Mines Management Announces Pricing of US$30 Million Unit Offering and Filing of Final Prospectus Supplement

    SPOKANE, WASH., April 17 /CNW/ - Mines Management, Inc. (AMEX:  MGN)
(TSX:MGT) is pleased to announce that it has priced its previously announced
public offering of 6,000,000 units at a price of US$5.00 (Cdn$5.65) 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 will be 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 closing of the offering, to
purchase one share of common stock at an exercise price of U.S. $5.75 per
share. The Company expects to close the sale of the units on or about April
20, 2007, subject to customary closing conditions.

    The offering will be underwritten by a syndicate led by TD Securities
Inc., and including Blackmont Capital Inc., Salman Partners Inc., Cormark
Securities Inc. (formerly Sprott Securities Inc.) and Raymond James Ltd. The
underwriters will be granted an option to purchase up to an additional 15% of
the number of Units sold to cover over-allotments, if any.

    The terms of the offering are contained in a prospectus supplement, dated
April 16, 2007, which was filed with the Securities and Exchange Commission
and securities regulators in each of the provinces of Canada, other than

    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: 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: 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
and similar Canadian legislation. 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 completion of the offering and the use of proceeds of
the offering. Factors that could cause actual results to differ materially
include material economic and political events including those affecting
supply of and demand for silver and copper, a material adverse change in the
financial condition of the Company, 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, on SEDAR at www.sedar.com
and at the Company's website at www.minesmanagement.com.

For further information:

For further information: Mines Management, Inc. Douglas Dobbs,
509-838-6050 Vice President, Corporate Development & Investor Relations email:
info@minesmanagement.com website: www.minesmanagement.com

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