Resource Estimate

The estimate of mineralized material set forth below was prepared by Mine Development Associates. The estimate was prepared in accordance with SEC Industry Guide 7 based on silver and copper prices of $6.24 per ounce and $1.26 per pound, respectively, which represent the three year rolling average prices at December 31, 2005.

MONTANORE PROJECT
Mineralized Material Estimate In Accordance with
U.S. S.E.C. Industry Guide 7

	Tons	Silver Grade	Copper Grade	Cutoff Grade	True Thickness
		(Ounces per ton)		(Silver Ounces per ton)	(feet)
Mineralized Material	81,506,000	2.04	0.75%	1.0	35

In accordance with Canadian National Instrument 43-101, MDA has estimated the resource at Montanore as set forth below. Steve Ristorcelli, R.P. Geo., C.P.G. and David C. Fitch, C.P.G., are the qualified persons under Canadian National Instrument 43-101 for this resource estimate.

Cautionary Note to US Investors concerning estimates of Measured and Indicated Mineral Resources

This section uses the terms “measured mineral resources” and “indicated mineral resources”. We advise US investors
that while those terms are recognized and required by Canadian regulations, the US Securities and Exchange
Commission does not recognize them, and describes the equivalent as “Mineralized Material”. US Investors are
cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted
into mineral reserves.

This section uses the term “inferred mineral resources.” We advise US investors that while this term is recognized and
required by Canadian regulations, the US Securities and Exchange Commission does not recognize it. “Inferred mineral
resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher
category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility
or other economic studies. US investors are cautioned not to assume that part or all of the inferred mineral
resource exists, or is economically or legally mineable

MONTANORE PROJECT
Resource Estimate In Accordance
With
Canadian National Instrument 43-101

	Tons	Silver Grade	Copper Grade	Cutoff	True Thickness
		(Ounces per ton)		(Silver Ounces per ton)	(feet)
Measured	4,026,000	1.85	0.74%	1.0	39
Indicated	77,480,000	2.05	0.75%	1.0	34
Inferred	35,080,000	1.85	0.71%	1.0	32

With these resources, the deposit remains open to the northwest within the company’s property holdings, providing opportunity for growth.

The company continues to conduct engineering optimization and trade-off studies for the mine plan, and activities toward advancement of the re-permitting process.

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