Spokane Valley, Washington (November 16, 2006) - Revett Minerals Inc. (TSX-RVM) (“Revett” or the “Company”) announced today that it has agreed on the principal terms of a private placement providing for the issuance by the Company of up to a maximum 11.5 million units at a price of Cdn $1.13 per unit for gross proceeds of up to approximately Cdn $13 million.  Each unit will consist of one common share of the Company and one-quarter of one common share purchase warrant.  Each full warrant will entitle the holder to purchase one common share at a price of Cdn $1.36 and will expire 30 months from the date of issuance, provided that if the closing price of the common shares of the Company is above Cdn $2.00 for fifteen consecutive trading days, the Company may accelerate the expiry of the warrants by issuing a press release to the effect that the warrants will expire 30 days following the date of such press release.

 

The closing of the private placement is scheduled to take place on or about November 22, 2006. Completion of the private placement is subject to certain conditions, including, but not limited to, execution of subscription agreements and other documentation relating to the private placement and receipt of all regulatory approvals.

 

Strata Partners LLC of Seattle, Washington has agreed to act as lead agent on a best efforts basis for the private placement. 

 

There are currently 60,050,878 common shares outstanding.

 

With the proceeds of the offering, the Company intends, among other things, to advance its Rock Creek project.

 

Revett Minerals Inc., through its subsidiaries, owns both the Rock Creek Project and the Troy Mine located in northwest Montana. Based on the drilling to date, Rock Creek has an estimated inferred resource of 137 million tons grading 1.67 ounces silver per ton and 0.73% copper, containing approximately 229 million ounces of silver and over 2 billion pounds of copper using a cut-off grade of US $10.00 per ton.  Further information on both the Troy Mine and the Rock Creek Project may be found in the National Instrument 43-101 reports at www.sedar.com. These reports were prepared on behalf of the Company by Jean-Francois Couture, P.Geo. and Ken Reipas, P.Eng. of SRK Consulting (Canada). Both Mr. Couture and Reipas are Qualified Persons under National Instrument 43-101. All of these issues are discussed in greater detail in the Company's official filings at www.sedar.com.

 

For more information, please contact:

Scott Brunsdon, CFO or Doug Ward, VP Corporate Development at (509) 921-2294

This press release contains forward-looking statements regarding the Company’s proposed  private placement including statements as to the anticipated timing of closing.  Actual developments may differ materially from those contemplated by these statements depending upon, among other things, the risk that the proposed private placement may not be completed whether because of a failure to agree on definitive documentation, failure to obtain regulatory approvals on terms acceptable to the Company or otherwise.  The forward looking statements contained in this press release represent the Company’s views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.