10-Q: MINES MANAGEMENT INC

10-Q: MINES MANAGEMENT INC

(EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K for the year ended December 31, 2010, as well as with the financial statements and related notes and the other information appearing elsewhere in this report. As used in this report, unless the context otherwise indicates, references to "we," "our," the "Company" and "us" refer to Mines Management, Inc. and its subsidiaries collectively.

We are an exploration stage company with a large silver-copper project, the Montanore Project, located in northwestern Montana. The Montanore Silver-Copper Project continues to be the Company's sole focus. In 2011, the Company has continued to focus on planning for its advanced exploration and delineation drilling program at the Montanore Project, including pursuing federal and state agency permitting approvals.

Overview Second Quarter 2011

* On April 4, 2011, the Company completed an underwritten public offering of 5,120,000 shares of common stock that yielded net proceeds of approximately $15.2 million before deducting offering expenses. The Company intends to use the net proceeds for advancement of the permitting process for its Montanore Project, the commencement of the

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Company's planned delineation drilling program which will include advancement of the adit, establishment of drilling stations and commencement of exploratory drilling, and for general corporate purposes, including possible acquisition and exploration of new mining properties.

* The U.S. Forest Service ("USFS") and the Montana Department of Environmental Quality ("MDEQ") continued their environmental review of the Montanore Project, and are in the process of formulating responses to comments received from the public and from the Environmental Protection Agency ("EPA") on the Supplemental Draft Environmental Impact Study ("SDEIS") for the project.

* The Company continued meetings with federal and state agencies, Montana legislators, and local Lincoln County Commissioners, Libby City officials, business leaders and community members.

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