breaking loops

It's been awhile since I've worked with loops and I'm lost. I have two events, based on user input, that will happen. I think it is just placement of the breaks, but take a look.

What I want happen is when M or m is pressed, the (operation = 1) loop will break and go back to the "menu" (the first while loop). If E or e is pressed, then the program should exit. Please help, thanks!

#include<iostream>
#include<stdlib.h>

int main()
{
char menuOrExit;

while(~~~)
{
while (operation = 1)
{
~~~~~~~~~~
~~~~~~~~~~
cout << "Go back to the menu (M) or exit (E): ";
cin >> menuOrExit;
if (menuOrExit != 'M' || menuOrExit != 'm')
{
cout << endl;
break;
}
if (menuOrExit != 'E' || menuOrExit != 'e')
{
exit(1);
}
}
}
return 0;
}
It looks fine to me. What exactly is occurring that is incorrect?
whats with all the tilda s?
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