Good Performance for Hecla's Third Quarter: Increased Income, Revenue, Gross Profit and Cash Flow.

For the Period Ended September 30, 2006

COEUR D'ALENE, Idaho -- Hecla Mining Company (NYSE:HL) today reported income applicable to common shareholders of $0.9 million, or 1 cent per share, for the third quarter of 2006, $9.6 million more than the loss of $8.7 million, or 7 cents per share, during the third quarter of 2005. Hecla's low average total cash cost per ounce of silver production of just 59 cents, combined with a 65% increase in the average silver price and a 42% increase in the average gold price for the quarter, contributed to the company's positive third quarter performance. Hecla greatly benefited from its by-product metals, zinc and lead, as those prices increased 159% and 33%, respectively, over the same quarter last year. In addition, compared to the same quarter last year, Hecla saw increases in:

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In the first nine months of 2006, Hecla recorded income applicable to common shareholders of $48.2 million, or 40 cents per share, on sales of $147.1 million, compared to a loss of $18.6 million, or 16 cents a share, on revenue of $80.1 million during the first nine months of 2005. The improved 2006 results were primarily due to increased gross profit at all operating mines, increased metals prices and the gain on the sale of investments early in the year. Hecla's cash and short-term investments rose to $85.7 million as of September 30, 2006, compared to $47.2 million at December 31, 2005.

Hecla Mining Company President and Chief Executive Officer, Phillips S. Baker, Jr., said, "This was another great quarter in a year that will be one of the best in our long history. With our North American resource growth and low-cost production, Hecla continues to be the lowest-risk primary silver company with low operating, construction and political risks. Our silver operations also have substantial zinc and lead production as a by-product, resulting in our silver production having $11 of cash margin even if the silver price is only slightly higher than $11. And we are reinvesting in exploration, primarily at or near our current operations, as well as in other strategic areas. We expect this effort to provide even more resources with the same risk/return profile as our current silver operations. This generates both short- and long-term value for our shareholders."

Hecla has a major exploration program under way aimed at increasing mineral resources and reserves at existing operations and to explore in new, strategic areas to enhance the company's growth strategy. Through the first three quarters of the year, $20.7 million was spent on this successful effort. This cost is expensed, impacting net income. Other factors impacting net income during the first three quarters of 2006 included increased depreciation expense and a $1.3 million foreign exchange loss due to currency controls in Venezuela. Higher labor and supplies costs also impacted results because experienced professional mining employees are in high demand and supplies prices have increased. In addition, the company has seen somewhat increased general and administrative costs as Hecla focuses on attracting and retaining the people necessary for company growth.

Hecla produced 1.5 million ounces of silver in the third quarter at an average total cash cost of 59 cents per ounce, an 84% decrease in costs compared to the third quarter of 2005. The company has now lowered its 2006 estimated average total cash cost of production to less than $2.00 per ounce of silver. Gold production increased during the third quarter by 19% compared to last year's third quarter, with 43,340 ounces of gold produced, including 38,636 ounces in Venezuela at an average total cash cost per ounce of $380. For the first nine months of 2006, Hecla produced 4 million ounces of silver at an average total cash cost per ounce of $1.48 and 127,837 ounces of gold, including 114,656 ounces in Venezuela at an average total cash cost per ounce of $359.

EXPLORATION

Lucky Friday - During the third quarter, Hecla announced the anticipated addition of about 25 million ounces of silver to the resource at the Lucky Friday silver mine in northern Idaho, growing the resource base there to more than 115 million ounces, with a large lead and zinc by-product enhancement. Importantly, the calculation of resources was based on metals prices well below current prices. The Lucky Friday resource expansion extended the eastern half of the known resource down to the 6900 level and down to the 6100 level on the western side, leaving the potential for the possible identification of additional resource on the western half as drilling continues in 2007. An additional hole was drilled to the 7900 level, confirming continued deeper mineralization another 2,000 feet below the current mining area. Drilling in the next few years has the potential to bring most of this area into the resource.

