X0306 4 2014-12-12 0 0000066649 MINES MANAGEMENT INC MGN 0001281821 BABCOCK RUSSELL C 1418 E. KRISTIANNA CIRCLE SALT LAKE CITY UT 84103 1 0 0 0 Stock Options (Right to Buy) 0.54 2014-12-12 4 A 0 50000 0 A Common Stock 50000 50000 D Vesting of the stock options is as follows: (i) 50% upon the issuance of the Notice of Availability for the Final Environmental Impact Statement by the U.S. Forest Service and the Montana Department of Environmental Quality in connection with the Montanore Project of Mines Management, Inc. (the "Company") and (ii) 50% upon the issuance of a Final Record of Decision by the U.S. Forest Service and the Montana Department of the Environmental Quality in connection with the Company's Montanore Project. The stock options were granted pursuant to a Company equity incentive plan. The expiration date of the stock options is the five year anniversary of the date on which the stock options vest. /s/ Glenn M. Dobbs for Russell C. Babcock Pursuant to Power of Attorney 2014-12-16