Revett Minerals Inc., Spokane Valley, Washington (“TSX-RVM”) (“Revett” or the “Company”) has reached an understanding with Trafigura AG to restructure the US$ 4.3 million interest bearing note which is due June 30th, 2009.  The Company has agreed to a partial principal repayment with the possibility of converting a portion of the remaining principal into common equity, subject to regulatory approval. Upon working out a definitive agreement, the remaining principal balance, if any, will extend out beyond December 31st, 2009.

 

John Shanahan, Revett President and CEO stated, “We are very pleased to be near to concluding an agreement with this important stakeholder in Revett. Trafigura AG remains an important long term partner and we are delighted with the confidence that they have shown in our future and our ability to operate in the current difficult economic times.”

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. The proven reserves at the Troy Mine 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.  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 ”, “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 finalize the debt restructuring agreement, expand production at the Troy mine and expand through other means. There is no assurance our understanding will be finalized into a definitive agreement. 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.