Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CLAYTON RONALD W
   2. Issuer Name and Ticker or Trading Symbol
HECLA MINING CO/DE/ [HL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior V.P. - Operations
(Last)
(First)
(Middle)
6500 N MINERAL DRIVE STE 200		 3. Date of Earliest Transaction (Month/Day/Year)
02/23/2007
(Street)

COEUR D ALENE, ID 83815		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/23/2007   M   2,414 A $ 4.878 24,619 D  
Common Stock 02/23/2007   M   2,949 A $ 4.635 27,568 D  
Common Stock 02/23/2007   M   2,284 A $ 6.156 29,852 D  
Common Stock 02/23/2007   M   925 A $ 5.094 30,777 D  
Common Stock 02/23/2007   M   6,566 A $ 3.573 37,343 D  
Common Stock 02/23/2007   M   4,127 A $ 3.708 41,470 D  
Common Stock 02/23/2007   M   5,294 A $ 2.943 46,764 D  
Common Stock 02/23/2007   M   2,762 A $ 4.698 49,526 D  
Common Stock 02/23/2007   M   3,411 A $ 4.572 52,937 D  
Common Stock 02/23/2007   J   30,732 (1) D $ 8.28 22,205 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options $ 4.878 02/23/2007   M     2,414 01/01/2005 05/14/2011 Common Stock 2,414 $ 0 146,847 D  
Stock Options $ 4.635 02/23/2007   M     2,949 02/13/2005 08/13/2011 Common Stock 2,949 $ 0 143,898 D  
Stock Options $ 6.156 02/23/2007   M     2,284 05/15/2005 11/15/2011 Common Stock 2,284 $ 0 141,614 D  
Stock Options $ 5.094 02/23/2007   M     925 01/01/2006 03/04/2012 Common Stock 925 $ 0 140,689 D  
Stock Options $ 3.573 02/23/2007   M     6,566 01/01/2006 05/16/2012 Common Stock 6,566 $ 0 134,123 D  
Stock Options $ 3.708 02/23/2007   M     4,127 02/15/2006 08/15/2012 Common Stock 4,127 $ 0 129,996 D  
Stock Options $ 2.943 02/23/2007   M     5,294 05/18/2006 11/18/2012 Common Stock 5,294 $ 0 124,702 D  
Stock Options $ 4.698 02/23/2007   M     2,762 08/24/2006 02/24/2013 Common Stock 2,762 $ 0 121,940 D  
Stock Options $ 4.572 02/23/2007   M     3,411 01/01/2007 05/15/2013 Common Stock 3,411 $ 0 118,529 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CLAYTON RONALD W
6500 N MINERAL DRIVE STE 200
COEUR D ALENE, ID 83815		       Senior V.P. - Operations  

Signatures

 Ronald W. Clayton   02/26/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These are discounted stock options purchased by Mr. Clayton under the terms of the Key Employee Deferred Compensation Plan (the "Plan"). On February 23, 2007, Mr. Clayton exercised these stock options within the Plan. These stock options were not sold in the open market. The amount of gain realized by Mr. Clayton from the exercise of these stock options will be held in the Investment Account under the Plan, until such time as Mr. Clayton has a distributable event under the terms of the Plan, or at such time as Mr. Clayton has elected under the terms of the Plan.

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