SPOKANE, Wash.--(March 27, 2007)--Mines Management, Inc. (AMEX:MGN) (TSX:MGT) is pleased to announce that it closed earlier today its previously announced public offering of 6,000,000 units at a price of US$5.00 per Unit, resulting in gross proceeds of US$30 million or US$28.2 million in net proceeds to the Company, after deducting underwriting commissions but before deducting offering expenses. Each unit offered is comprised of one share of common stock and one-half of one common stock purchase warrant, with each full warrant being exercisable for five years from the closing of the offering to purchase one share of common stock at an exercise price of US$5.75 per share.

The underwriters have been granted an over-allotment option, exercisable for a period of 30 days following the closing, to acquire up to an additional 900,000 units for additional gross proceeds of up to US$4.5 million, or net proceeds of up to US$4.23 million.

The net proceeds of the offering will be used to fund a portion of the cost of a two year advanced exploration and underground drilling program at the Company’s Montanore Silver-Copper Project in Montana and for general corporate and working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in any jurisdiction. The offering may be made in the United States only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from TD Securities, 31 West 52nd Street, New York, NY 10019 (Tel: 1-212-827-7879). and in Canada only by means of a prospectus and the related prospectus supplement, a copy of which may be obtained from TD Securities Inc., Ernst & Young Tower, 222 Bay Street, 7th Floor, Toronto, ON M5K 1A2 (Tel: 1-416-982-2059).

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 the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding the terms of a proposed public offering and the use of proceeds of the offering. Factors that could cause actual results to differ materially include economic and political events affecting supply of and demand for silver and copper, fluctuations in silver and copper prices, changes in U.S. and Canadian securities markets, failure to receive regulatory approvals, negative results of environmental or technical studies, rehabilitation and drilling program problems or delays in or objections to the permitting process, the proximity of the project to the Cabinet Wilderness Area and habitat for grizzly bear, bull trout and lynx failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Montanore Project and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K, as amended, for the year ended December 31, 2006. Additional information is available in the Company’s filings with the Securities and Exchange Commission and at 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 Files Preliminary Prospectus Supplement to Raise Gross Proceeds of US $30 million for Advanced Exploration and Underground Drilling Program at Montanore Silver-Copper Project March 27, 2007
Press Release 07-05
SPOKANE, Wash.--(March 27, 2007)--Mines Management, Inc. (AMEX:MGN) (TSX:MGT) is pleased to announce that it closed earlier today its previously announced public offering of 6,000,000 units at a price of US$5.00 per Unit, resulting in gross proceeds of US$30 million or US$28.2 million in net proceeds to the Company, after deducting underwriting commissions but before deducting offering expenses. Each unit offered is comprised of one share of common stock and one-half of one common stock purchase warrant, with each full warrant being exercisable for five years from the closing of the offering to purchase one share of common stock at an exercise price of US$5.75 per share. The underwriters have been granted an over-allotment option, exercisable for a period of 30 days following the closing, to acquire up to an additional 900,000 units for additional gross proceeds of up to US$4.5 million, or net proceeds of up to US$4.23 million. The net proceeds of the offering will be used to fund a portion of the cost of a two year advanced exploration and underground drilling program at the Company’s Montanore Silver-Copper Project in Montana and for general corporate and working capital purposes. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in any jurisdiction. The offering may be made in the United States only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from TD Securities, 31 West 52nd Street, New York, NY 10019 (Tel: 1-212-827-7879). and in Canada only by means of a prospectus and the related prospectus supplement, a copy of which may be obtained from TD Securities Inc., Ernst & Young Tower, 222 Bay Street, 7th Floor, Toronto, ON M5K 1A2 (Tel: 1-416-982-2059). 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 the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding the terms of a proposed public offering and the use of proceeds of the offering. Factors that could cause actual results to differ materially include economic and political events affecting supply of and demand for silver and copper, fluctuations in silver and copper prices, changes in U.S. and Canadian securities markets, failure to receive regulatory approvals, negative results of environmental or technical studies, rehabilitation and drilling program problems or delays in or objections to the permitting process, the proximity of the project to the Cabinet Wilderness Area and habitat for grizzly bear, bull trout and lynx failure or delay of third parties to provide services, changes in the attitude of state and local officials toward the Montanore Project and other factors discussed in the Company's periodic filings with the Securities and Exchange Commission, including its annual report on Form 10-K, as amended, for the year ended December 31, 2006. Additional information is available in the Company’s filings with the Securities and Exchange Commission and at 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.