Revett Advances Troy Mine Exploration and Progresses Rock Creek Litigation
SPOKANE VALLEY, WASHINGTON -- (Marketwire) -- 06/08/11 -- Revett Minerals Inc. (TSX: RVM) (NYSE Amex: RVM) today reported positive interim results from exploration at the Troy Mine and progress in the ongoing Rock Creek litigation.
Troy Exploration Update
Exploration core drilling at Revett Minerals' Troy Mine in western Montana has identified an additional 1.2 million tons of indicated resource (1,157,946 tons at a grade of 1.07 opt silver and 0.41% copper estimated as of June 1, 2011) in the C Bed mining horizon, approximately a 50% increase of the C Bed inferred resources that were reported January 8, 2011.
Previous drilling had indicated the bench to be 10 to 20 feet thick, however, the results from recent infill drilling from within the C Bed area have further defined approximately 0.6 million of additional tons of inferred resource in the bench ore, doubling the bench thickness to 20 to 45 feet. In addition to the bench ore, drilling north of the known C Bed inferred resources has identified the potential of another 0.6 million tons of inferred resource. Final assay results from an outside lab are pending and the resource /reserve model will be finalized in the third quarter, after the next core hole is completed and assay results are received.
The table below details the C Bed assay results from the recent drilling.
Lower Revett Formation 'C-Bed' Drill Results
Depth below Mine Workings: 370'.
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Drill
Hole ID From To Interval Silver Copper Date/
(feet) (feet) (feet) Grade Grade Company
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SL-154 584' 620' 36' 1.68 opt 0.57% 2007/Revett
SL-155 568' 598' 30' 1.50 opt 0.59% 2007/Revett
SL-158 554' 576' 22' 2.09 opt 0.63% 2007/Revett
SL-159 581' 613' 32' 1.37 opt 0.47% 2007/Revett
including 597' 613' 16' 1.79 opt 0.62%
SL-160 557' 567' 10' 0.37 opt 0.18% 2007/Revett
SL-179 597' 617' 20' 0.55 opt 0.09% 2011/Revett
SL-180 585' 609' 24' 1.00 opt 0.26% 2011/Revett
SL-181 622' 649' 27' 1.52 opt 0.45% 2011/Revett
11-CB61J-01 24' 38' 14' 0.20 opt 0.30% 2011/Revett
11-CB61J-02 36' 50' 14' 1.11 opt 0.43% 2011/Revett
11-CB59M-03 0' 26' 26' 0.98 opt 0.56% 2011/Revett
11-CB59M-04 0' 35' 35' 1.07 opt 0.56% 2011/Revett
11-CB60I-05 0' 6' 6' 1.46 opt 0.67% 2011/Revett
11-CB56I-06 0' 11' 11' 1.98 opt 0.74% 2011/Revett
11-CB56I-07 0' 13' 13' 1.62 opt 0.58% 2011/Revett
11-CB56K-08 0' 32' 32' 1.92 opt 0.79% 2011/Revett
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Note: Holes SL-154 through SL-160 were disclosed in a news release issued on June 23, 2010.
In addition to the recent successful exploration and achieving planned production levels of 2,150 tons per day from the C Bed ore body, core drilling continues to explore potential extension of the I Bed beneath current mining at the Troy Mine. Development plan for indicated resources and probable reserves identified in the I Bed area (6.0 million tons of indicated resource and 4.0 million tons of probable reserve at an estimated grade of 1.02 opt silver and 0.27% copper) announced in a press release dated January 8, 2011 is expected to be completed by the end of this year.
At the JF property south of the Troy Mine, re-logging and re-assaying of existing core, combined with new geophysical surveys and core drilling, is planned for the summer of 2011 to further define and expand the historic inferred resource. The historic resource of 11.0 million tons grading 1.40 ounces per ton silver and 0.40% copper is in the I Bed located in the Lower Member of the Lower Revett Formation.
Assay Quality Assurance/Quality Control
Core samples were collected under the direct supervision of Revett personnel and stored at a secure storage facility at the Troy Mine. Detailed geologic logging identified the mineralized intervals sampled. The samples were taken from NC cores (approx.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. A total of 184 samples were taken from the C Bed intercepts in drill holes SL-154 through SL-181 and 11-CB61J-01 through 11-CB56K-08.
Revett has submitted reference samples to American Analytical Services for Quality Assurance /Quality Control. Typical ore grade material, mine tailing and blank (waste) material are used as reference samples. Approximately one in ten samples is a reference sample and 100% of the core sample results were checked at the Troy Mine, Inc. assay lab.
Larry Erickson, an employee of Revett and a Qualified Person ('QP'), has verified the data relating to the results of drilling disclosed in this press release and has reviewed the contents of the press release.
Rock Creek Update
Notice has been received from the U.S. Court of Appeals for the Ninth Circuit that oral arguments have been scheduled for July 14th in Portland, Oregon with regard to the litigation regarding Rock Creek Alliance, et al versus the U. S. Fish & Wildlife Service (USFWS). This date is somewhat earlier than anticipated and we are encouraged that progress is being made in this ongoing litigation. As hoped, the USFWS prevailed in the Federal District Court on the issues related to the Endangered Species Act (ESA) and subsequently the environmental groups have appealed that part of the District Court's May 2010 ruling to the Ninth Circuit.
Since May 2010, when Federal District Judge Don Molloy vacated the Final Environmental Impact Statement (FEIS) and Record of Decision (RoD), Revett has been determining what is required to satisfy the issues identified in the Court's Opinion. In cooperation with the U.S. Forest Service, a decision has been made to complete a Supplemental EIS (SEIS) to correct the deficiencies identified by the Court related to the National Environmental Policy Act (NEPA). Recently, a contractor was selected for completion of the SEIS and the Company has been reviewing the thousands of pages in the 2001 FEIS, re-writing and updating pertinent sections that will be contained in the new SEIS. Revett intends to have a Draft SEIS completed by year's end so that a Final SEIS and new Record of Decision can be issued early to mid next year.
John Shanahan, President and CEO, noted 'We are extremely pleased with our progress at the Troy Mine. Production levels have returned to plan (April 2011 at 3,826 tons per day, May 2011 at 4,207 tons per day) and continued exploration successes in the Lower Revett, particularly in the C Bed area, has identified significant resource expansion. We now look forward to entering into what we hope is the last stage of litigation on Rock Creek. We remain committed to operating Rock Creek to the same high standard as we operate the Troy Mine and believe we can become a showcase for responsible natural resource development in the USA.'
John Shanahan, President & CEO
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, anticipated grades, increase in resources and production at the Troy Mine and the possible timing for the issuance of a Final SEIS and new Record of Decision. Actual results and developments could be affected by development risks and production risks, additional legal challenges and appeals, 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.
Contacts:
Revett Minerals Inc.
Monique Hayes
Corporate Secretary/Director Investor Relations
(509) 921-2294
www.revettminerals.com