MINES MANAGEMENT APPOINTS NEW PRESIDENT / CEO

Mines Management appoints Glenn Dobbs as President and Chief Executive Officer (CEO).

PRESS RELEASE         Release 03/01

MINES MANAGEMENT APPOINTS NEW PRESIDENT/CEO

Spokane, January 21, 2003--Mines Management, Inc. (MNMM: OTC BB) announced today the appointment of Mr. Glenn Dobbs as President and Chief Executive Officer (CEO) of the company, effective January 15, 2003. Mr. Dobbs has extensive experience in the natural resources sector of the financial markets and in corporate development. He was appointed V.P., Corporate Development for the company in early December, 2002.

W.R. Green, PhD, will remain as Director and Chairman of the Board of Directors and will oversee the company's technical operations.

"We are extremely grateful for the more than 30 years of service Bill has rendered to the company and are very pleased to have ongoing access to his vast experience in the industry, most particularly relating to the company's Rock Lake project in Western Montana," the new President said. "We are all pleased that Bill will continue to be an integral part of the Mines Management team and I look forward to his involvement as we proceed with development of the project."

"At the moment we are a small company with a world class asset. As we move the company forward we will be examining prospective strategic alliances and exploring a number of avenues for bringing additional value to our shareholders. We believe this is clearly the most exciting and opportune time in the 55 year history of the company," Dobbs said.

Mines Management, Inc., is a public US based mineral exploration company whose focus is in the exploration and development of silver dominated deposits. MMI's primary asset is the ownership of the Rock Lake deposit, which is reported to contain in excess of 261 million ounces of silver and 2 billion pounds of copper.

More information about Mines Management, Inc., can be viewed at the company's website at www.minesmanagement.com.

This press release contains forward looking statements regarding the Company, within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the development of its mining development projects. Actual results relating to any and all of these subjects may differ materially from those presented. The Company assumes no obligation to update this information.

Contact: Glenn Dobbs, President         Douglas Dobbs, Investor Relations
Mines Management, Inc.
Telephone:   509-838-6050
Email: info@minesmanagement.com