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
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In a world where the internet rules all, where 94% of business buyers conduct online research, and where e-commerce sales are poised to fall between $427 billion and $443 billion by the end of this year, we think it's safe to say that your website is a vital part of your business strategy. Whether you're a B2B company, a local business, or an e-commerce site, digital presence is key to maintain in your drive towards success. Digital Performance will take priority in 2018 for the following reason...
Rodrigo Coutinho is part of OutSystems' founders' team and currently the Head of Product Design. He provides a cross-functional role where he supports Product Management in defining the positioning and direction of the Agile Platform, while at the same time promoting model-based development and new techniques to deliver applications in the cloud.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
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...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.