Mines Management Announces Completion of US$10 Million Private Placement with Silver Wheaton

    SPOKANE, WASH., November 5 /CNW/ - Mines Management, Inc. (AMEX:  MGN)
(TSX:MGT) (the "Company") is pleased to announce it has completed a US$10
million private placement of its common stock to Silver Wheaton Corp.
(TSX:SLW) (NYSE:  SLW). The transaction provided for the issuance of 2.5 million
shares at a price of US$4.00 per share (the "Shares").

    The Company intends to use the proceeds of the transaction for working
capital and general corporate purposes, including the further advancement of
the Montanore Project and for potential acquisitions.

    In connection with the private placement, the Company has granted to
Silver Wheaton a twenty-year right of first refusal to purchase any silver
stream that the Company elects to sell from its Montana properties.

    The Shares were sold on a private placement basis in Canada and in
reliance on Regulation S under the Securities Act of 1933, as amended (the
"Securities Act"). The Shares have not been registered under the Securities
Act, or the securities laws of any other jurisdiction, and may not be offered
or sold in the United States without registration under, or an applicable
exemption from, the registration requirements of the Securities Act, and will
be subject to resale restrictions in Canada.

    No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.

    Statements Regarding Forward-Looking Information: Some statements
contained in this press release are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and other
applicable securities laws. Investors are cautioned that forward-looking
statements are inherently uncertain and involve risks and uncertainties that
could cause actual results to differ materially, including comments regarding
the use of proceeds from the offering. Actual results may differ materially
from those presented. Factors that could cause results to differ materially
include fluctuations in silver and copper prices. Mines Management, Inc.
assumes no obligation to update this information. There can be no assurance
that future developments affecting Mines Management, Inc. will be those
anticipated by management. Please refer to the discussion of risk factors in
the Company's Form 10-K for the year ended December 31, 2006, as amended.

For further information:

For further information: Mines Management, Inc. Douglas Dobbs, Vice
President of Corporate Development Phone: 509-838-6050 Email:

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