SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                    FORM 10-QSB

[ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

       For the quarterly period ended March 31, 2001

OR

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

       For the transition period from         to

                       Commission file number: 0-29786

                           MINES  MANAGEMENT,  INC.
               ------------------------------------------------

       Idaho                                                  91-0538859
----------------------------                              -------------------
(State or other jurisdiction                            (I.R.S. Employer
of incorporation or organization)                       Identification No.)


905  West  Riverside  Avenue,  Suite  311
        Spokane, Washington                                       99201
(Address of principal executive offices)                       (Zip Code)

(Registrant's telephone number, including area code) (509)  838-6050


Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for at least the past
90 days.                   Yes    (X)    No    ( )

State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

4,946,956 as of March 31, 2001, $0.28 par value per share

Transitional Small Business Disclosure Format (check one): Yes  ( )  No  (X)









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                             MINES  MANAGEMENT,  INC.
                                   FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED MARCH 31,  2001


PART  I.  -  FINANCIAL  INFORMATION


The  Registrant  falls  within the  provisions  of  Rule  13a-13(c)(2)  of  the
Securities  Exchange  Act of  1934, as amended, and claims exemption thereunder
from  the  requirement  to  file  Part  I.


PART  II.  -  OTHER  INFORMATION


Item 1.  Legal Proceedings.

         None

Item 2.  Changes in Securities.

         None

Item 3.  Defaults upon Senior Securities.

         None

Item 4.  Submission of Matters to a Vote of Security Holders.

         None

Item 5.  Other information.

         None required.

Item 6.  Exhibits and Reports on Form 8-K.

         None required.

















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                             MINES  MANAGEMENT,  INC.
                                   FORM  10-QSB
               FOR  THE  QUARTERLY  PERIOD  ENDED MARCH 31,  2001

                                   SIGNATURES

In  accordance with  Section  13  or  15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.

MINES  MANAGEMENT,  INC.

                                     /s/  William R. Green
                                     ___________________________
Date:  May  14,  2001                By:  William  R.  Green
                                     President  (Principal  Executive  Officer)

                                     /s/ Roy G. Franklin
                                     ___________________________
Date:  May 14,  2001                 By:  Roy  G.  Franklin
                                     Treasurer  (Principal  Financial  Officer)