SPOKANE VALLEY, WASHINGTON--(Marketwire -12/19/11)- Revett Minerals Inc. (AMEX: RVM.TO - News) (TSX: RVM.TO - News) is pleased to issue 2012 operational guidance for production from its Troy silver and copper mine in northwestern Montana.
Production at the Troy Mine is expected to be approximately 1.4 million ounces of silver and 11.5 million pounds of copper for 2012. Based on the current mine plan, mill throughput is anticipated to average 4,000 tons per day and grades are expected to average around 1.15 ounces per ton silver and 0.47% copper. Production costs on a net of byproduct basis are estimated to be US$4.89 per ounce of silver and US$1.54 per pound of copper and on a co-product basis costs are estimated to be US$13.79 per ounce of silver and US$2.24 per pound of copper.
Revett has hedged approximately 25% of its 2012 copper production at US$4.00 per pound.
Development work in the I-Bed area is scheduled to begin in August of 2012 following minor permit revisions and will continue for approximately 24 months with an estimated budget of US$15M. Although the total I Bed development is expected to take approximately 24 months to access reserves in the South Ore Body, it is anticipated mineralization will be encountered in the North Ore Body that may be economic for ore processing in late 2012 or by mid-year 2013. The Company will utilize a dedicated in-house development crew to drive the twin access declines that will provide for both ventilation and a secondary escapeway. Completion of this development work will provide a key component of the extended mine life at Troy.
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 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 anticipated production and grades, anticipated production costs and anticipated timing and cost to develop the I-bed area. Forward-looking statements 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. Actual results and developments could be affected by production risks (which may include a range of issues such as equipment failure, accidents and geologic formations) and development risks, as well as 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 that are incorporated by reference herein, except in accordance with applicable securities laws.
Revett Minerals Inc.