Revett Minerals Inc.
Revett Provides Update on Exploration and Year End Reserves and ResourcesSpokane Valley, Washington February 27, 2012; Revett Minerals Inc. (RVM:TSX / NYSE Amex:RVM) ("Revett" or the "Company") is pleased to provide an update on exploration and year end reserve and resource estimates for the Troy Mine, along with an outline of recent claims acquired near the Rock Creek Project. Both properties are located in northwest Montana.
Troy Exploration and Reserve Highlights
• Replaced 100% of reserves mined in 2011 including additions in the North Ore Body (C Beds), South Ore Body (A Beds) and North Ore Body Lower Quartzite areas, resulting in a seven year life of mine as of December 31, 2011;
• Identified additional drill targets through geophysical surveys on the southern extension of current mining areas warranting further exploration planned in 2012;
• Discovered anomalous mineralization in the I Beds beneath the North Ore Body; and
• Re-assaying of a portion of the core from prior drilling of the JF property, confirming the ASARCO
assays on this core.
Exploration efforts at the Troy Mine during 2011 have
successfully replaced the tons of ore mined in 2011 thus
maintaining a seven year mine life. The Company intends to
continue exploration below and adjacent to current mining
areas which will further define the continuity of I Bed
mineralization beneath the North Ore Body. The program is
designed with the intention of extending the current mine
life and to possibly
increasing production. In addition, a review and
re-interpretation of new and existing geophysical data has
also been completed, identifying other exploration targets
that we plan to follow up on with more geophysics and
drilling in 2012. Targets for 2012 exploration will also
focus on mineralization trends to the east and to the north
of the Troy Mine within our extensive claim blocks. Our goal
is to optimize production through the existing Troy Mine
infrastructure.
Troy Reserves & Resources
Estimated Mineral Reserves and Resources as of December 31, 2011 are as shown in the following tables:
Troy Reserves (Dec. 31, 2011) Grades Contained Metals1. Mineral Reserves have been categorized in accordance with the classifications defined by the Canadian Institute of Mining, Metallurgy, and
Petroleum ("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$ 28.49 net smelter return per ton calculated at US$
19.61/oz Ag and US$3.23/lb Cu. Mr. Erickson is an employee of Revett and is not considered independent.
Troy Resources (Dec. 31, 2011) Grades Contained Metals11115 East Montgomery, Suite G, Spokane Valley, WA 99206
509-921-2294 fax 509-891-8901
Classification(1)Tons
(Mst)(2,3)
Silver (opt) Copper (%) Silver (Moz) Copper (Mlbs)
Measured 48.60 1.36 0.66 65.99 646.21
Indicated 15.12 1.09 0.38 16.47 113.54
Total Measured & Indicated* 63.72 1.29 0.60 82.46 759.75JF Property(4)
Total Inferred 11.00 1.40 0.40 15.40 88.80 *Pillars Incl. in Meas. & Ind. 44.79 1.35 0.66 60.46 590.691. Mineral Resources have been categorized in accordance with the classifications defined by the CIMM.
2. Includes Proven & Probable Reserves and resources contained in existing pillars.
3. The estimated mineral resources were calculated by Mr. Larry Erickson, P Eng., a QP in accordance with NI 43-101. They are stated using a cut-off grade of US$ 28.49 net smelter return per ton calculated at US$ 19.61/oz Ag and US$3.23/lb Cu. Mr. Erickson is an employee of Revett and is not considered independent.
4. Resources listed for the JF Property are a historical estimate with the meaning of NI 43-101 and have not been audited by a QP. 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 NI 43-101 and uses categories other than the ones set out in section 1.2 of NI 43-101, is considered relevant. A QP 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 QP in accordance with NI 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.
Rock Creek Exploration Update
In 2011, Revett increased its land position near the Rock
Creek project, purchasing an additional eight claims known as
the "JE Claims" in October and staking another 200 unpatented
claims during 2011 in an area known as the "Lost Girl" claims
adjacent to and northwest of the Rock Creek deposit. These
claims have expanded the Company's property position at
Rock Creek by approximately 4,100 acres. Prior exploration
work by other parties on the JE Claims discovered
copper-and-silver-bearing zones along the extended Rock Creek
mineralization trend which warranted our strategic
acquisition of these claims.
With the addition of the JE claims and the Lost Girl claims,
we now have a total of 370 unpatented lode claims along with
99 patented lode claims at the Rock Creek project covering
over 9,300 acres. We are strategically positioned to be able
to take advantage of other potential targets along the known
northwestern trend of mineralization adjacent to the Rock
Creek deposit. The following chart shows our current land
position at both Rock Creek and Troy in northwestern Montana
along with our two other exploration properties known as Sims
Creek and Vermillion River.
Mr. John Shanahan, President and CEO, noted "Continuing to
operate Troy at planned levels while extending mine life are
critical components that guide us to eventual development of
Rock Creek. We are excited to begin staged development of the
I Beds in 2012, which we believe in turn will lead to further
developments in the Lower Revett and continued extension of
Troy mine life. The strategic addition of the JE and Lost
Girl claims between Troy and Rock Creek confirms our
commitment to responsible and long term development in the
region. We are thankful for the wonderful efforts of our
employees and ongoing support from the communities of
Northwestern Montana that enable us to be in a strong
financial position with a growing regional resource
base."
Larry Erickson, P. Eng., an employee of Revett and a QP, has
reviewed the technical information in this new release.
11115 East Montgomery, Suite G, Spokane Valley, WA 99206
509-921-2294 fax 509-891-8901
Revett, through its subsidiaries, owns and operates the
currently producing Troy Mine in Lincoln County, Montana and
development-stage Rock Creek Project located in Sanders
County, Montana, USA. The proven reserves at the Troy Mine
and significant resources at the Rock Creek project form the
basis of our plan to become a premier mid-tier base and
precious metals producer. Revett plans on expanding
production through exploration in and around its current
properties, as well as through targeted business combinations
of advanced stage projects.
John Shanahan
President & CEO
For more information, please contact: Monique Hayes,
Corporate Secretary / Director of Investor Relations
(509) 921-2294 or
visit our website at www.revettminerals.com.
Except for the statements of historical fact contained
herein, the information presented in this press release may
contain "forward- looking statements" within the
meaning of applicable Canadian securities legislation and The
Private Securities Litigation Reform Act of 1995. Generally,
these forward looking statements can be identified by the use
of forward-looking terminology such as "expects",
or "does not expect", "is expected",
"is not expected", "budget",
"plans", "schedule",
"estimates", "forecasts",
"intends", "anticipates", "or does
not anticipate" or "believes" or variations of
such words and phrases or state that certain actions, events
or results "may", "could",
"would", "might" or "will",
"occur" or "be achieved". Forward-looking
statements contained in this press release include but are
not limited to statements with respect to, our intention to
continue exploration at Troy with the intention of extending
the current mine life and possibly incrementally increasing
production and development of the Rock creek Project. Actual
results and developments could be affected by development
risks and production risks at the Troy Mine, additional legal
challenges and permitting for the Rock Creek project as well
as those factors discussed in the section entitled "Risk
Factors" in the Form 10-K filed on SEDAR at
www.sedar.com and with the SEC on EDGAR. Although the Company
has attempted to identify important factors that could cause
actual results to differ materially, there may be other
factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Revett Minerals does
not undertake to update any forward-looking statements that
are incorporated by reference herein, except in accordance
with applicable securities laws.
11115 East Montgomery, Suite G, Spokane Valley, WA 99206
509-921-2294 fax 509-891-8901