News Release

SPOKANE, Wash -- June 17, 2004 -- Mines Management, Inc. (AMEX:MGN - News) is pleased to announce the completion of an interim revised mine plan for the Montanore Silver-Copper Project, located in northwestern Montana. The Montanore, originally discovered by U.S. Borax in the 1980’s and further developed by Noranda Minerals at a cost of approximately $100 million, is estimated to contain 260 million ounces of silver and 2 billion pounds of copper.

Over the past year, since acquiring the Montanore Project from Noranda Minerals (NYSE: NRD), the company has analyzed all aspects of the original Noranda mine plan in order to identify opportunities for improvement since its development in the early 1990’s.

Work conducted by Noranda prior to their withdrawal in August, 2002, included extensive engineering and feasibility studies, an approved Environmental Impact Statement (EIS) and full project permitting, as well as patenting of key mineral claims and construction of a 14,000 ft. evaluation adit. Many of the permits were allowed to expire prior to Noranda’s 2002 withdrawal.

The revised mine plan, as currently conceived, envisions an operating capacity of 12,500 tons per day, yielding average annual production of approximately 7.8 million ounces of silver and 32,000 tons of copper, at a capital cost of approximately $236 million.

The significant elements of improvement include approximately 20% less pre-production development tunneling, contributing to a 21% lower capital cost and 25% shorter construction period, as well as improvements in mining productivity and manpower required. The project economics and risk profile both improve markedly with the lower capital cost, shorter construction period and lengthening of the high grade mining period.

The cash operating costs of the project remain attractive at approximately $12.14 per ton, taking into account inflation offset by increases in productivity from improved mining methodology and technology.

Mines Management’s efforts in developing the revised mine plan have been led by Robert L. Russell, P.E., a member of the company’s board of directors. Mr. Russell has held positions with Exxon Minerals and Freeport McMoRan Copper and Gold (NYSE: FCX), where he served as Vice President of Mining. Mr. Russell acted as General Manager of Freeport’s Indonesian operations at the Grasberg Mine, which have become the largest gold mine in the world. From 1995 to 1998 Mr. Russell was employed by Zambia Consolidated Copper Mines, most recently as General Manager of the Nchanga Division.

The company’s president and CEO, Glenn M. Dobbs, stated, “Our company’s philosophy is to add value for shareholders at the lowest possible cost, and in redesigning the Montanore Project, early indications are that we can not only develop a financially more attractive mine, but also a project significantly more friendly to the environment than that in the previously approved plan. ”

Mines Management is currently in the process of pursuing advancement of the Montanore and has participated in preliminary discussions with the agencies that will be involved in the process of re-permitting the project. Announcement of initiation of the re-permitting process is planned for later this year.

Mines Management, Inc. is a U.S. based 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 the basis of contained mineralization.

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, 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 Completes Interim Mine Plan for Montanore Silver Project Thursday, June 17, 2004
Press Release
SPOKANE, Wash -- June 17, 2004 -- Mines Management, Inc. (AMEX:MGN - News) is pleased to announce the completion of an interim revised mine plan for the Montanore Silver-Copper Project, located in northwestern Montana. The Montanore, originally discovered by U.S. Borax in the 1980’s and further developed by Noranda Minerals at a cost of approximately $100 million, is estimated to contain 260 million ounces of silver and 2 billion pounds of copper. Over the past year, since acquiring the Montanore Project from Noranda Minerals (NYSE: NRD), the company has analyzed all aspects of the original Noranda mine plan in order to identify opportunities for improvement since its development in the early 1990’s. Work conducted by Noranda prior to their withdrawal in August, 2002, included extensive engineering and feasibility studies, an approved Environmental Impact Statement (EIS) and full project permitting, as well as patenting of key mineral claims and construction of a 14,000 ft. evaluation adit. Many of the permits were allowed to expire prior to Noranda’s 2002 withdrawal. The revised mine plan, as currently conceived, envisions an operating capacity of 12,500 tons per day, yielding average annual production of approximately 7.8 million ounces of silver and 32,000 tons of copper, at a capital cost of approximately $236 million. The significant elements of improvement include approximately 20% less pre-production development tunneling, contributing to a 21% lower capital cost and 25% shorter construction period, as well as improvements in mining productivity and manpower required. The project economics and risk profile both improve markedly with the lower capital cost, shorter construction period and lengthening of the high grade mining period. The cash operating costs of the project remain attractive at approximately $12.14 per ton, taking into account inflation offset by increases in productivity from improved mining methodology and technology. Mines Management’s efforts in developing the revised mine plan have been led by Robert L. Russell, P.E., a member of the company’s board of directors. Mr. Russell has held positions with Exxon Minerals and Freeport McMoRan Copper and Gold (NYSE: FCX), where he served as Vice President of Mining. Mr. Russell acted as General Manager of Freeport’s Indonesian operations at the Grasberg Mine, which have become the largest gold mine in the world. From 1995 to 1998 Mr. Russell was employed by Zambia Consolidated Copper Mines, most recently as General Manager of the Nchanga Division. The company’s president and CEO, Glenn M. Dobbs, stated, “Our company’s philosophy is to add value for shareholders at the lowest possible cost, and in redesigning the Montanore Project, early indications are that we can not only develop a financially more attractive mine, but also a project significantly more friendly to the environment than that in the previously approved plan. ” Mines Management is currently in the process of pursuing advancement of the Montanore and has participated in preliminary discussions with the agencies that will be involved in the process of re-permitting the project. Announcement of initiation of the re-permitting process is planned for later this year. Mines Management, Inc. is a U.S. based 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 the basis of contained mineralization. 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, 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.