Click here to close now.

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
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, 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 ...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...