Will Mac Mini 2011 run two HD monitors?

Solution 1:

It is able to do so, I'm doing this exact thing right now. I've got two 1080p monitors connected, one via HDMI (to DVI), one via Thunderbolt (also to DVI) - works all fine :-)

Solution 2:

You should be able to. 1080p isn't all that high of a resolution these days, and the HD3000 is perfectly capable of driving two displays.