On June 14, 2012, Mines Management, Inc. (the "Company") held an annual meeting of shareholders (the "Annual Meeting") for consideration of the following proposals:

† Proposal 1 - The Director Election Proposal: to elect one Class I director, Russell C. Babcock, whose term was scheduled to expire at the Annual Meeting, for a term expiring at the 2015 annual meeting of shareholders;

† Proposal 2 - The Auditor Appointment Proposal: to ratify the appointment of the Company's independent registered public accounting firm, Tanner LLC, for the fiscal year ending December 31, 2012; and

† Proposal 3 - The 2012 Equity Incentive Plan Proposal: to approve the Company's 2012 Equity Incentive Plan.

Each of the foregoing proposals is described in more detail in the Company's Definitive Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on April 30, 2012.

At the Annual Meeting, there were present in person or by proxy 15,706,781 of the Company's common shares, representing approximately 54.28% of the Company's total outstanding common shares. The results for each proposal submitted to a vote of shareholders at the Annual Meeting are as follows:

                                                  Votes
                                                 Against/                     Broker
Proposal                          Votes For      Withheld     Abstention     Non-Vote
1.  Proposal 1 - The Director
    Election Proposal
    Russell C. Babcock             3,744,616       824,690           N/A    11,137,475
2.  Proposal 2 - The Auditor
    Appointment Proposal          15,452,064       170,533        84,184           N/A
3.  Proposal 3 - The 2012
    Equity Incentive Plan
    Proposal                       2,518,196     1,992,068        59,042    11,137,475

Based on the above voting results, the director nominee, Russell C. Babcock, was elected and the two proposals were approved by shareholders at the Annual Meeting.