SPOKANE VALLEY, WASHINGTON -- (Marketwire) -- 03/08/13 -- Revett Minerals Inc. (TSX: RVM)(NYSE MKT: RVM) ("Revett" or the "Company") is pleased to provide an update on underground activities at its Troy Mine in northwest Montana.
Following the suspension of underground operations in mid December 2012, Revett has continued to conduct monitoring and development work at the Troy Mine in preparation for the resumption of mining and production activities. As recently announced, underground inspections identified groundfall that has impeded the travel-way along the upper haulage route, but has not impacted or damaged the main mechanical and equipment areas, such as the underground crusher or conveyor systems.
Crews have now completed a development drift into the mine's lower haulage route, providing access for inspection in the Lower Quartzite which ultimately connects to the A and C Bed mining areas. We are pleased with the initial assessment which found limited groundfall at the B Fault area. Also, inspection from the South Adit found no damage in the East Ore Body Upper Quartzite and Middle Quartzite mine workings to date. Based on this information, the Company is working on a revised plan to submit to MSHA which would enable us to complete development work for accessing the A and C Beds; this will include re-routing of utilities to re-establish full mine ventilation and a secondary escapeway.
We remain focused on resuming safe mining operations as soon as possible. The target date to resume operations remains April 2013; however, the ongoing review and approval process in conjunction with ongoing work to reinforce and support ground conditions in the B Fault will determine the actual time-line.
John Shanahan, Revett's President and CEO stated "We continue to be encouraged by the structural conditions of the Lower Quartzite and feel there is an achievable path forward to return to production. The Company has the financial resources and experienced crews in place to succeed in this effort. Although the disruption has been challenging, we remain focused on our ability to be the safest and best operator we can be at Troy and to bring the Rock Creek project to fruition."
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 belief that operations will resume in April. 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.
Revett Minerals Inc.
Corporate Secretary / Director of Investor Relations
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