Societe Generale Credit Facility
In December 2011, the Company entered into a revolving credit agreement. The facility, which was initially a $20 million facility, is subject to interest at the London Interbank Offered Rate ("LIBOR") plus 350 basis points for an initial three year term. On February 28, 2013, based primarily upon the suspension of mining operations at the Troy Mine, the Company and Societe Generale agreed to suspend the facility for an initial six month period. There has been no draw down on the facility and no silver or copper hedging is currently in place.
John Shanahan, President and CEO noted, "Despite the difficulties we have recently encountered at the Troy Mine, we remain focused on our goal of being the safest and best operator we can be at Troy, and to bringing the Rock Creek Project to fruition. We have both the financial resources and experienced workforce to meet our goals. We thank our shareholders, our employees, and the communities of northwest Montana for their patience and support."
As previously announced, a conference call to discuss 2012 financial results is scheduled for Tuesday, March 12, 2013 at 11:30 am (Eastern Daylight Time). To join the conference call dial 1 (888) 231-8191 or 1 (647) 427-7450 internationally. The conference call and all questions and answers will be recorded and made available until March 19, 2013. To listen to the recording, call toll free 1 (855) 859-2056 or 1 (416) 849-0833 and enter the access code 92049271.
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
For more information, visit our website at www.revettminerals.com.
Except for the statements of historical fact contained herein, the information presented in this news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of 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 news release include but are not limited to statements with respect to estimated mine life and the Company's expectation that Troy Mine operations will resume in the second quarter of 2013. Actual Results at the Troy Mine will depend upon the results of the assessments conducted, the views of MSHA and decisions made by management having regard to the nature of the geotechnical conditions and the safety of the Revett Employees. Actual results at Rock Creek could be affected by additional legal challenges and permitting for the Rock Creek project 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 does not undertake to update any forward-looking statements except as required under applicable securities laws.
Revett Minerals Inc.
Corporate Secretary/Director Investor Relations
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