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

La Estrella Update May 25, 2012 Mines Management announced preparation measures, through its subsidiary Minera Montanore Peru SAC, for the upcoming exploration program at its La Estrella gold-silver project in central Peru. The emerging silver company noted that the goals of the initial 2500-meter program are to confirm continuity of mineralization on the southwest side of the deposit, to better define the extent of high grade mineralization at depth in that area, and to test a recently-identified geophysical target.

Q1 Results May 21, 2012 Mines Management reported financial and operating results for the first quarter of 2012. During the first three months of the year, the emerging silver company continued to progress with its flagship Montanore silver-copper project. The Company`s cash and investment position remained strong at $17.6 million as of March 31, 2012.

Agrees to Earn-In for La Estrella Project April 10, 2012 Mines Management announced announced that it has executed an agreement with Estrella Gold Corp. whereby it can earn 75% of the La Estrella Project in central Peru. La Estrella is an advanced stage exploration project on which a large gold and silver mineralized zone has been identified through previous surface exploration and drilling.

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.