News Release

SPOKANE, Wash -- March 4, 2004 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) is pleased to announce the completion of a private placement of 285,000 units for total gross proceeds of US$1.4 million. Each unit consists of one common share plus ¼ share purchase warrant exercisable for five years at $7.25. A finders’ fee of $98,000 was paid plus 3% warrant coverage. The private placement financing was done with accredited investors in the U.S., Europe and Latin America.

The proceeds from this offering, combined with the previously announced $5 million private placement, bring Mines Management’s cash position to approximately $7.2 million. Company President & CEO, Glenn Dobbs stated, “The series of financings serves as an important milestone for the company as it ensures our ability to aggressively pursue re-permitting of the Montanore project in Montana. This, combined with the imminent listing of our shares on the American Stock Exchange, represents a significant step forward in bringing additional value to our shareholders.”

Mines Management, Inc. is a U.S. based public mineral development company focused on the exploration and development of silver dominant deposits. The 2002 acquisition of the Montanore silver-copper project, containing 260,000,000 ounces of silver and 2 billion pounds of copper, places the Company in the top tier of silver companies in the world. On February 5th, the company filed an application to list its shares on the American Stock Exchange.

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, 2003.

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 Announces Completion of $1.4 Million Private Placement Thursday, March 4, 2004
Press Release
SPOKANE, Wash -- March 4, 2004 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) is pleased to announce the completion of a private placement of 285,000 units for total gross proceeds of US$1.4 million. Each unit consists of one common share plus ¼ share purchase warrant exercisable for five years at $7.25. A finders’ fee of $98,000 was paid plus 3% warrant coverage. The private placement financing was done with accredited investors in the U.S., Europe and Latin America. The proceeds from this offering, combined with the previously announced $5 million private placement, bring Mines Management’s cash position to approximately $7.2 million. Company President & CEO, Glenn Dobbs stated, “The series of financings serves as an important milestone for the company as it ensures our ability to aggressively pursue re-permitting of the Montanore project in Montana. This, combined with the imminent listing of our shares on the American Stock Exchange, represents a significant step forward in bringing additional value to our shareholders.” Mines Management, Inc. is a U.S. based public mineral development company focused on the exploration and development of silver dominant deposits. The 2002 acquisition of the Montanore silver-copper project, containing 260,000,000 ounces of silver and 2 billion pounds of copper, places the Company in the top tier of silver companies in the world. On February 5th, the company filed an application to list its shares on the American Stock Exchange. 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, 2003. 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.