Welcome!

News Feed Item

Revett Provides Update on Troy Mine and Announces Year End 2012 Reserves and Resources

SPOKANE VALLEY, WASHINGTON -- (Marketwire) -- 02/05/13 -- Revett Minerals Inc. (TSX:RVM)(NYSE MKT:RVM)(NYSE Amex:RVM) ("Revett" or the "Company") is pleased to provide an update on underground activities at its Troy Mine along with an update of year-end 2012 reserve and resource estimates.

Troy Mine Update

The Company recently completed underground travel-way inspections from the South Adit. The inspections, in coordination with MSHA and a Revett geotechnical consultant, confirmed groundfall along a portion of the main haulage route approximately 3,000 feet from the South Adit entrance. Based on information gathered to date, a connecting drive from a northeastern stope of the North Orebody to a southeastern stope in the Lower Quartzite is currently being developed and will allow for further inspections of the mine and planning of alternate haulage and utilities routes. The Company has continued to scale and dewater sections of the North Orebody from the Service Adit and has regained access to portions of the Lower Quartzite haulage route which remains operable. The new connecting drive and ongoing inspections are expected to be completed within three to four weeks.

The Company is currently following a plan to safely resume production, including development of a secondary escape-way and rerouting of utilities which we believe will lead to commercial operations recommencing by early April 2013. Should the Company discover structural damage in the Lower Quartzite haulage route, alternative access routes may need to be considered. The Company will provide an update if structural damage is discovered in the Lower Quartzite haulage route or other factors that hinder the Company's ability to meet the timeline currently being proposed.

John Shanahan, Revett's President and CEO stated "We are pleased that our assessments to date of the North Orebody, which is our main production mining area, indicate that it is largely unaffected by recent structural ground issues. Regaining full and safe access to these areas and developing new haulage and regress routes will be our prime focus over the coming 8-10 weeks. The South Orebody remains somewhat problematic, and we will have limited access in that area in the immediate future. We thank everyone, particularly our shareholders and employees, for their patience and support."

Troy Exploration and Reserve Highlights

Highlights:


--  Replaced 100% of reserves mined in 2012 including additions in the South
    Ore Body I Bed, resulting in an eight year life of mine as of December
    31, 2012; 
--  Identified additional exploration drill targets through recent drilling
    on the southern and eastern extensions of I Bed; continued exploration
    planned in 2013; 
--  Discovered additional anomalous mineralization in the I Bed beneath the
    North Ore Body and East Ore Body. 

Exploration efforts at the Troy Mine during 2012 have successfully replaced the ore mined in 2012 thus increasing mine life to eight years, utilizing the current mine plan and forecasted economics. The Company intends to continue exploration adjacent to current mining areas which will further define the continuity of the deeper I Bed mineralization east and south of known mineralization. The program is designed with the intention of extending the current mine life and production. Targets for 2013 exploration will also focus on mineralization trends (in addition to I Bed level) to the south and east of the Troy Mine within our extensive claim blocks. Our goal is to optimize production through the existing Troy Mine infrastructure.