The company plans to continue to focus on exploration efforts at the Lucky Friday, both to the east and to the west along strike of the currently identified resource, as well as continuing to focus on drilling deeper. An exploration program to test the updip potential from the current mining area is expected to get underway in the fourth quarter, as there is approximately 3,000 feet of very prospective unexplored ground between the historic mining area near the surface and our currently identified resource at depth. The 3,000-foot gap will be evaluated by a series of drill holes that has the potential to bridge the two ore-producing areas with continuous mineralization, adding dramatically to the Lucky Friday resource. In addition, a broader exploration review is being initiated over Hecla's large land position surrounding the Lucky Friday mine in North Idaho's historically prolific Silver Valley. This generative exploration program will compile the vast database of exploration and production information collected over the past 100 years on Hecla's properties. Advanced analysis and modeling of the geological structures on the property are expected to provide numerous exploration opportunities in the future, as much of the ground has never been tested with modern exploration techniques.

Baker said, "The recent discoveries and resource additions at Lucky Friday reinforce our strategy of operating and exploring in major mining districts like the billion-ounce Silver Valley. The Lucky Friday has already proven its world-class status through its 60 years of operation, and we have now identified nearly as much resource for the future as has been mined in the entire history of this great mine."

Mexico - Hecla now holds over 340 square miles of contiguous concessions at the San Sebastian silver/gold property, located in the state of Durango in central Mexico. In addition to the recently discovered Hugh Zone, Hecla has identified a number of outstanding exploration targets through traditional mapping, sampling, geochemical and geophysical methods and defined a number of regional trends that contain multiple mineralized zones. Target types include high-grade, precious and base metal-rich, narrow vein deposits and broad, disseminated epithermal deposits with the potential for surface and/or underground bulk mining. Current priority targets include a huge silver anomaly with coincident geophysics on the southwest corner of the property and the St. Jude Vein. Both projects saw their first drilling in the third quarter and mineralization has been intersected recently on both targets. Assays are pending from the silver anomaly area, and ore grades of up to 0.58 ounce per ton gold (20 grams) and 7.29 ounces per ton of silver (250 grams) have been encountered on the St. Jude Vein. There is good potential that these or other prospects will turn into additional orebodies on the San Sebastian property near the Hugh Zone. The La Roca trend cuts the San Sebastian property and has hosted historic silver and base metal production. It will be one of the exploration areas advanced using modern techniques leading to aggressive drilling before the end of 2007. Additional targets continue to be developed, as previously targeted areas are concurrently advanced.

A recent addition to Hecla's land package in central Mexico was the acquisition of the Rio Grande project, located 50 miles north of the major Fresnillo silver mine in Zacatecas state, and approximately 30 miles from San Sebastian. On the property, the very top of an epithermal system has been identified and there are more than nine quartz veins and breccias containing localized high-grade gold and silver, exposed over a combined strike length approaching nine miles. The company is completing mapping and sampling and is planning for geochemical, geophysical and drilling activities in 2007. Ore-grade mineralization has already been identified in rock chip samples on the surface veins at this extremely prospective property, and the development of drill-ready targets is advancing quickly. The Rio Grande property is strategically located via paved highways approximately 100 miles from Hecla's VelardeEa mill, where Hecla previously processed its ore from the Francine and Don Sergio veins at San Sebastian.

Hecla announced an anticipated resource increase during the third quarter at the polymetallic Hugh Zone deposit on the San Sebastian property. The increased resource at the Hugh Zone is a result of additional surface drilling on the deposit during 2005 and 2006, bringing the total silver resource at San Sebastian to about 8 million ounces, plus nearly 250 million pounds of zinc, lead and copper.

Baker said, "We are very bullish on Mexico and extremely optimistic about mining in the future on the San Sebastian property. Engineering and exploration work are continuing on the Hugh Zone. It is a polymetallic orebody that we think will provide the basis for being a low-cost, long-term producer. In addition, we are drilling exploration targets that have the potential for even larger deposits. We believe this property has as good or better potential than anything we own."

