Revett Ramps Up Mining In C Bed Area 
 

SPOKANE VALLEY, WA - Revett Minerals Inc. reported first quarter 2011 production from its Troy Mine in northwestern Montana of 245,068 ounces of silver and nearly 2 million pounds of copper. Production was lower and costs were higher than the same period a year ago, primarily due to transitioning much of the mining to the newly developed, higher-grade C Bed area. The 18% and 14% higher grades of silver and copper, respectively, in the C Bed area are the basis of Revett's guidance for 2011 annual silver production of 1.3 million ounces, up from 1 million ounces of silver produced in 2010.

John Shanahan, President and Chief Executive Officer, said "We have seen continued improvements in ore production in the first quarter during this transition period, and now that the C Bed development is completed, we are poised for further improvements in the second quarter of 2011. Already in April, we have seen the average mill throughput increase to 3,700 short tons per day (stpd), up from January's average of 3,114 stpd. Our goal is to average 4,000 stpd for the year. That production level combined with the higher ore grades from the C Bed are the drivers for our increased silver production guidance for this year. We also remain focused on our exploration and engineering efforts to add value, expand the mine life and realize the longer term potential of the Troy Mine."

Highlights: The C Bed development, including the installation of a ventilation and secondary escape-way raise was completed by quarter's end. Ore production and metal grades from the C Bed area are on track with estimates; Net cash provided from operations before capital expenditures for the first quarter of 2011 equaled net cash from the same period a year ago, at US$ 3.2 million, with higher metals prices offsetting the lower production and higher costs caused by C Bed development and ramp up activities; Mill feed for the three months ended March 31, 2011 compared to the first quarter of 2010 was lower at 3,277 stpd, with higher metal grades of 1.02 ounces per ton (opt) silver (Ag) and 0.44% copper (Cu), versus 2010 first quarter throughput at 4,265 stpd with metal grades of 0.86 opt Ag and 0.38% Cu; Cash costs for the first quarter of 2011, calculated on a net of by-product basis, was $11.99 per ounce silver and $2.05 per pound copper and exploration efforts continued in and around the Troy Mine with anomalous copper and silver mineralization intersected during core-hole drilling in the I Beds beneath the North Ore Body.

In addition to the ramp up of mining in the C Bed area, ore production during the first quarter was impacted by ongoing development work in the East Ore Body, including pressure grouting to allow access through a fault zone. Another factor contributing to decreased production was lower ore recoveries in the first quarter of 2011. Metallurgical test work is ongoing to determine the cause and adjust the mill recovery process. Drilling continued targeting expansion of the I Bed mineralization in the North Ore Body area with anomalous bornite mineralization containing silver and copper encountered in recent drilling. Follow up drilling will continue in the North Ore Body area to further define this I Bed target. As was announced in a news release issued on February 8th, 2011, prior drilling in the South Ore Body area defined more than 4 million mineable tons containing over 4 million ounces of silver and 21 million pounds of copper. Adding to the Troy Mine long-term exploration pipeline are targets outside the current mine footprint. An independent review of prior geophysical survey work was completed during the first quarter, with several targets identified around the Troy Mine. Additional geophysical work is planned for completion this summer. The company's address is 11115 East Montgomery, Suite G, Spokane Valley, WA 99206, (509) 921-2294, fax: 1(509) 891-8901.