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

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * WALDE LEWIS E   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) V.P. and CFO (Last) (First) (Middle) 6500 N. MINERAL DRIVE, SUITE 200 3. Date of Earliest Transaction (Month/Day/Year) 12/07/2006 (Street) COEUR D'ALENE, ID 83815-9408 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 12/07/2006   M   2,000 A $ 5.625 31,000 D   Common Stock 12/07/2006   M   2,000 A $ 5.875 33,000 D   Common Stock 12/07/2006   M   30,000 A $ 4.075 63,000 D   Common Stock 12/07/2006   S   34,000 D $ 7.472 29,000 D   Common Stock 12/07/2006   M   20,403 A $ 3.573 49,403 D   Common Stock 12/07/2006   M   5,000 A $ 2.943 54,403 D   Common Stock 12/07/2006   J   25,403 (1) D $ 7.48 29,000 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

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

$ 5.625

12/07/2006

M

2,000

05/08/1997

05/08/2007

Common Stock

2,000

$ 0

179,403

D

Stock Options

$ 5.875

12/07/2006

M

2,000

05/07/1998

05/07/2008

Common Stock

2,000

$ 0

177,403

D

Stock Options

$ 4.075

12/07/2006

M

30,000

05/08/2003

05/08/2008

Common Stock

30,000

$ 0

147,403

D

Stock Options

$ 3.573

12/07/2006

M

20,403

01/01/2006

05/16/2012

Common Stock

20,403

$ 0

127,000

D

Stock Options

$ 2.943

12/07/2006

M

5,000

05/18/2006

11/18/2012

Common Stock

5,000

$ 0

122,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WALDE LEWIS E 6500 N. MINERAL DRIVE, SUITE 200 COEUR D'ALENE, ID 83815-9408			V.P. and CFO

Signatures

Lewis E. Walde		12/11/2006
**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. Walde under the terms of the Key Employee Deferred Compensation Plan (the "Plan"). On December 7, 2006, Mr. Walde exercised these stock options within the Plan. These stock options were not sold in the open market. The amount of gain realized by Mr. Walde from the exercise of these stock options will be held in the Investment Account under the Plan, until such time as Mr. Walde has a distributable event under the terms of the Plan, or at such time as Mr. Walde has elected under the terms of the Plan.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.