Greens Creek - At the Greens Creek silver mine in Alaska, in which Hecla holds an approximate 30% interest, good exploration results in the northern extension of the 5250 Zone have resulted in a continued focus on exploration in this area. Funding has been redirected to develop additional drill platforms in the area during the remainder of the year in order to facilitate accelerated drilling focused on adding resources and reserves in 2007. The 5250 Zone, where mining is currently taking place, contains very high-grade silver with lower-grade base metals and has very favorable grinding characteristics, which allows higher mill throughput and enhanced economics. The new discovery was a result of re-evaluating an older structural interpretation, which has opened up the possibility of a large continuation of the ore zone. An addition to the 5250 Zone has the potential to increase mill throughput and increase profit margins. Significant additions to the resource at Greens Creek are expected to occur in the West Gallagher Zone, along with the possible conversion of resource to reserve in areas currently being mined. Overall, an aggressive five-year exploration program is being proposed for the Greens Creek mine as it continues to invest in both underground exploration across the Gallagher Fault and surface exploration efforts, where a number of Greens Creek-like targets have been identified.

Hollister - At the Hollister Development Block gold project in northern Nevada, where Hecla is earning into a 50/50 joint venture with partner Great Basin Gold, some significant milestones have been accomplished. The Phase I development was completed in early October and a little more than 50% of the diamond drilling has been completed. Drilling to date has confirmed the narrow but very high-grade nature of the veins in the mineralized zone at Hollister. The focus is now shifting towards completion of underground drilling and work on the resource model and feasibility study. Drilling should be completed in the first quarter of next year, with the feasibility study completed in the second quarter. Hecla and Great Basin Gold have begun to evaluate the exploration potential of the rest of the joint venture area and continue to be quite encouraged by the potential of this property that is located at the intersection of the Carlin Trend and the Northern Nevada Rift.

Venezuela - Venezuela remains an under-explored region, and Hecla has title to two outstanding greenstone belt packages surrounding its current operations. Hecla plans to continue to explore for gold on the packages that are geologically comparable to the great Canadian gold producing greenstone belts of Red Lake, Timmins and Kirkland Lake, and are the same rock as West Africa. At the Block B concession near El Callao, drilling programs continue to identify high-grade gold in veins and shear zones near Mina Isidora at Twin Shear and the Panama Vein. Hecla has also had good success in extending the life of this high-grade gold mine. On the El Dorado concessions, exploration near the La Camorra mine has shifted to adjacent areas where parallel shear structures have been identified. In addition, there are several prospective targets awaiting exploration permits.

OPERATIONS

Lucky Friday - The Lucky Friday unit produced 737,450 ounces of silver in the third quarter and 2.1 million ounces in the first nine months of the year, at an average total cash cost of $3.88 and $4.69 per ounce, respectively. The Lucky Friday mine has now completed the necessary development to commence mining on a full-scale basis from the 5900 level. In addition to mining on the 5900 level, the company is focused on infrastructure issues to allow for more efficient mining and to provide for mining deeper at the Lucky Friday. Hecla has taken advantage of high zinc prices to mine wider cuts to recover more zinc. This results in the best economics for the mine and lowers the cost per ounce of silver production. Although mining more zinc leads to lower silver grades, Hecla will continue to review the best mix of production in order to optimize the economics of the mine. Hecla's 2005 mill upgrade project has improved zinc recovery by more than 15%. The company is evaluating additional upgrades to the zinc circuit in the process plant, which could continue to improve the economics of the mine.

Baker said, "Our increasing resources at Lucky Friday are prompting us to take a look at the potential for increasing the annual production capacity at the unit and extending the infrastructure to handle mining beyond 2013. This is a process that takes time, but we are beginning to evaluate what sort of engineering it would take, what it would cost and how to make it the most economic over the long term. We expect to be mining here for a long time and intend to optimize the value of this property for our shareholders."