Troy Reserves & Resources


                                                                            
Estimated Mineral Reserves and Resources as of December 31, 2012 are as     
shown in the following tables:                                              
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Troy Reserves (Dec. 31, 2012)           Grades            Contained Metals  
----------------------------------------------------------------------------
                          Tons                                        Copper
Classification(1)   (Mst)(2,3) Silver (opt)  Copper (%) Silver (Moz)  (Mlbs)
Proven                    2.14         1.46       0.73         3.12   31.17 
Probable                  8.93         0.90       0.31         8.02    55.77
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total                    11.07        1.01        0.39        11.14   86.94 
----------------------------------------------------------------------------
1. Mineral Reserves have been categorized in accordance with the            
   classifications defined by the Canadian Institute of Mining, Metallurgy, 
   and Petroleum ("CIMM").                                                  
2. Does not include resources contained in planned pillars. Only material   
   scheduled to be extracted and milled included.                           
3. The estimated mineral reserves were calculated by Mr. Larry Erickson, P  
   Eng., a Qualified Person ("QP") in accordance with Canadian National     
   Instrument 43-101 ("NI 43-101"). They are stated using a cut-off grade of
   US$ 29.99 net smelter return per ton calculated at US$ 28.83/oz Ag and   
   US$3.67/lb Cu. Mr. Erickson is an employee of Revett and is not          
   considered independent.                                                  
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Troy Resources (Dec. 31, 2012)          Grades            Contained Metals  
Classification(1)         Tons                                        Copper
                    (Mst)(2,3) Silver (opt)  Copper (%) Silver (Moz)  (Mlbs)
----------------------------------------------------------------------------
Measured                 48.60         1.36        0.66        65.99  646.21
Indicated                15.12         1.09        0.38        16.47  113.54
----------------------------------------------------------------------------
Inferred                  1.50         0.71        0.30         1.06    8.86
----------------------------------------------------------------------------
Total Measured &                                                            
Indicated(i)             69.07         1.22        0.57        84.57  781.93
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
JF Property(4)                                                              
----------------------------------------------------------------------------
Total Inferred           11.00         1.40        0.40        15.40   88.80
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i)Pillars Incl.                                                            
in Meas. & Ind.          49.07         1.33        0.65        65.45  639.65
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1. Mineral Resources have been categorized in accordance with the           
   classifications defined by the CIMM.                                     
2. Includes Proven & Probable Reserves and resources contained in existing  
   pillars.                                                                 
3. The estimated mineral resources were calculated by Mr. Larry Erickson, P 
   Eng., a QP in accordance with NI 43-101. They are stated using a cut-off 
   grade of US$ 29.99 net smelter return per ton calculated at US$ 28.83/oz 
   Ag and US$3.67/lb Cu. Mr. Erickson is an employee of Revett and is not   
   considered independent.                                                  
4. Resources listed for the JF Property are a historical estimate with the  
   meaning of NI 43-101 and have not been audited by a QP. In 1992, ASARCO  
   reported in an internal report a "Mineral Reserve" for the JF deposit of 
   "11 million tons grading 0.4% Cu and 1.4 opt Ag." This historical mineral
   resource estimate, which was prepared before the adoption of NI 43-101   
   and uses categories other than the ones set out in section 1.2 of NI 43- 
   101, is considered relevant. A QP has not, however, done sufficient work 
   to classify the historical estimate as current mineral resources and     
   accordingly, Revett does not treat ASARCO's historical estimate as       
   current mineral resources. The reader is cautioned that the ASARCO       
   historical estimate should not be relied upon. Revett has not yet taken  
   the steps to validate this drilling information with new drilling data,  
   however, Mr. Larry Erickson, P Eng., a QP in accordance with NI 43-101,  
   has reviewed ASARCO's drilling data (ie; core logs, assay results,       
   sections) and believes it to be reliable. Mr. Erickson is an employee of 
   Revett.                                                                  
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Larry Erickson, P. Eng., an employee of Revett and a QP, has reviewed the technical information in this new release.

About Revett

Revett, through its subsidiaries, owns and operates the currently producing Troy Mine in Lincoln County, Montana and development-stage Rock Creek Project located in Sanders County, Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project form the basis of our plan to become a premier mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.

John Shanahan, President & CEO

Except for the statements of historical fact contained herein, the information presented in this news release may contain "forward-looking statements" within the meaning of applicable Canadian securities legislation and The Private Securities Litigation Reform Act of 1995. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "is not expected", "budget", "schedule", "estimates", "forecasts", "intends", "anticipates", "or does not anticipate" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements contained in this news release include statements relating to the Company's long term mining plan, and the Company's expectation that operations will resume in early April 2013. Actual results will depend upon the results of the assessments conducted, the views of MSHA and decisions made my management having regard to the nature of the geotechnical conditions and the safety of Revett's employees. Forward-looking statements, including future-oriented financial information, are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business and economic uncertainties, risks and contingencies and those factors discussed in the section entitled "Risk Factors" in the Form 10-K filed on SEDAR at www.sedar.com and with the SEC on EDGAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Revett Minerals does not undertake to update any forward-looking statements except as required by applicable securities laws.

Contacts:
Revett Minerals Inc.
Monique Hayes
Corporate Secretary / Director of Investor Relations
(509) 921-2294
www.revettminerals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...