SPOKANE VALLEY, WASHINGTON--(Marketwire - Dec 3, 2012) - Revett Minerals Inc. (RVM.TO) (NYSE MKT:RVM) (NYSE Amex:RVM) provides an update on silver and copper production through the end of November 2012 from its Troy Mine located in northwest Montana.
Year to date production through November 30 is 1,115,000 ounces of silver and 7,550,000 pounds of copper. Operating conditions have been hampered by difficult ground conditions in the A and C Beds, along with an electrical outage in late November which has further affected mine throughput. We anticipate production during December 2012 to be at a rate of approximately 3,500tpd. As a result we now expect to produce 1.2 to 1.25 million ounces of silver and 8.0 to 8.5 million pounds of copper in 2012.
2013 production guidance is expected to be issued in late December, 2012.
John Shanahan, President and CEO stated, "We had hopes of recovering from a difficult start to the year caused mainly by extended rains and snowmelt in the second quarter. However, we have experienced difficult ground conditions into the fourth quarter, resulting in a reduction to our anticipated production for 2012. We continue to operate on a positive cash flow basis, but not to the extent as planned."
Revett Minerals, 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 Revett''s 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 and Chief Executive Officer
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 but are not limited to those relating anticipated production for 2012, 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 development will be affected by unanticipated production difficulties in December (which may include a range of issues such as those experienced in October and November 2012) 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. Future oriented financial information is by its nature only an estimate and there are no guarantees that they will be achieved. 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 as required by with applicable securities laws.