SPOKANE VALLEY, WASHINGTON--(Marketwired - Apr 11, 2013) - Revett Minerals Inc. (RVM.TO)(NYSE Amex:RVM)(NYSE MKT:RVM) ("Revett" or the "Company") provides an update on progress towards recommencement of operations at its Troy Mine in northwest Montana.
Crews continue to perform preparatory work necessary to gain access to the A and C Bed mining areas; however, progress has been slower than expected due mainly to the time required to receive regulatory approvals. This preparatory work includes scaling, bolting, shotcrete application, and the installation of arched reinforced concrete sets in the Lower Main Haulage travel-way. The Company recently received approval from the Mine Safety and Health Administration ("MSHA") to initiate access through the B Fault and has now commenced this operation which includes additional ground support at the B Fault and other related development tasks.
Monitoring of both the Middle Quartzite and Lower Quartzite areas continues via the underground geophone system that was installed at the beginning of 2013. Interpretation of microseismic activity recorded by the geophones has shown encouraging results over the past few months. Ongoing recordings suggest no significant detrimental effects to the Lower Quartzite workings. Additional inspections are required in the Lower Quartzite haulage route to confirm that there is no further structural damage; but, we remain encouraged with our observations to date.
Once dewatering is completed, mine ventilation re-established, and underground utilities re-routed, we will need to submit a final plan of operation to MSHA for approval before recommencing production. We believe production will begin before the end of the second quarter, but it is not possible to provide an exact date until the critical tasks outlined above are completed and final MSHA approvals have been obtained.
John Shanahan, Revett's President and CEO stated "Even though the review and approval process has taken longer than expected, we are encouraged with continuing underground progress and data supporting our objective to return to operations safely. Development work and planning now being done will ultimately support and strengthen our short and long term goals for Troy Mine's current 8 year life-of-mine as well as future development of the I Bed and JF resources."
Revett, through its subsidiaries, owns and operates the 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 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 statements relating to the Company's long term mining plan, and the Company's expectation that operations will resume before the end of the second quarter. Actual results will depend upon the results of the assessments conducted, the views of MSHA and decisions made my management having regard to the nature of the geotechnical conditions and the safety of Revett's employees. Forward looking statements, including future-oriented financial information, 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 and 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 except as required by applicable securities laws.