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Troy Mine Owners Guarantee Environment and Taxpayers are Protected
January 12, 2007Spokane, Washington - Revett Minerals Inc. (TSX-RVM) Owners of the Troy Mine released a letter to Montana’s Department of environmental Quality reaffirming the company’s commitment to pay for an Environmental Analysis (EA) to update the mine’s reclamation plan.
“We’re committed to doing whatever is necessary to protect Montana’s environment and its taxpayers. If after doing the EA, the experts at Montana DEQ determine an Environmental Impact Statement (EIS) is needed, we remain committed to fund that study as well,” said Bill Orchow, president and CEO of Revett Minerals which operates the Troy mine.
“Because we’re conducting exploration and looking at options that could extend the life of the mine, we believe it would be more cost-effective and practical to wait and do the appropriate environmental analysis when those plans were completed, but we will abide by DEQ’s decision,” he added.
The letter to DEQ clarified that the company’s position is, and has always been, that so long as the process as laid out by Montana law is followed, the company will pay for the state’s work in assessing the environmental impacts of the mine, just as the company has paid for the mine’s bond and an additional trust fund to cover any reclamation.
Summary of Revett’s environmental commitment at Troy:
- Since Revett purchased the mine in 1999, at the Montana DEQ’s request, Revett has increased the reclamation bond for the Troy Mine from $2.8 to $12.3 million which will increase to $12.9 million by the end of 2008.
- Revett has deposited $7.0 million in an interest bearing trust account set aside specifically for Troy Reclamation.
- The Troy mine has a 20 plus year record of protecting the environment and water quality.
- A Biological Assessment and Biological Opinion were completed by U.S. Forest Service and U.S. Fish and Wildlife Service in 2005 & 2006. These studies concluded the mine would have “no effect” on Canada lynx, grey wolf, or bald eagle and “is not likely to jeopardize the continued existence of the grizzly bear.”
Orchow concluded his press statement with a strong shot at the Cabinet Resources Group and its motives for bringing a lawsuit.
“We’re doing, the EA, and we’ll do an EIS if that’s what the agency wants. We’ve significantly increased the bonding. The mine is operating in an absolutely sound and safe environmental manner, so there’s no legitimate reason to bring any sort of suit. This is designed purely with the intent of putting 165 people out of work fopr no valid reason whatsoever,” he charged.
“We are diligently working our way through the process,” said Orchow. “Nothing can be
accomplished by pursuing the lawsuit. It’s time for an end to management by litigation.”
For more information, contact:
Bill Orchow or Carson Rife
Revett Minerals, 509-921-2294
© Copyright 2010, Revett Minerals, Inc.
