Revett Minerals Inc., Spokane Valley, Washington (“TSX-RVM”) (“Revett” or the “Company”) has entered into an agreement to hedge copper and silver production for the second half of 2009.

 

John Shanahan, President and CEO, stated “Although we feel copper and silver will be strong in the long-term, we feel that near term hedging is prudent risk management to secure our short term cash flows.  This supports our upcoming operating plans, which includes the development of our C bed deposit at the Troy mine in Q3 2009. We believe this phase of our development will provide higher overall grades and further improve productivity and lower costs.”

 

Under the hedging arrangement, Revett Minerals has price-fixed approximately 50% of estimated production for the second half of 2009 at 200 metric tons of copper and 50,000 ounces of silver, per month.  Copper pricing is fixed at US $4,615 per metric ton (or US $2.094 per lbs.) and silver pricing is fixed at US $14.20 per ounce.

 

Revett Minerals, through its subsidiaries, owns and operates the currently producing Troy Mine and development-stage Rock Creek Project, both located in northwestern Montana, USA. These projects host significant copper and silver mineral reserves and resources and will form the basis of our plan to become a solid 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, please contact:

 

Doug Ward, VP Corporate Development or Monique Hayes, Corporate/Investor Communications at (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 be taken”, “occur” or “be achieved”. Forward-looking statements contained in this press release include but are not limited to statements with respect to the expectation of our ability to develop a certain section of the Troy mine within a certain timeframe, providing higher overall grades and improved productivity and lower costs and statements as to estimated production for the second half of 2009. 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.