News Release

SPOKANE, Wash -- September 3, 2003 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) is pleased to announce the completion on August 29, 2003, of a non-brokered private placement, which raised US$1,267,207 by issuance of 1,152,007 units at a price of US$1.10 per unit. Each unit consists of one common share and a warrant exercisable at US$1.20 into one common share for a period of two years from the subscription date. The financing was placed globally with investors in the United States, Canada, Brazil, Mexico and Malaysia.

Funds from the financing will be used to advance the Montanore silver-copper project located in Sanders County, Montana, and for working capital. The company's President and C.E.O., Glenn M. Dobbs commented, "We are very pleased at completing this financing as it sets the foundation from which the company will advance development of the premier silver project in North America as we work to add shareholder value." The company anticipates initiating re-permitting of the project in early 2004.

Acquisition of the Montanore Project in August, 2002, with contained mineralization of more than 260 million ounces of silver and 2 billion pounds of copper, places Mines Management in the top tier of silver companies in the world. Over a period of 20 years, more than $100 million has been expended on the project by previous operators on activities including drilling, engineering, feasibility studies, an approved Environmental Impact Statement (EIS), and construction of a 14,000 foot evaluation adit.

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 (at www.sec.gov), including its annual report on Form 10-KSB for the year ended December 31, 2002. Further information about Mines Management, Inc. can be reviewed on the company's website at www.minesmanagement.com, or by contacting the company directly.

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 Completes $1.2 Million Financing Wednesday, September 3, 2003
Press Release
SPOKANE, Wash -- September 3, 2003 -- Mines Management, Inc. (OTC Bulletin Board: MNMM) is pleased to announce the completion on August 29, 2003, of a non-brokered private placement, which raised US$1,267,207 by issuance of 1,152,007 units at a price of US$1.10 per unit. Each unit consists of one common share and a warrant exercisable at US$1.20 into one common share for a period of two years from the subscription date. The financing was placed globally with investors in the United States, Canada, Brazil, Mexico and Malaysia. Funds from the financing will be used to advance the Montanore silver-copper project located in Sanders County, Montana, and for working capital. The company's President and C.E.O., Glenn M. Dobbs commented, "We are very pleased at completing this financing as it sets the foundation from which the company will advance development of the premier silver project in North America as we work to add shareholder value." The company anticipates initiating re-permitting of the project in early 2004. Acquisition of the Montanore Project in August, 2002, with contained mineralization of more than 260 million ounces of silver and 2 billion pounds of copper, places Mines Management in the top tier of silver companies in the world. Over a period of 20 years, more than $100 million has been expended on the project by previous operators on activities including drilling, engineering, feasibility studies, an approved Environmental Impact Statement (EIS), and construction of a 14,000 foot evaluation adit. 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 (at www.sec.gov), including its annual report on Form 10-KSB for the year ended December 31, 2002. Further information about Mines Management, Inc. can be reviewed on the company's website at www.minesmanagement.com, or by contacting the company directly. 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.