SPOKANE VALLEY, WASHINGTON--(Marketwired - Jul 1, 2014) - Revett Mining Company, Inc. (NYSE MKT:RVM)(RVM.TO) is pleased to provide an update on development at its Troy Mine and permitting for the Rock Creek project in northwest Montana.
Troy Mine I Bed Development
The Company continues to advance the I Bed development having completed development through the dominant splay off the B Fault and the main B Fault on the east decline. As of June 30th 2014, the Company has completed approximately 4,700 feet against the 7,500 feet required for planned development of the North C Bed. The project remains on schedule and within budget for development of the North C Beds in the third quarter of this year with a return to limited commercial production in the fourth quarter of 2014. Access to the I Beds requires an additional 5,900 feet of single decline. If development continues as planned, it is estimated full production may resume by mid-2015.
A concrete batch plant was recently acquired to facilitate more-efficient, on-demand "shotcrete" for ongoing development and future production needs. The plant will ensure that shotcrete is available when needed for day and evening shifts.
Rock Creek Permitting
The U.S. Forest Service (USFS), as lead agency, has made considerable progress towards the completion of a Supplemental Environmental Impact Statement (SEIS). The Company meets on a regular basis with the USFS, its third-party contractor, and cooperating agencies. When issued, the SEIS, together with the Biological Opinion that was upheld by the Ninth Circuit Court of Appeals in November 2011, will form the basis of a reissued Record of Decision (ROD). Once a draft SEIS has been compiled, input from co-operating agencies will be sought and included, and an SEIS will be issued for public comment.
In parallel, the Company is working to obtain necessary permits from the State of Montana Department of Environmental Quality (MDEQ). On April 11, 2014 the MDEQ issued a draft permit to the Company for the discharge of stormwater during Phase I construction activities with the public comment period ending on May 15, 2014. The Company has also been working with a contracted technical consultant and MDEQ on the finalization of an Air Quality Permit.
John Shanahan, Revett's President and CEO stated, "We remain fully focused on returning the Troy Mine to producing capability and completing the SEIS and ancillary state permits for Rock Creek as quickly as practicable. We understand that each project must be completed to the highest standards possible and we remain committed to meeting this objective."
Revett Mining Company, through its subsidiaries, owns and operates the 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.
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 to our ability to develop the I Bed deposit at Troy including having the financial capability to do so, and the possibility of resuming limited production in the fourth quarter of 2014 and full production by mid-215, as well as our ability to achieve Record of Decision, storm water discharge and Air Quality permitting for the Rock Creek project. 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 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 Mining Company does not undertake to update any forward-looking statements except as required by applicable securities laws.