Greens Creek - The Greens Creek unit produced 758,865 ounces of silver in the third quarter of 2006, at an average total cash cost of negative $2.61 per ounce of silver. While Greens Creek has consistently been a low-cost producer, the current extraordinarily low costs of production are due primarily to high by-product metals prices. The average silver grade for the third quarter was 18.05 ounces of silver per ton, compared to 15.37 ounces per ton in the third quarter of last year, because the majority of the mining during the quarter took place in the silver-rich 5250 Zone. For the first nine months of the year, Greens Creek has produced 1.9 million ounces of silver for Hecla's account at an average total cash cost of negative $2.08 per ounce. The mine continues to be an excellent performer, despite significant mine rehabilitation efforts that have been under way since the fall of 2005, as well as increased mine development activities to better position the mine for the future.

La Camorra - The La Camorra unit produced 38,636 ounces of gold at an average total cash cost of $380 per ounce in the third quarter of this year, compared to 22,175 ounces of gold at about the same cash cost during the same period last year. For the first nine months of 2006, La Camorra produced 114,656 ounces of gold at an average total cash cost of $359 per ounce. La Camorra is on track to meet production and cost estimates set earlier this year, and continues to provide the company with good cash flow. However, challenges at the operations include increased depreciation expense as a result of the commissioning of the shaft at the La Camorra mine last year, increased labor, commodity and transportation costs, rising costs due to deeper mining at the La Camorra mine and elimination of foreign exchange gains realized in 2005 due to changes in currency regulations in Venezuela.

FINANCIAL

Hecla maintains a strong balance sheet, with a current ratio at September 30 of 3.2:1, up from 2.6:1 at December 31, 2005. Cash and short-term investments totaled $85.7 million at the end of the quarter, with no debt. Hecla has not hedged any of its gold or silver production.

OTHER

Hecla's Board of Directors has appointed Ronald W. Clayton to the position of Senior Vice President - Operations. Clayton has been Hecla Vice President - North American Operations since 2002 and has been with the company for 17 years. The Board also appointed Philip C. Wolf as Senior Vice President and General Counsel. Wolf joined Hecla early in 2006 as Vice President and General Counsel. In addition, Michael H. Callahan, Hecla's President of Venezuelan Operations and Vice President - Corporate Development, will retain the presidency of Venezuelan operations and in addition become Vice President with oversight of Hecla's growth initiatives in northern Idaho's Silver Valley. Callahan was originally appointed Vice President in 2002 and has been with the company for 15 years.

The Board also appointed a new officer of the company: Jay S. Layman will be Hecla's new Vice President - Corporate Development. Layman has been in the mining industry for 25 years, with 13 years of experience in project evaluation and development, most recently as President for Tactical & Strategic Advisory Services in Littleton, Colorado. Prior to that, Layman worked for Quadrem in Australia and Asia, and Newmont Gold Company as project manager and in strategic planning. He holds BSME and BABA degrees from Washington State University and an MBA in Finance from Eastern Washington University.

Baker said, "I'm pleased to be able to recognize the hard work and leadership abilities of these Hecla executives. We also welcome Jay as another experienced member to our management team. His appointment underscores Hecla's emphasis on growth as we continue to search out opportunities for acquisition and partnerships."

Hecla Mining Company, headquartered in Coeur d'Alene, Idaho, mines, processes and explores for silver and gold in the United States, Venezuela and Mexico. A 115-year-old company, Hecla has long been well known in the mining world and financial markets as a quality silver and gold producer. Hecla's common and preferred shares are traded on the New York Stock Exchange under the symbols HL and HL-PrB.

Statements made which are not historical facts, such as anticipated payments, litigation outcome, production, sales of assets, exploration results and plans, costs, and prices or sales performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price volatility, volatility of metals production and costs, exploration risks and results, political risks, project development risks, labor issues and ability to raise financing. Refer to the company's Form 10-Q and 10-K reports for a more detailed discussion of factors that may impact expected future results. The company undertakes no obligation and has no intention of updating forward-looking statements.

Cautionary Note to Investors - The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as "resource," "reserve," and "inferred resource" that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml.

Hecla Mining Company news releases can be accessed on the

Internet at: http://www.hecla-mining.com

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