X0306 4 2015-10-27 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) 0.28 2015-10-27 4 A 0 60000 0 A Common Stock 60000 60000 D The stock options shall vest upon the earlier of (i) the issuance of a Final Record of Decision by the U.S. Forest Service and the Montana Department of Environmental Quality in connection with the Company's Montanore Project and (ii) May 1, 2016. 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 2015-10-29