Revett Minerals Inc. (RVM:TSX), through its subsidiaries, owns and operates the Troy Mine, and the development stage Rock Creek Project, both of which are located in northwestern Montana, USA. The proven reserves and significant resources at the Rock Creek project will form the basis of our plan to become a solid mid-tier base and precious metals producer in the future. The company plans on expanding its production through exploration in and around its current properties, as well as through targeted business combinations of advanced staged projects.
Since acquisition in 1999, Revett had maintained the past producing (1981-1993) Troy Mine on a care and maintenance basis. In late-2003 the company began reviewing the feasibility of reopening Troy and in April 2004 decided to put the mine back into production. At full capacity, the Troy Mine is expected to average 2 million ounces of silver and 17 million pounds of copper production per year.
Revett received a favorable Record of Decision for the development of the Rock Creek Mine from the U.S. Forest Service, and the Montana Department of Environmental Quality in 2003. While this permit has been challenged in the courts, the first phase of development should now commence in 2008 when we will drive an evaluation audit into the ore body, with the objective of producing a revised technical and economic feasibility study. This phase is expected to take 2-3 years.
Presuming a positive feasibility study, and the successful financing of the capital costs, Revett intends to develop Rock Creek as an approximate 10,000 ton per day, underground mine / conventional mineral flotation processing operation, with estimated annual production of 6 million ounces of silver, and 52 million pounds of copper over the life of the mine.
© Copyright 2009, Revett Minerals, Inc.
