MINES MANAGEMENT, INC. ANNOUNCES EXTENSION OF WARRANTS
October 7, 2011

Spokane, Washington, October 7, 2011 - Mines Management, Inc. (the "Company") (NYSE Amex: MGN, TSX: MGT) announces that it intends to extend to April 20, 2012 the expiration date of warrants (the "Warrants") to purchase 2,105,748 shares of the Company's common stock, subject to the approval of the Toronto Stock Exchange.

The Warrants were originally issued in connection with a private placement completed by the Company on October 21, 2005, and the expiry of the Warrants was previously extended from October 20, 2010 to October 20, 2011.

The current exercise price of the Warrants is US$2.56 per share. In accordance with the anti-dilution provisions of the Warrants, the exercise price of the Warrants was previously reduced from US$8.50 per share. In connection with the prior repricing of the Warrants, the Warrants were also adjusted in accordance with their terms to increase the number of shares of the Company's common stock purchasable upon exercise of such Warrants.

No Warrants are owned by any insiders of the Company.

Any inquiries should be made to the Company directly by calling (509) 838-6050.

About Mines Management Inc.

Mines Management, Inc. is engaged in the business of acquiring and exploring, and if exploration is successful, developing mineral properties, primarily those containing silver and associated base and precious metals. Its primary focus is on the advancement of the Montanore silver-copper project located in northwestern Montana.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this press release.

Source: Mines Management, Inc.