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22.10.2010
Revett Provides Q3 Operations and Development Update
Revett Provides Q3 Operations and Development Update
Spokane Valley, Washington, October 21, 2010; Revett Minerals Inc. (“Revett” or the “Company”) (TSX:RVM/OTCBB:RVMIF) is pleased to announce improved head grades and reduced operating unit costs during the third quarter of 2010. Mill feed averaged 3,914 stpd for the three months ended September 30, 2010 with metal grades of 0.95 opt Ag and 0.44% Cu. This represents overall improved grades of 35% over the second quarter of 2010.
Recent Operating Highlights Include:
• The C-Bed access decline reached mineralization by quarter’s end. Higher grade throughput from the C-Bed area will be brought into production in the fourth quarter of this year as more headings are developed in the ore zone.
• Net cash(4) provided from operations before capital expenditures for the third quarter of 2010 was US$4.2 million, compared to US$1.3 million in the second quarter of 2010.
• Direct operating costs(3) for the third quarter of 2010, calculated on a net of by-product basis was $3.18 per oz silver and $1.44 per lb copper.
• Exploration efforts continue in and around the Troy Mine. We expect to complete one or two more surface drill holes in the fourth quarter followed by continuation of underground drilling through the winter months. A review of geophysical data is underway to define new drill targets to the north and east of current mine operations.
Please find the table with the results under the following link: http://www.irw-press.com/dokumente/102110_NRQ3OperationsUpdateFinal.pdf
Production from the Troy Mine for 2010 is forecast to be 1.1 million ounces of silver and 9.2 million pounds of copper. In the third quarter, metal grades were lower than plan and the percentage of non-sulfide mineralization was higher resulting in lower metal recovered. We expect metal grades and recoveries to improve in the fourth quarter as more production is sourced from the C-Bed area.
Troy Development Update:
The decline to access the “C-Bed” ore body was completed on schedule and within budget in the third quarter. Production from the C Bed ore body, which contains 1.2 million tons of ore grading 1.61 ounces per ton silver and 0.56 percent copper is anticipated to significantly improve our average mill feed grades late in the fourth quarter and into 2011. The C Bed development will also provide access for future underground drill stations to continue further defining the I-Beds and other targeted areas. The table below identifies the estimated probable reserves for the “C-beds”, which are part of the overall reported reserves at the Troy Mine.
Please find the table with the results under the following link: http://www.irw-press.com/dokumente/102110_NRQ3OperationsUpdateFinal.pdf
John Shanahan, President and CEO, noted “We have seen significant improvements in grades in the third quarter and are poised for further improvements in the coming months and into 2011. We remain focused on our exploration and engineering efforts to realize the longer term potential of the Troy mine.”
John Shanahan
President & CEO
For more information, please contact: Doug Ward, VP Corporate Development or Monique Hayes, Investor/Corporate Communication Manager (509) 921-2294 or visit our website at www.revettminerals.com.
Except for the statements of historical fact contained herein, the information presented in this press 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”, “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 press release include but are not limited to statements with respect production forecast for 2010, improved grades and recoveries, anticipated production from the “C-Bed and plans to aggressively continue further exploration to increase mine life at the Troy Mine. Actual results and developments could be affected by development risks and production risks, our challenging working capital position and our inability to continue to fund operations, 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 Minerals does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
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Spokane Valley, Washington, October 21, 2010; Revett Minerals Inc. (“Revett” or the “Company”) (TSX:RVM/OTCBB:RVMIF) is pleased to announce improved head grades and reduced operating unit costs during the third quarter of 2010. Mill feed averaged 3,914 stpd for the three months ended September 30, 2010 with metal grades of 0.95 opt Ag and 0.44% Cu. This represents overall improved grades of 35% over the second quarter of 2010.
Recent Operating Highlights Include:
• The C-Bed access decline reached mineralization by quarter’s end. Higher grade throughput from the C-Bed area will be brought into production in the fourth quarter of this year as more headings are developed in the ore zone.
• Net cash(4) provided from operations before capital expenditures for the third quarter of 2010 was US$4.2 million, compared to US$1.3 million in the second quarter of 2010.
• Direct operating costs(3) for the third quarter of 2010, calculated on a net of by-product basis was $3.18 per oz silver and $1.44 per lb copper.
• Exploration efforts continue in and around the Troy Mine. We expect to complete one or two more surface drill holes in the fourth quarter followed by continuation of underground drilling through the winter months. A review of geophysical data is underway to define new drill targets to the north and east of current mine operations.
Please find the table with the results under the following link: http://www.irw-press.com/dokumente/102110_NRQ3OperationsUpdateFinal.pdf
Production from the Troy Mine for 2010 is forecast to be 1.1 million ounces of silver and 9.2 million pounds of copper. In the third quarter, metal grades were lower than plan and the percentage of non-sulfide mineralization was higher resulting in lower metal recovered. We expect metal grades and recoveries to improve in the fourth quarter as more production is sourced from the C-Bed area.
Troy Development Update:
The decline to access the “C-Bed” ore body was completed on schedule and within budget in the third quarter. Production from the C Bed ore body, which contains 1.2 million tons of ore grading 1.61 ounces per ton silver and 0.56 percent copper is anticipated to significantly improve our average mill feed grades late in the fourth quarter and into 2011. The C Bed development will also provide access for future underground drill stations to continue further defining the I-Beds and other targeted areas. The table below identifies the estimated probable reserves for the “C-beds”, which are part of the overall reported reserves at the Troy Mine.
Please find the table with the results under the following link: http://www.irw-press.com/dokumente/102110_NRQ3OperationsUpdateFinal.pdf
John Shanahan, President and CEO, noted “We have seen significant improvements in grades in the third quarter and are poised for further improvements in the coming months and into 2011. We remain focused on our exploration and engineering efforts to realize the longer term potential of the Troy mine.”
John Shanahan
President & CEO
For more information, please contact: Doug Ward, VP Corporate Development or Monique Hayes, Investor/Corporate Communication Manager (509) 921-2294 or visit our website at www.revettminerals.com.
Except for the statements of historical fact contained herein, the information presented in this press 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”, “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 press release include but are not limited to statements with respect production forecast for 2010, improved grades and recoveries, anticipated production from the “C-Bed and plans to aggressively continue further exploration to increase mine life at the Troy Mine. Actual results and developments could be affected by development risks and production risks, our challenging working capital position and our inability to continue to fund operations, 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 Minerals does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7615051066">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7615051066</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.