Spokane Valley, Washington - Revett Minerals Inc. (TSX-RVM) (“Revett” or the “Company”) is pleased to announce it has embarked on an exploration program around the Troy Mine Complex targeting potential new resources to extend the projected 6 year life of the operation.  To date, exploration and development activities at Troy have been focused on reserve delineation and expansion of the known resource which occurs within the Upper Revett Formation.  While these efforts will continue, the new exploration program will seek to define new resources within the Lower Revett Formation adjacent to and beneath the present mine workings, and in a near-by mineralized claim block known as the JF claims, or the JF deposit.  Highlights of this program are:

 

       - Historical mineral resource estimate of “11 million tons grading 0.4% Cu and 1.4 opt Ag”

 

This new program will concentrate on strata-bound copper/silver mineralization in the “I-Beds” of the Lower Revett Formation, approximately 1,200 feet stratigraphically below the Troy ore body. The Company’s Rock Creek project is hosted in upper quartzite units of the Lower Revett Formation, specifically the “A, C, E & G-Beds”, and the Company believes there is potential for ore grade mineralization in these beds as well at Troy.  

 

ASARCO Inc. (“ASARCO”), the prior operator at Troy, had drilled several holes into the “I-Beds” beneath and adjacent to the mine that returned copper and silver mineralization over a broad area.  In 2006, the Company began testing the Lower Revett to follow up on these findings with encouraging results to date.

 

Troy Lower Revett Formation “I-Bed” Drill Results

 

A total of 57 samples were taken in the “I Bed” intercepts from drill holes SL-150 and SL-151.  Detailed geologic logging identified the mineralized intervals sampled.  All the samples were taken from NC cores (~2") that were sawed in half.  In general, two foot intervals were sampled.  All samples were analyzed for copper, silver and lead using atomic absorption spectrometry.  Any samples with silver values greater than 0.30 ounces per ton were fire assayed. 

 

American Analytical Services of Osburn, Idaho (“AAS”) provided assays for SL-150, and Chris Christopherson Inc. of Smelterville, Idaho (“CCI”) assayed hole SL-151.  Both AAS and CCI are ISO accredited laboratories. The mine laboratory was used for check assays. In addition to the quality assurance / quality control at American Analytical Services and Chris Christopherson Inc., 50 percent of these samples were checked at the mine laboratory. The average difference between the mine laboratory and the other laboratory results were 0.048 ounces per ton for silver and 0.019 percent for copper.

In addition to drilling in the immediate area of the mine, ASARCO also conducted regional exploration and identified the JF strata-bound copper/silver deposit located approximately 8,000 feet south and on trend with the Troy deposit.  The JF deposit, located in the JF claim block, is hosted in the same “I-Beds” discussed above.  The copper and silver mineralization in the JF claims is contained in a flat lying north-south trending zone approximately 800 feet wide and approximately 1 mile long, with an estimated average thickness of 27 feet.  The JF deposit remains open on its east, west and south margins. 

 

ASARCO’s drill program on the JF  claims consisted of 12 diamond drill holes (8 in mineralization, 3 lost before reaching the target, and 1 with no mineralization) totaling 12,183 feet, and 3 “Winkie” holes testing the outcrop (2 in mineralization) totaling 752 feet.  Drill hole spacing ranged from 250 to 700 feet.  Revett has not yet taken the steps to validate this drilling information with new drilling data, however, Mr. Larry Erickson, P Eng., a Qualified Person (“QP”) in accordance with National Instrument 43-101, has reviewed ASARCO’s drilling data (ie; core logs, assay results, sections) and believes it to be reliable.   Mr. Erickson is an employee of Revett.

 

In 1992, ASARCO reported in an internal report a “Mineral Reserve” for the JF deposit of “11 million tons grading 0.4% Cu and 1.4 opt Ag.”  This historical mineral resource estimate, which was prepared before the adoption of National Instrument 43-101 and uses categories other than the ones set out in section 1.2 of NI 43-101, is considered relevant.  A Qualified Person has not, however, done sufficient work to classify the historical estimate as current mineral resources and accordingly, Revett does not treat ASARCO’s historical estimate as current mineral resources. The reader is cautioned that the ASARCO historical estimate should not be relied upon.  The reader is also cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability.

 

As previously mentioned, ASARCO conducted a regional exploration program around the Troy Mine Complex when it owned the Troy Mine.  Of interest for the current campaign is drill hole SL-131 (results shown above), located about halfway between the Troy deposit and the northern end of the JF claim block.  This hole may indicate a continuation of mineralization in the “I-Beds” between the JF deposit and the Troy Complex.

 

Two professional geologists with extensive experience working on Revett Formation hosted deposits have been retained by the Company to assist in prioritizing exploration targets and designing drill programs.  The “I-Bed/JF” program they recommended includes 23 surface diamond drill holes, totaling 25,500 feet, to be conducted over the next two surface drilling seasons.  The initial focus will be on the “I-Beds” between the mine and the JF claim block.  Exploration to validate the ASARCO data and potentially expand the JF deposit itself will follow.  Drilling into the “I-Beds” from within the mine is continuing, and designed to mesh with this surface program.

 

Mr. Erickson, Revett’s QP, has verified the data relating to the results of drilling disclosed in this press release and has reviewed the contents of this press release.

 

Revett, through its subsidiaries, owns and operates the Troy Mine, and the development stage Rock Creek Project, both of which are located in northwestern Montana, USA.  These projects host significant copper and silver mineral reserves and resources and will form the basis of our plan to become a solid mid-tier base and precious metals producer in the future.  The Company plans on expanding its production through exploration in and around its current properties, as well as through targeted business combinations of advanced staged projects.

 

William Orchow

President & CEO

 

For more information, please contact:

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