Significant Resources At Rock Creek Project
SPOKANE, WA - Revett Minerals, 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. The proven reserves at the Troy Mine and significant resources at the Rock Creek project form the basis of Revett''s 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 and CEO stated, "We remain focused on seeing Rock Creek through to development and production. Just as we do at our Troy Mine, we believe that we can develop Rock Creek to the highest level of environmental compliance and this project will be a source of pride for the communities of northwest Montana. We remain extremely grateful to both the state and federal agencies that guide us, along with the communities and local businesses that strongly support the development of the Rock Creek project"
On September 20, 2012, the U.S. Forest Service and the Montana Department of Environmental Quality ("DEQ") issued a joint Record of Decision approving a revised reclamation plan for the Troy Mine in Lincoln County, Montana. Although the Record of Decision is very similar to the current reclamation plan for the mine, it contains some additional closure requirements such as converting a portion of existing paved roads to gravel and, adding additional organic soil and mulch amendments to reclaim the tailings impoundment area. Most significantly, the new Record of Decision makes clear that an active water treatment facility to perpetually treat water from the Troy Mine following closure is not required. The Montana DEQ has not yet provided an estimate of the bonding requirements for the revised reclamation plan. We expect to have those estimates by year end.
On October 15, 2012, the Cabinet Resource Group, a regional environmental advocacy group, voluntarily dismissed, with prejudice, its pending lawsuit against DEQ, the Company, and Troy Mine, Inc. in Montana state court. The lawsuit, which was filed in 2007, had specified various issues related to the former reclamation plan.
The Company is required to obtain a number of state and federal permits prior to commencing Phase 1 development at Rock Creek in Sander County, Montana. Among these are a State MPDES permit for storm water discharges and issuance of a Supplemental Environmental Impact Statement (EIS) for the project.
In July 2011, the Montana State District Court ruled that the Company was required to obtain an "individual MPDES discharge permit" rather than the issued "general discharge permit" for road upgrades and storm water management during Phase 1 of the project. The Company subsequently appealed this decision to the Montana Supreme Court. On October 29, 2012, the Montana Supreme Court upheld the lower state court decision in a 4-2 ruling. The Company does not consider the decision a setback and has been working for several months with the DEQ on an application for an individual MPDES permit which is expected to be issued and effective by mid 2013.
In addition, the U.S. Forest Service, as lead agency, continues to work toward completion of a Supplemental EIS that addresses the matters raised in the Federal district court''s May 2010 ruling. When issued, the Supplemental EIS, together with the Biological Opinion that was upheld by the Ninth Circuit Court of Appeals in November 2011, will form the basis of a re-issued Record of Decision. Shanahan said, We expect that a draft of the Supplemental EIS will be delivered to the Forest Service by the agency''s contractor during the first quarter of 2013.
The company's address is 11115 East Montgomery, Suite G, Spokane Valley, WA 99206, (509) 921-2294.