News Release

SPOKANE, Wash --(BUSINESS WIRE)-- November 18, 2004 -- Mines Management, Inc. (AMEX:MGN - News). Operationally over the past two quarters, Mines Management has made substantial progress in advancing its Montanore Silver-Copper Project. We have completed an extensive analysis of the previous operator's mine plan, developed an updated and revised mine plan and hired a specialist in permitting large mining projects.

The re-permitting process for the Montanore is well underway with the submission of the General Project Description, available soon on our company's website, to state and federal permitting agencies in Montana. We are currently addressing a Memorandum of Understanding (MOU) with both agencies defining the scope of the re-permitting process and establishing timelines. We anticipate submitting the full application before the end of the year. We are fortunate to be able to leverage the substantial volume of work completed by the previous owner over a 10-year period and estimate the re-permitting process to take approximately 15-24 months.

Recent meetings with elected officials, business leaders and local citizen groups have indicated extraordinary support for development of the Montanore project. We are very gratified by the reception we have received from business, citizen groups and elected officials in western Montana. The reception at the community level has been outstanding and is very encouraging. We are looking forward to working with some great people who are themselves concerned about not only their local economy and the well being of their families, but also the perception of the state's political and business climate.

The recent defeat of Initiative-147 does not impact Mines Management's development of the Montanore Project. The Montanore is not designed to be an open pit mine, nor will it use cyanide in the extraction process, both major issues addressed in the initiative. The mine will be underground and use a proven, 100-year old flotation process for metals extraction. The Montanore project has been aptly described as one of the most environmentally benign mining projects on the drawing boards in North America today.

Mines Management acquired ownership of the Montanore Project in August, 2002, when its previous operator withdrew from the project due to low metals prices at the time. Estimated to contain 260 Million ounces of silver and 2 Billion pounds of copper, the project is estimated to produce 8 million ounces of silver and more than 60 million pounds of copper per year. If in production today, the mine would rank as the world's sixth largest silver mine.

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 President's Update: Montanore Progress Report and Comments Regarding Initiative-147 Thursday, November 18, 2004
Press Release
SPOKANE, Wash --(BUSINESS WIRE)-- November 18, 2004 -- Mines Management, Inc. (AMEX:MGN - News). Operationally over the past two quarters, Mines Management has made substantial progress in advancing its Montanore Silver-Copper Project. We have completed an extensive analysis of the previous operator's mine plan, developed an updated and revised mine plan and hired a specialist in permitting large mining projects. The re-permitting process for the Montanore is well underway with the submission of the General Project Description, available soon on our company's website, to state and federal permitting agencies in Montana. We are currently addressing a Memorandum of Understanding (MOU) with both agencies defining the scope of the re-permitting process and establishing timelines. We anticipate submitting the full application before the end of the year. We are fortunate to be able to leverage the substantial volume of work completed by the previous owner over a 10-year period and estimate the re-permitting process to take approximately 15-24 months. Recent meetings with elected officials, business leaders and local citizen groups have indicated extraordinary support for development of the Montanore project. We are very gratified by the reception we have received from business, citizen groups and elected officials in western Montana. The reception at the community level has been outstanding and is very encouraging. We are looking forward to working with some great people who are themselves concerned about not only their local economy and the well being of their families, but also the perception of the state's political and business climate. The recent defeat of Initiative-147 does not impact Mines Management's development of the Montanore Project. The Montanore is not designed to be an open pit mine, nor will it use cyanide in the extraction process, both major issues addressed in the initiative. The mine will be underground and use a proven, 100-year old flotation process for metals extraction. The Montanore project has been aptly described as one of the most environmentally benign mining projects on the drawing boards in North America today. Mines Management acquired ownership of the Montanore Project in August, 2002, when its previous operator withdrew from the project due to low metals prices at the time. Estimated to contain 260 Million ounces of silver and 2 Billion pounds of copper, the project is estimated to produce 8 million ounces of silver and more than 60 million pounds of copper per year. If in production today, the mine would rank as the world's sixth largest silver mine. 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.