This information was accurate at the time of posting, but may be superseded by
subsequent news releases.
Revett Provides Update of Operations and Exploration at Troy Mine
August 10, 2009Revett Minerals Inc. (TSX:RVM/OTCBB:RVMIF) (“Revett” or the Company) is pleased to announce continued success at the Troy Mine, producing 301,770 ounces of silver and 2.3M lbs. copper during the second quarter of 2009.
Recent Operating Highlights Include:
- During the first half of 2009, the Troy Mine Produced 622,919 ounces of silver and 4.6 million pounds of copper compared to 491,759 ounces silver and 4.5 million pounds of copper for the same period last year;
- The Troy mine continued to improve mill throughput during the first half of 2009, averaging 3,871 tons per day compared to 3,489 tons per day in the first half of 2008, an 11% improvement;
- Productivity and cost improvements continued during the second quarter of 2009 resulting in a reduction of 29% in direct operating costs per ton compared to the same period last year.
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Troy Production Summary(1)
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April
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May
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June
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2nd Quarter 2009
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2nd Quarter
2008
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Mill Production
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|
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|
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Mill Feed (st)
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111,569
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120,019
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118,337
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349,925
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331,698
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Mill Feed Rate (stpd)
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3,847
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4,001
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3,945
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3,931
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3,727
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Silver
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|
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Feed Grade - Oz/Ton Ag
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1.08
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0.92
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1.02
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1.01
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0.87
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Mill Recovery - Ag
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85.8%
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86.1%
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85.2%
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85.7%
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90.0%
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Recovered Ounces
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103,809
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95,029
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102,932
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301,770
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259,847
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Copper
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Feed Grade - % Cu
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0.42%
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0.36%
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0.40%
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0.39%
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0.41%
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Mill Recovery - Cu
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84.7%
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84.6%
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82.1%
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83.8%
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87.9%
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Recovered Pounds
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783,966
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729,542
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771,262
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2,284,770
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2,388,947
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Cash Cost(2)
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|
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Direct Operating Cost (US$/st)
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19.72
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18.46
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19.16
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19.11
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26.89
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By-Product Basis (payable)(3)
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|
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- Silver (US$/oz) or,
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11.71
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15.47
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10.97
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12.71
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2.70
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- Copper (US$/lb)
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1.63
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1.43
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1.40
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1.49
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2.35
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Co-Product Basis (payable)(3)
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|
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- Silver (US$/oz) and,
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11.22
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14.69
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12.39
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12.70
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13.54
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- Copper (US$/lb)
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1.75
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1.59
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1.73
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1.69
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2.88
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Production Table Notes:
1. Production statistics are on a 100% basis.
2. Cash cost per payable ounce of silver or payable pound of copper is a non GAAP measure. The Company believes that, in addition to cost of sales, cash costs per ounce or per pound is a useful and complementary benchmark for performance and is well understood and widely reported in the mining industry. However, cash costs per ounce does not have a standardized meaning prescribed by Canadian GAAP. Investors are cautioned that cash costs per ounce or per pound should not be construed as an alternative to cost of sales determined in accordance with Canadian GAAP as an indicator of performance. The Company's method of calculating cash costs per ounce or per pound may differ from the methods used by other entities and, accordingly, the Company's cash costs per ounce or per pound may not be comparable to similarly titled measures used by other entities.
3. Average commodity prices used to off-set (by-product credit basis) or allocate (co-product basis) cash costs are the monthly weighted average realized prices based on invoiced shipments.
Exploration Update
The Company is moving forward with compilation of surface mapping and review of existing drill hole data in order to prioritize exploration targets around the Troy Mine. Two drill holes targeting a southern extension of the lower quartzite zone are planned for completion before year end.
Mr. John Shanahan, President and CEO, noted “Our exploration and operating teams continue to do an outstanding job at the Troy Mine. We are confident that we can continue to sustain our cost cutting initiatives and foster exploration development in and around existing Troy operations.”
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 the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include but are not limited to those with respect to our expectation that reserve/resource calculations in progress will increase both tonnage and grade for mill throughput in 2009, and the future potential of Troy. Actual results and developments could be affected by 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 with the Securities and Exchange Commission and Canadian securities regulatory authorities. 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 as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
© Copyright 2009, Revett Minerals Inc.
© Copyright 2010, Revett Minerals, Inc.
