Douglas Dobbs, 509-838-6050

info@minesmanagement.com

VP, Corporate Development & Investor Relations

Logo: http://www.minesmanagement.com

MINES MANAGEMENT, INC. (NYSE Alternext US: MGN) (TSX: MGT), announces results for the 3rd quarter, 2008.

Advancing the Montanore Silver-Copper Project continues to be the Company's main focus. In addition to its advanced exploration and delineation drilling program, the Company is continuing its repermitting efforts with federal and state agencies and its optimization review of the Project.

Overview

In the third quarter of 2008:

-- The U. S. Forest Service and the Montana DEQ continued their joint review of the preliminary draft environmental impact statement (PDEIS).

-- Small Mine Development (SMD), an independent contractor engaged by the Company to assist with the rehabilitation of the Libby Adit, mobilized in late August to assist in the excavation of two sumps and placed them into service as part of the overall dewatering system to clarify water before sending it to the water treatment plant.

-- The Company maintained a strong cash position with $19.6 million of unrestricted cash and unrestricted certificates of deposit at September 30, 2008.

-- The Company continued to build its Investor Relations program by increasing retail contacts as well as investment conference attendance during the quarter (3 shows).

The primary cash expenditures for the quarter ended September 30, 2008, were $5.0 million for the purchase of a certificate of deposit, $1.8 million for the purchase of securities, and $1.5 million for operating activities. Management has reviewed near-term spending and implemented a plan to conserve cash where prudent. The Company believes that it has sufficient working capital to complete the rehabilitation of the Libby adit and to commence delineation drilling.

Advanced Exploration and Delineation Drilling Program

Libby operations in the third quarter of 2008 showed progress in implementing the Montanore site water treatment system, including constructing two dewatering sumps, continued design work on the nitrate removal system and mobilization of the adit rehabilitation contractor.

Two sumps were excavated and placed into service during the third quarter of 2008. These sumps consist of two declining drifts approximately 15 ft. x 15 ft. in section and 80 ft. long each. These sumps are part of the overall dewatering system designed to clarify mine water before sending it to the water treatment plant on the surface. A suspended platform was constructed and installed in one sump, allowing for personnel access to the sump pumps. Construction of the sumps allowed a good test of most of the mining equipment that will be used for decline advancement and future mine development. The jumbo, roof bolter, LHDs and haul trucks were all used to construct the sumps. Other support equipment saw limited use, such as the explosives loading truck and scissor lift truck.

Engineering for the nitrate removal addition to the water treatment system is advancing in accordance with expectations. The current schedule is to have the design completed in early December, with construction set to begin in late April or early May 2009. In accordance with this schedule, the plant is expected to be ready for operation when the EIS is issued next year. Engineering and geology work continue using existing information.

Permitting and Environmental

In the third quarter of 2008, the U.S. Forest Service (USFS) and Montana Department of Environmental Quality (MDEQ) continued to conduct its internal review of the preliminary draft environmental impact statement (PDEIS).