Untitled Document

SPOKANE, Wash -- May 9, 2005 -- Mines Management, Inc. (AMEX:MGN - News) is pleased to announce that Mines Management, the Montana Dept. of Environmental Quality (DEQ) and U.S. Forest Service (USFS) have executed a Memorandum of Agreement (MOA) outlining the process and schedule to complete the permitting for the Montanore Silver-Copper Project by July 21st, 2006, only twenty months from the filing of the Re-Permitting Application.

The MOA details the steps and the timeline mut u ally agreed between the company, the agencies and the independent contractor(s) to complete the NEPA/MEPA process. July 21st, 2006, is the targeted completion date, with the issuance of the Record of Decision to follow anticipated shortly thereafter.

The Company's President and CEO, Mr. Glenn M. Dobbs, stated, “It is impossible to overstate the significance of this agreement. The agreement and determination of the cost and time required to complete the re-permitting process for the Montanore is critical to moving the project forward. The agencies and the Company have worked hard to arri v e at a sensible timeline with mileposts and deadlines that conform to all requirements in the process.”

Vice President of Operations, Mr. Eric Klepfer, stated, “The time line in the MOA speaks to the quantity and quality of work done on the Montanore by the previous operators. Much of the previous data will be validated as we work through the process but, other than in the areas where the law has changed over the intervening years, there will be relatively little new data generated shortening the time line significantly.”

The fifty-two page document includes both the Memorandum o f Agreement (MOA) between the Company a nd the DEQ, and the Memorandum o f Understanding (MOU) between the DEQ and the USFS.

Mr. Dobbs commented, “ This broad reaching agreement is testament to the quality and strategic location of the project and the fact that the state of Montana is very interested in developing its natural resource base in a responsible manner.”

Mines Management, Inc. is a U.S.-based mineral development company focused on the exploration and development of silver dominant mineral deposits. The company announced last week hiring Hatch to prepare a final feasibility study on the project.

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 schedule to complete the permitting process for the Montanore Silver-Copper Project by July 21, 2006, and the interest of the State of Montana in developing its natural resources. These statements are based on assumptions that the Company believes are reasonable but that are subject to uncertainties and business risks. Actual results relating to any and all of these subjects may differ materially from those presented. Factors that could cause results to differ materially include fluctuations in silver and copper prices, negative results of environmental studies, problems or delays in or objections to the permitting process, the proximity of the Project to the Cabinet Wilderness Area, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB, as amended, for the year ended December 31, 2004.

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 Receives Memorandum of Agreement; Sets Schedule for Re-Permitting the Montanore Silver-Copper Project Monday, May 9, 2005
Press Release
SPOKANE, Wash -- May 9, 2005 -- Mines Management, Inc. (AMEX:MGN - News) is pleased to announce that Mines Management, the Montana Dept. of Environmental Quality (DEQ) and U.S. Forest Service (USFS) have executed a Memorandum of Agreement (MOA) outlining the process and schedule to complete the permitting for the Montanore Silver-Copper Project by July 21st, 2006, only twenty months from the filing of the Re-Permitting Application. The MOA details the steps and the timeline mut u ally agreed between the company, the agencies and the independent contractor(s) to complete the NEPA/MEPA process. July 21st, 2006, is the targeted completion date, with the issuance of the Record of Decision to follow anticipated shortly thereafter. The Company's President and CEO, Mr. Glenn M. Dobbs, stated, “It is impossible to overstate the significance of this agreement. The agreement and determination of the cost and time required to complete the re-permitting process for the Montanore is critical to moving the project forward. The agencies and the Company have worked hard to arri v e at a sensible timeline with mileposts and deadlines that conform to all requirements in the process.” Vice President of Operations, Mr. Eric Klepfer, stated, “The time line in the MOA speaks to the quantity and quality of work done on the Montanore by the previous operators. Much of the previous data will be validated as we work through the process but, other than in the areas where the law has changed over the intervening years, there will be relatively little new data generated shortening the time line significantly.” The fifty-two page document includes both the Memorandum o f Agreement (MOA) between the Company a nd the DEQ, and the Memorandum o f Understanding (MOU) between the DEQ and the USFS. Mr. Dobbs commented, “ This broad reaching agreement is testament to the quality and strategic location of the project and the fact that the state of Montana is very interested in developing its natural resource base in a responsible manner.” Mines Management, Inc. is a U.S.-based mineral development company focused on the exploration and development of silver dominant mineral deposits. The company announced last week hiring Hatch to prepare a final feasibility study on the project. 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 schedule to complete the permitting process for the Montanore Silver-Copper Project by July 21, 2006, and the interest of the State of Montana in developing its natural resources. These statements are based on assumptions that the Company believes are reasonable but that are subject to uncertainties and business risks. Actual results relating to any and all of these subjects may differ materially from those presented. Factors that could cause results to differ materially include fluctuations in silver and copper prices, negative results of environmental studies, problems or delays in or objections to the permitting process, the proximity of the Project to the Cabinet Wilderness Area, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB, as amended, for the year ended December 31, 2004. 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.