Revett Reports Q3 2012 Production
(firmenpresse) - SPOKANE VALLEY, WASHINGTON -- (Marketwire) -- 10/15/12 -- Revett Minerals Inc. (TSX: RVM) (NYSE MKT: RVM) (NYSE Amex: RVM) is pleased to announce third quarter 2012 production results from the Troy Mine, located in northwest Montana. Currency is reported in United States dollars unless otherwise indicated.
Mill throughput and silver production improved significantly from the second quarter 2012, and grades and recoveries have returned to plan levels.
John Shanahan, President and CEO stated, "Our third quarter operating results were very positive, with notable increases in silver production of 25% and copper production of 22% over the second quarter. Net cash from operations continues to strengthen our balance sheet and provide a solid basis for the Company as we continue development and explorations activities at the Troy Mine to open more working areas and extend mine life."
Development Update
During the third quarter, development efforts at the Troy Mine remained focused on the North C Bed Decline and access to the East Ore Body (Middle Quartzite).
Approximately 350 feet of development (of 1,650 feet in total) remains to be completed in the North C Bed drift. Once completed, a decline will be developed to access the I Bed zone which lies approximately 750 feet below the current C Bed workings. The revised I Bed development plan calls for a spiral decline from the North C Bed and is expected to be completed by the end of 2014 at a total cost of approximately $10 million dollars.
Development work by mining contractors to access the East Ore Body (Middle Quartzite) continues and is expected to be completed in the fourth quarter. Renewed production from the East Ore Body is expected to commence in first quarter 2013 after extensive ground support measures and a secondary escapeway have been completed.
Exploration Update
Drilling immediately south of the current Troy Mine production areas continues to intersect copper/silver mineralization on trend with the Troy I Beds and JF Property targets. Drilling in the third quarter totaled 2,782 feet of core and results are pending detailed core logging and interpretation.
Directional drilling at the JF Property continued with 5,173 feet drilled in the third quarter and a total of 9,024 feet of core drilled year to date. Results of the drilling are also pending detailed core logging and interpretation.
A five year exploration plan for targets north and east of the Troy Mine has been submitted to the U.S. Forest Service and Montana DEQ. The plan is currently under review by the agencies.
The Corporate Reserve and Resource summary will be updated at year end with the expectation of extending the I Bed reserves at the Troy Mine.
Production Summary
Release of Quarterly Financial Results and Conference Call
Revett plans to release financial results for the third quarter on Thursday, November 8, 2012 and hold its quarterly conference call on Friday, November 9, 2012 at 11:30am Eastern Time. To join the conference call dial 888-231-8191 or 1-647- 427-7450 internationally.
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 press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of 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 "expects", or "does not expect", "is expected", "is not expected", "budget", "plans", "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", "occur" or "be achieved". Forward-looking statements contained in this press release include but are not limited to statements with respect toongoing planned development and exploration work and goals, as well as the Companyu's expectation of extending its reserves at the Troy Mine. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant uncertainties, risks and contingencies. Actual development and exploration could be affected by development risks and production risks which may include a range of issues such as grades, equipment failure, accidents, and geologic formations and unanticipated cost increases as well as 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 does not undertake to update any forward-looking statements, except as required under applicable laws.
Contacts:
Revett Minerals Inc.
Monique Hayes
Corporate Secretary / Director of Investor Relations
(509) 921-2294
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Datum: 15.10.2012 - 11:00 Uhr
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News-ID 192203
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SPOKANE VALLEY, WASHINGTON
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