Spokane Valley, Washington (November 24, 2006) - Revett Minerals Inc. (TSX-RVM) (“Revett” or the “Company”) is pleased to announce that it has closed its previously announced private placement  led by Strata Partners LLC of Seattle, Washington.  The Company has issued and sold 11.5 million units from treasury. Each unit consists of one common share and one-quarter of a common share purchase warrant, with each full warrant entitling the holder to purchase one common share of the Company at a price of $1.36 per share for a period of 30 months from closing, subject to acceleration in certain circumstances. The gross proceeds of the offering were (Cdn) $12,995,000. With the proceeds of the offering, the Company intends, among other things, to advance its Rock Creek project.

 

Silver Wheaton Corp. (TSX, NYSE:SLW) (“Silver Wheaton”) participated in this offering as lead investor. Together with its prior holdings of Revett, Silver Wheaton now holds approximately 17% of the Company’s issued and outstanding shares.  Prior to closing there were 60,062,878 common shares outstanding. In addition, the Company at the request of Silver Wheaton, has granted it the right, under certain conditions, to participate in future offerings of common shares and securities convertible into common shares of the Company so that Silver Wheaton may maintain its then existing ownership in Revett.

 

In consideration for its services in completing this offering, the agent was granted a right to acquire 268,000 units at any time up to 30 months from closing and, in addition, it received cash compensation of (Cdn) $454,260.

 

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