The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Revett Announces Hedging for 2011 Copper and Silver Production

Wednesday, April 28, 2010

Revett Announces Hedging for 2011 Copper and Silver Production08:01 EDT Wednesday, April 28, 2010SPOKANE VALLEY, WASHINGTON--(Marketwire - April 28, 2010) - Revett Minerals Inc. ("Revett" or the "Company") (TSX:RVM) (OTCBB:RVMIF) is pleased to announce that it has initiated hedging for approximately 20% of its forecasted 2011 copper and silver production at the Troy mine at a price of US$3.60 per pound of copper and US$18.40 per ounce of silver. This tranche of hedging covers approximately 50% of estimated 2011 direct operating costs at the Troy mine protecting us against the possibility of lower metal prices. The unhedged balance of copper and silver production will enable the Company to capitalize on the potential for increased copper and silver prices in 2011.John Shanahan, President and CEO, stated: "Although we fully believe that silver and copper prices will continue to strengthen into 2011, we remain committed to a prudent commodity price risk management program that will provide secure cash flow in 2011 and ensure future development and exploration at the Troy mine and advancement of the Rock Creek project. We anticipate a significant increase in metal production in 2011 once we have completed our development work to access the C beds at Troy, currently forecasted to be completed in the 3rd quarter of this year.About RevettRevett Minerals, through its subsidiaries, owns and operates the currently producing Troy Mine and development-stage Rock Creek Project, both located in northwestern Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project will form the basis of our plan to become a solid 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 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 "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 forecasted 2011 copper and silver production and direct operating costs at the troy Mine, anticipation of a significant increase in metal production in 2011 and expectation that development work to access the C beds at Troy will be completed in the third quarter of this year. 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 Corporate/Investor Communications (509) 921-2294