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
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...