Revett Minerals Inc. Reports on Troy's Operational Improvements
Spokane Valley, Washington (April 11, 2007) - Revett Minerals Inc. (TSX-RVM) ("Revett" or the "Company") is pleased to report on the improved production performance of its 67% owned Troy Mine ("Troy") located in northwest Montana. Since the operation was restarted in December of 2004, Troy had experienced some difficulties in ramping up its production to the level originally anticipated. These difficulties were related to under utilization of its jumbo drills caused by low mechanical availability, from delays in obtaining replacement parts and by a shortage of trained underground miners, all of which contributed to underground development being behind schedule. As previously reported, the management of Troy has been aggressively working to rectify these problems and the Company believes that the 2007 first quarter operating results illustrate that substantial progress has been made in resolving these issues. In addition to improved operating
efficiencies, the grade of ore mined during the first quarter improved as it reverted back to the average grade of ore as reported in the latest reserve report.
The first quarter of 2007 represents the best operating results since Revett resumed mining activities at Troy, including record mill through put, record recoveries in the mill and record production. Although mill through put averaged 3,891 tons per day in the first quarter, mill through put in the month of March averaged 4,241 tons per day. The table below identifies the production improvements that were achieved during the first quarter of 2007.
|
1st Quarter |
1st Quarter |
1st Quarter |
Full Year |
|
2007 |
2006 |
2005 |
2006 |
Tons milled |
350,180 |
282,801 |
200,997 |
944,783 |
Tons per day |
3,891 |
3,142 |
2,233 |
2,588 |
Cu Grade (%) |
0.54 |
0.44 |
0.78 |
0.46 |
Cu Recovery (%) |
87.1 |
81.7 |
78.3 |
83.5 |
Cu production (lbs) |
3,302,352 |
2,026,697 |
2,474,000 |
7,304,383 |
Ag Grade (opt) |
1.15 |
1.12 |
1.84 |
1.13 |
Ag recovery (%) |
88.9 |
84.8 |
81.3 |
86.2 |
Ag production (ounces) |
359,134 |
265,321 |
302,569 |
916,969 |
Mr. Bill Orchow, President and CEO, stated "The Company is extremely pleased with the progress our employees have made in improving the operating performance of Troy. We were confident that as the workforce gained operating experience, the tangible benefits of their improving skills would come to fruition as the benefits of our in-house training programs are beginning to be realized. It is also gratifying to note that these production improvements have been accomplished without diminishing Troy's excellent safety record or its continued commitment to the highest standards of environmental protection."
William Orchow
President & CEO
For more information, please contact:
Scott Brunsdon, CFO or Doug Ward, VP Corporate Development at (509) 921-2294
Renmark Financial Communications Inc.
Jason Roy: jroy@renmarkfinancial.com
Michael Shore: mshore@renmarkfinancial.com
Media - Eva Jura: ejura@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
This press release contains forward-looking statements regarding the Company's ability to sustain and increase production at the Troy Mine. Such forward-looking statements assume, among other things, that there are no major geotechnical problems, that supplies and consumables remain available at reasonable prices and are available in a timely manner, that the workforce training programs continue to be effective, that mechanical availability of the equipment remains at planned levels and that the future prices of silver and copper are such that the mine continues to be economically viable. Actual results may differ materially from those contemplated by the forward-looking statements if any of these assumptions prove incorrect. The forward-looking statements contained in this press release represent the Company's views and expectations as of the date of this press release and should not be relied upon as representing the Company's views and expectations as
OF A SUBSEQUENT DATE.