MINES MANAGEMENT (MGN)

MINES MANAGEMENT HIGHLIGHTS

100%-owned Montanore Project, Mines Management’s Montanore silver-copper project in northwestern Montana is one of the ten largest undeveloped silver resources in the world. The project has already undergone extensive engineering and is designed with an initial production capacity of approximately 12,500 tons per day.

Contains an Estimated 230M oz. of Silver and 2B lb. of Copper – Montanore contains in-situ mineralization estimated at more than 230 million silver ounces and nearly 2 billion copper pounds.

Adjacent to N. Idaho Silver District, Home to 1 billion ounces of Silver Production – Montanore exists in one of the most prolific silver regions in the world, 40 miles from the North Idaho Silver District. The project is situated at the northern end of a trend extending south to the Coeur d’Alene Silver District, which has more than 1 billion ounces of historic production.

Excellent Infrastructure – Rail, Power, Highway, Workforce – Montanore is located very close to infrastructure necessary for its development and operation, including highway, railway, low cost power and supply of labor.

MINES MANAGEMENT RECENT DEVELOPMENTS

Q3 Results November 19, 2012 Mines Management announced financial and operating results for the third quarter of 2012. During the three months ended September 30th, the emerging silver company made “significant progress” on the permitting process for the Montanore Project and reported encouraging exploration results at the La Estrella Gold-Silver Project.

Extends Mineralization at La Estrella September 13, 2012 Mines Management announced results from initial drilling activities at the La Estrella gold-silver project in central Peru, in which the Company can earn a 75% interest from Estrella Gold Corp. The emerging silver company reported that eight new holes, totaling approximately 2,700 meters, were completed in August in a program designed to test the south-western extent of a large gold and silver mineralized zone, which remains open to the north, south, and west. Seven of the eight holes intersected gold and silver mineralization exceeding 100 meters in thickness.

Q2 Results August 16, 2012 Mines Management reported financial and operating results for the second quarter of 2012. During the three months ended June 30th, the emerging silver company continued to progress with its flagship Montanore silver-copper project in Montana and signed an agreement for an interest in a gold project in South America.

MINES MANAGEMENT SHARE PERFORMANCE

MGN HAS OUTPERFORMED

S&P 500Over the past two years Mines Management has posted a return of more than ten times that of the S&P 500 Index.

SilverThe U.S.-based silver company has delivered substantial leverage to the price of silver during the past two years.

XAUMines Management has substantially outperformed the precious metals sector from 2009-2010.

MGN VS BENCHMARKS PAST TWO YEARS

Premier continues to outperform benchmarks

MINES MANAGEMENT IN THE NEWS

LOCATED IN TOP MINING JURISDICTION NORTHWESTERN MONTANA

KEY UPCOMING CATALYSTS

2012-2013
Re-Permitting Process Underway on Montanore
If and when Montanore is fully permitted, Mines Management intends to complete rehabilitation and construction of its 14,000 ft. evaluation adit, followed by an underground drilling program. Data obtained from the drilling program will be used to support detailed engineering and development of a feasibility study.

2012 Support for Montanore
In addition to having been previously permitted, the project has the advantage of being designed as an underground mine utilizing a time-proven, non-cyanide based conventional crushing and flotation processing method. Furthermore, there is significant local and state level political support, including from the Governor of Montana, for the development of the project as it would provide high quality, long term employment opportunities.

2012 Advanced Exploration and Resource Expansion
An underground evaluation program includes rehab of the existing adit and replacement of infrastructure, extension of the adit to the mineralized zone, and a diamond drilling program. The program’s objective is to validate the resource, convert resources to a mineable classification, and to gather technical data necessary for completion of a final feasibility study. There exists the potential to expand the resource as well.