Click here to close now.


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


--  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$3.67/lb Cu. Mr. Erickson is an employee of Revett and is not          
   considered independent.                                                  
Troy Resources (Dec. 31, 2012)          Grades            Contained Metals  
Classification(1)         Tons                                        Copper
                    (Mst)(2,3) Silver (opt)  Copper (%) Silver (Moz)  (Mlbs)
Measured                 48.60         1.36        0.66        65.99  646.21
Indicated                15.12         1.09        0.38        16.47  113.54
Inferred                  1.50         0.71        0.30         1.06    8.86
Total Measured &                                                            
Indicated(i)             69.07         1.22        0.57        84.57  781.93
JF Property(4)                                                              
Total Inferred           11.00         1.40        0.40        15.40   88.80
(i)Pillars Incl.                                                            
in Meas. & Ind.          49.07         1.33        0.65        65.45  639.65
1. Mineral Resources have been categorized in accordance with the           
   classifications defined by the CIMM.                                     
2. Includes Proven & Probable Reserves and resources contained in existing  
3. The estimated mineral resources were calculated by Mr. Larry Erickson, P 
   Eng., a QP in accordance with NI 43-101. They are stated using a cut-off 
   grade of US$ 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 

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 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.

Revett Minerals Inc.
Monique Hayes
Corporate Secretary / Director of Investor Relations
(509) 921-2294

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
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Containers are all the rage among developers and web companies, but they also represent two very substantial benefits to larger organizations. First, they have the potential to dramatically accelerate the application lifecycle from software builds and testing to deployment and upgrades. Second they represent the first truly hybrid-approach to consuming infrastructure, allowing organizations to run the same workloads on any cloud, virtual machine or physical server. Together, they represent a ver...
As operational failure becomes more acceptable to discuss within the software industry, the necessity for holding constructive, actionable postmortems increases. But most of what we know about postmortems from "pop culture" isn't actually relevant for the software systems we work on and within. In his session at DevOps Summit, J. Paul Reed will look at postmortem pitfalls, techniques, and tools you'll be able to take back to your own environment so they will be able to lay the foundations for h...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in high-performance, high-efficiency server, storage technology and green computing, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced server Building Block Solutions® for Data ...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete en...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at @DevOpsSummit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
Between the compelling mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how busine...
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes.