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Press release from Marketwire

Revett Provides Q1 Operations and Development Update

Thursday, April 22, 2010

Revett Provides Q1 Operations and Development Update12:06 EDT Thursday, April 22, 2010SPOKANE VALLEY, WASHINGTON--(Marketwire - April 22, 2010) - Revett Minerals Inc. ("Revett" or the "Company") (TSX:RVM) (OTCBB:RVMIF) is pleased to announce it has achieved record mill throughput at the Troy Mine during the first quarter of 2010, averaging 4,265 tons per day, a 12% increase over the first quarter of 2009. Recent Operating Highlights Include: -- The Troy mine improved mill throughput during the first quarter of 2010, averaging 4,265 tons per day compared to 3,811 tons per day in the first quarter of 2009; -- During the first quarter of 2010, the Troy Mine produced 287,259 ounces of silver and 2.5 million pounds of copper compared to 321,149 ounces silver and 2.3 million pounds of copper for the same period last year; and -- Development of the decline to access the C Bed area was accelerated with the mobilization of a mine contractor (Small Mine Development, LLC) in February. ---------------------------------------------------------------------------- Troy Production Summary(1) 1st 1st January February March Quarter Quarter 2010 2009 ---------------------------------------------------------------------------- Mill Production ---------------------------------------------------------------------------- Mill Feed (st) 126,731 128,561 124,299 379,591 339,171 ---------------------------------------------------------------------------- Mill Feed Rate (stpd) 4,224 4,591 4,010 4,265 3,811 ---------------------------------------------------------------------------- Silver ---------------------------------------------------------------------------- Feed Grade - Oz/Ton Ag 0.90 0.84 0.85 0.87 1.08 ---------------------------------------------------------------------------- Mill Recovery - Ag 86.5% 87.3% 88.6% 87.5% 87.0% ---------------------------------------------------------------------------- Recovered Ounces 98,751 94,631 93,877 287,259 321,149 ---------------------------------------------------------------------------- Copper ---------------------------------------------------------------------------- Feed Grade - % Cu 0.39% 0.37% 0.38% 0.38% 0.40% ---------------------------------------------------------------------------- Mill Recovery - Cu 83.8% 85.8% 85.6% 85.1% 86.2% ---------------------------------------------------------------------------- Recovered Pounds 828,313 825,913 801,964 2,456,190 2,316,702 ---------------------------------------------------------------------------- Cash Cost(2) ---------------------------------------------------------------------------- Direct Operating Cost (US$/st) 22.71 21.49 24.82 22.99 21.90 ---------------------------------------------------------------------------- By-Product Basis (payable)(3) ---------------------------------------------------------------------------- - Silver (US$/oz) or, 4.19 9.17 2.85 5.39 13.41 ---------------------------------------------------------------------------- - Copper (US$/lb) 1.69 1.98 1.83 1.83 1.67 ---------------------------------------------------------------------------- Co-Product Basis (payable)(3) ---------------------------------------------------------------------------- - Silver (US$/oz) and, 12.51 11.87 12.78 12.69 13.10 ---------------------------------------------------------------------------- - Copper (US$/lb) 2.18 2.17 2.57 2.36 1.63 ---------------------------------------------------------------------------- 1. Production statistics are on a 100% basis. 2. Cash cost per payable ounce of silver or payable pound of copper is a non GAAP measure. The Company believes that, in addition to cost of sales, cash costs per ounce or per pound is a useful and complementary benchmark for performance and is well understood and widely reported in the mining industry. However, cash costs per ounce does not have a standardized meaning prescribed by Canadian GAAP. Investors are cautioned that cash costs per ounce or per pound should not be construed as an alternative to cost of sales determined in accordance with Canadian GAAP as an indicator of performance. The Company's method of calculating cash costs per ounce or per pound may differ from the methods used by other entities and, accordingly, the Company's cash costs per ounce or per pound may not be comparable to similarly titled measures used by other entities. All cash costs include direct mine site costs and smelting refining and transport costs. 3. Average commodity prices used to off-set (by-product credit basis) or allocate (co-product basis) cash costs are the monthly weighted average realized prices based on invoiced shipments. Troy Development Update:The decline to access the C Bed ore body is progressing well with a total of approximately 650 feet completed to date of the total planned 3,000 feet. At current rates of advance, the expected completion is in the third quarter. Production from the C Bed ore body, which contains 1.2M tons of ore grading 1.61 ounces per ton silver and 0.56 percent copper, is expected to significantly improve our average mill feed grades in the fourth quarter. The C Bed development will also provide access for future underground drill stations. The table below identifies the estimated probable reserves for the "C-beds", which are part of the overall reported reserves at the Troy Mine. ---------------------------------------------------------------------------- C-Bed Reserves (November 12, Grades Contained Metals 2009) ---------------------------------------------------------------------------- Classification(1) Tons Copper (st)(2,3)Silver (opt) Copper (%)Silver (Moz) (Mlbs) ---------------------------------------------------------------------------- Probable 1,228,530 1.61 0.56 1.9 13.7 ---------------------------------------------------------------------------- 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$ 20.02 net smelter return per ton calculated at US$ 12.00/oz Ag and US$2.25/lb Cu. Mr. Erickson is an employee of Revett and is not considered independent. The conceptual development plan is to aggressively continue exploration both vertically below and laterally adjacent to current mining areas at Troy to extend the mine life beyond the current 6 year plan. Prior drilling and surface sampling has identified anomalous bornite mineralization in several areas that warrant additional follow up drilling including the JF area to the south where a historic resource was identified. We also plan to initiate a review and re-interpretation of existing geophysical data which may identify other exploration targets around the Troy Mine. During the first quarter of 2010, exploration drilling continued from underground drill stations primarily targeting the deeper "I Bed" mineralization beneath the Troy Mine. Encouraging results have been observed and additional drilling will continue underground and surface will commence as weather conditions improve. A full exploration update will be forthcoming in the near future once results become available.Mr. John Shanahan, President and CEO, noted "Despite anticipated lower grades, our first quarter production results are above plan and sets the stage for continued optimization of Troy operations. We are advancing development of the C bed mineralized zone which may lead to significantly higher grades by year end. We are also systematically increasing our knowledge base of other areas adjacent to Troy, which with further work may lead to a significant increase in mine life at Troy."John ShanahanPresident & CEO Except for the statements of historical fact contained herein, the information presented in this press 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", "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 to improved grades and anticipated development of the "C-Bed" in 2010. Actual results and developments could be affected by development risks and production risks, our challenging working capital position and our inability to continue to fund operations, 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 Minerals does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.FOR FURTHER INFORMATION PLEASE CONTACT: Revett Minerals Inc. Doug Ward VP Corporate Development (509) 921-2294 or Revett Minerals Inc. Monique Hayes Investor/Corporate Communication Manager (509) 921-2294