Spokane, Washington -- August 8, 2006 -- Mines Management, Inc. (Amex: MGN, TSX: MGT) is pleased to announce it received strong support from the community of Libby, Montana and the office of the state’s Governor in a ceremony marking the re-opening of the Libby Adit.

In a presentation by the Governor’s State Director of Economic Development, Mr. Evan Barrett, he commented, "This mine is not only good for Libby and Lincoln County, but for the State of Montana. There is a way to do mining right, that is what is refreshing about this project. It is the first major step to return quality jobs to this county.”

The ceremony was attended by, among others, Lincoln County Commissioners, Libby Mayor and City Council members, Lincoln County Port Authority, Troy City Council members, U.S. Forest Service officials, local business leaders and town’s people, representatives from the Governor’s office and management of the Company.

The re-opening of the Libby Adit signals the commencement of a two phase project to rehabilitate the tunnel and conduct an underground drilling and evaluation program. The Libby adit was originally constructed and partially completed between 1988 and 1991 by the former operator of the Montanore Project, Noranda Minerals Corp. The adit was advanced to a length of approximately 14,000 feet prior to cessation of activities. Once the tunnel has undergone rehabilitation, and necessary infrastructure replaced, the Company plans to advance the tunnel 3,000 feet and initiate a 35,000 foot diamond core drilling program. The project is estimated to take approximately 24 months, and would employ up to 30 people.

The first phase of the project, reopening the portal and conducting preliminary evaluation of its condition, was recently completed. The second phase of the project, which includes dewatering, installation of necessary infrastructure, rehabilitation, advancement of the tunnel, and a diamond drill program, is subject to approval based upon results of the preliminary evaluation by the Montana Department of Environmental Quality.

Mines Management, Inc. is a U.S.-based mineral company focused on the exploration and acquisition of precious and base metals mineral deposits. The company's primary focus is on the advancement of the Montanore Silver-Copper Project located in northwestern Montana.

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 underground evaluation program planned for the Montanore Project. 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 economic and political events affecting supply of and demand for silver and copper, 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, failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Montanore Project, the ability to raise capital in the financial markets, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2005.

Further information about Mines Management, Inc. can be reviewed on the website for the Securities and Exchange Commission at www.sec.gov, the website for Canadian securities reporting at at www.sedar.com, or on the company's website at www.minesmanagement.com.

Contact:

     Douglas Dobbs
     Vice President, 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 Strong Support for the Montanore Adit Reopening from Montana Governor's Office and Local Community August 8, 2006
Press Release 06-08
Spokane, Washington -- August 8, 2006 -- Mines Management, Inc. (Amex: MGN, TSX: MGT) is pleased to announce it received strong support from the community of Libby, Montana and the office of the state’s Governor in a ceremony marking the re-opening of the Libby Adit. In a presentation by the Governor’s State Director of Economic Development, Mr. Evan Barrett, he commented, "This mine is not only good for Libby and Lincoln County, but for the State of Montana. There is a way to do mining right, that is what is refreshing about this project. It is the first major step to return quality jobs to this county.” The ceremony was attended by, among others, Lincoln County Commissioners, Libby Mayor and City Council members, Lincoln County Port Authority, Troy City Council members, U.S. Forest Service officials, local business leaders and town’s people, representatives from the Governor’s office and management of the Company. The re-opening of the Libby Adit signals the commencement of a two phase project to rehabilitate the tunnel and conduct an underground drilling and evaluation program. The Libby adit was originally constructed and partially completed between 1988 and 1991 by the former operator of the Montanore Project, Noranda Minerals Corp. The adit was advanced to a length of approximately 14,000 feet prior to cessation of activities. Once the tunnel has undergone rehabilitation, and necessary infrastructure replaced, the Company plans to advance the tunnel 3,000 feet and initiate a 35,000 foot diamond core drilling program. The project is estimated to take approximately 24 months, and would employ up to 30 people. The first phase of the project, reopening the portal and conducting preliminary evaluation of its condition, was recently completed. The second phase of the project, which includes dewatering, installation of necessary infrastructure, rehabilitation, advancement of the tunnel, and a diamond drill program, is subject to approval based upon results of the preliminary evaluation by the Montana Department of Environmental Quality. Mines Management, Inc. is a U.S.-based mineral company focused on the exploration and acquisition of precious and base metals mineral deposits. The company's primary focus is on the advancement of the Montanore Silver-Copper Project located in northwestern Montana. 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 underground evaluation program planned for the Montanore Project. 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 economic and political events affecting supply of and demand for silver and copper, 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, failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Montanore Project, the ability to raise capital in the financial markets, and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2005. Further information about Mines Management, Inc. can be reviewed on the website for the Securities and Exchange Commission at www.sec.gov, the website for Canadian securities reporting at at www.sedar.com, or on the company's website at www.minesmanagement.com. Contact: Douglas Dobbs Vice President, 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.