Mineral Reserve Estimates as of 12.31.09
Troy Mine Reserves (1)


Area

Tons
(M tons)
(2,3,)

Ag Grade
(Opt)

Cu Grade
(%)

Contained Ag
(Moz)

Contained Cu
(Mlbs)

Proven

North Ore Body
2.01
1.33
0.68
2.67
27.34
 

South Ore Body
0.98
1.58
0.82
1.55
16.07
 

East Ore Body
0.09
1.28
0.66
0.12
1.19

Total Proven
 
3.09
1.41
0.72
4.34
44.60

Probable

North Ore Body
2.22
0.72
0.41
1.60
18.20
 

South Ore Body
0.73
1.06
0.34
0.77
4.96
 

East Ore Body
1.83
1.34
0.61
2.45
22.33
 

Lower Revett C Bed
1.23
1.61
0.56
1.98
13.78

Total Probable
 
6.01
1.13
0.49
6.80
59.27

Proven & Probable

North Ore Body
4.24
1.01
0.54
4.27
45.54
 

South Ore Body
1.71
1.36
0.61
2.32
21.03
 

East Ore Body
1.92
1.34
0.61
2.57
23.52
 

Lower Revett C Bed
1.23
1.61
0.56
1.98
13.78

Total Proven & Probable
 
9.10
1.23
0.57
11.14
103.87


  1. Mineral Reserves have been categorized in accordance with the classifications defined by the CIMM
  2. Does not include resources contained in planned pillars.  Only material scheduled to be extracted and milled included.
  3. The estimated mineral reserves were calculated by Mr. Larry Erickson, P Eng., a Qualified Person (“QP”) in accordance with Canadian National Instrument 43-101 (“NI 43-101”). They are stated using a cut-off grade of US$ 21.02 net smelter return per ton calculated at US$ 12.33/oz Ag and US$2.67/lb Cu. Mr. Erickson is an employee of Revett and is not considered independent.


Mineral Resource Estimates as of 12.31.09
Troy Mine Resources (1)


Area

Tons
(M tons)
(2,3,)

Ag Grade
(Opt)

Cu Grade
(%)

Contained Ag
(Moz)

Contained Cu
(Mlbs)

Measured

North Ore Body

27.1
1.33
0.66
36.0
357.5
 

South Ore Body
17.7
1.39
0.72
24.6
254.4
 

East Ore Body
3.2
1.13
0.52
3.6
33.1

Total Measured
 
48.0
1.34
0.67
64.2
645.0

Indicated

North Ore Body

3.3
0.72
0.41
2.4
27.4
 

South Ore Body
1.1
1.06
0.34
1.2
7.4
 

East Ore Body
4.4
1.23
0.50
5.4
44.1
 

Lower Revett C Bed
1.8
1.61
0.56
3.0
20.6

Total Indicated
 

10.6
1.12
0.47
12.0
99.5

Measured & Indicated

North Ore Body
30.4
1.27
0.64
38.6
384.9
 

South Ore Body
18.8
1.37
0.68
25.7
261.8
 

East Ore Body
7.6
1.19
0.51
9.0
77.2
 

Lower Revett C Bed
1.8
1.61
0.56
3.0
20.6

Total Measured & Indicated
 
58.6
1.30
0.63
76.3
744.5
Historical Resources

 
 

JF Property (4)

11.0
1.40
0.40
15.4
88.0
Total Historical Inferred
 
11.0
1.40
0.40
15.4
88.0

  1. Mineral Resources have been categorized in accordance with the classifications defined by the Canadian Institute of Mining, Metallurgy, and Petroleum (“CIMM”).
  2. Includes Proven & Probable Reserves and resources contained in existing pillars.
  3. The estimated mineral resources were calculated by Mr. Larry Erickson, P Eng., a Qualified Person (“QP”) in accordance with Canadian National Instrument 43-101 (“NI 43-101”). They are stated using a cut-off grade of US$ 21.02 net smelter return per ton calculated at US$ 12.33/oz Ag and US$2.67/lb Cu. Mr. Erickson is an employee of Revett and is not considered independent.
  4. Resources listed for the JF Property are Historic Resources as defined by the CIMM and have not been audited by a Qualified Person.  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.  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.

Mineral Resource Estimates as of 12.31.09
Rock Creek Project Resources (1)


Area

Tons
(M tons)
(2,3,)

Ag Grade
(Opt)

Cu Grade
(%)

Contained Ag
(Moz)

Contained Cu
(Mlbs)

Inferred

Chicago Block
78.0
1.45
0.65
113.0
1,025.0
 

St. Paul Block
48.0
2.10
0.92
101.0
883.0
 

North Basin Block
10.0
1.50
0.57
15.0
114.0

Total Inferred
 
136.0
1.67
0.72
229.0
2,022


  1. Mineral Resources have been categorized in accordance with the classifications defined by the CIMM.
  2. The estimated mineral resources are based upon a technical report (the “ Rock Creek Report”) dated May 7, 2004, amended as of January 27, 2005, prepared by SRK Consulting, Toronto in accordance with NI 43-101. They are stated using a cut-off grade of US$ 10.00 net smelter return per ton calculated at US$ 7.00/oz Ag and US$1.00/lb Cu.


Cautionary Note to U.S. Investors
United States investors are cautioned that terms such as "inferred mineral resources," indicated mineral resources" and "measured mineral resources" used in this website to describe our mineral properties are not recognized or accepted terms under rules and regulations promulgated by the United States Securities and Exchange Commission ("SEC"). "Inferred," "indicated" and "measured" mineral resources are not the same as "proven reserves" or "probable reserves" as defined by the SEC's rules and regulations, principally because they are less certain and may not be amenable to economic development. No investor should assume that all or any portion of the "inferred," "indicated" or "measured" mineral resources described in this website are equivalent to proven or probable reserves, or that additional exploration or development work will cause them to be categorized as such, or that we have concluded it is economically feasible to develop them. United States investors are urged to carefully consider the disclosures contained in the periodic reports and other information we file with the SEC, which can be found on the SEC's EDGAR website at www.sec.gov.


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