Mines Management Announces Successful Closing of US$30 Million Unit Offering

    SPOKANE, WASH., April 20 /CNW/ - Mines Management, Inc. (AMEX:  MGN)
(TSX:MGT) is pleased to announce that it closed earlier today its previously
announced public offering of 6,000,000 units at a price of US$5.00 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 is 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 the closing of the offering to
purchase one share of common stock at an exercise price of US$5.75 per share.

    The underwriters have been granted an over-allotment option, exercisable
for a period of 30 days following the closing, to acquire up to an additional
900,000 units for additional gross proceeds of up to US$4.5 million, or net
proceeds of up to US$4.23 million.

    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: 1-212-827-7879). 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: 1-416-982-2059).

    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 exercise of the underwriters' over-allotment option 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.

    Douglas Dobbs

    Vice President, Corporate Development & Investor Relations

For further information:

For further information: Mines Management, Inc. Douglas Dobbs,
509-838-6050 fax: 509-838-0486 info@minesmanagement.com

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