Mines Management, Inc. Announces Third Quarter 2010 Results - Loss Per Share of $0.12

Mines Management, Inc. MGN MGT is pleased to announce financial and operating results for the second quarter ending September 30, 2010. In the third quarter of 2010: * The USFS and the DEQ continued formulating responses to public comments received on the DEIS for the Montanore Project. * Mine Quarry Engineering Services (MQES), the Company's contractor, continued its development of an Preliminary Economic Assessment (PEA) of the Montanore Project. * The Company's exploration and corporate development team continued to explore additional resource opportunities in North America and Latin America. * The Company continued meetings with federal and state agencies, Montana legislators, and local Lincoln County Commissioners, Libby City officials and residents. * The Company closed out the quarter at September 30, 2010 with $7.4 million of unrestricted cash and certificates of deposit. * The Company continued its program to reduce expenditures and conserve cash pending the completion of permitting. Quarter Ended September 30, 2010 The Company reported a net loss for the quarter ended September 30, 2010 of $2.7 million, or $0.12 per share, compared to a net loss of $2.3 million, or $0.10 per share, for the quarter ended September 30, 2009. The primary factors driving the $0.4 million increase in net loss in the third quarter of 2010 relative to the third quarter of 2009 were: