Show, sponsored by International Investment Conferences (IIC), on April 26 & 27th, 2003, booth number 1201. This release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. Factors that could cause actual results to differ from those anticipated are discussed in the Company’s periodic filings with the Securities and Exchange Commission (at www.sec.gov), including its annual report on Form 10-KSB for the year ended December 31, 2001. 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.