Revett Minerals Provides Hedging Update

 

 

SPOKANE VALLEY, WA - Revett Minerals Inc. reported on its recently initiated 2012 copper hedging program.

For 2012, the company has sold forward approximately 25% of forecast copper production at US$4.00 per lb. This transaction, for 100 metric tons per month, is for copper contained in concentrates produced at the Troy mine from January to December 2012.

For the fourth quarter of 2011, under a previously announced program, the company has sold forward approximately 50% of forecast copper production at US$3.55 per lb and approximately 25% of silver at US$19.00 per ounce. This transaction, for 200 metric tons and 30,000 ounces per month respectively, is for metal contained in concentrates produced at the Troy mine from October to December 2011.

John Shanahan, President and CEO, stated "While we believe that copper and silver prices will remain strong in the longer term, the ability to lock away some copper at $4.00 per lb for 2012 will support our efforts in commencing development of the I Beds at Troy in 2012. We believe our ability to prudently manage short term commodity price risk is an important component in our overall goal of fully utilizing our reserves and resources at Troy which in turn forms an important cornerstone in financing and developing Rock Creek".

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.