Increased Copper Production At Troy Mine
SPOKANE VALLEY, WA Revett Minerals Inc. reported concentrate deliveries and sales during the first quarter of 2010 consisted of 2.4 million pounds of payable copper and 264,030 ounces of payable silver, compared to 2.2 million pounds of payable copper and 289,034 ounces of payable silver during the first quarter of 2009.
John Shanahan, President and CEO, noted "We are delighted to report first quarter profits of $0.01 per share buoyed by cash generation of $2.1million from our Troy operation. We will continue to focus on development and exploration at Troy which will cement our plans for future development. We are also very pleased with the recent judicial opinion on Rock Creek, as it provides us with the necessary information to proceed; and, we look forward to continuing our work with the U.S. Forest Service and other agencies as we move this project forward." The increase in production at Troy for the first quarter was slightly offset by lower grades, with silver production of 287,259 ounces and copper production of 2.5 million pounds compared to 321,149 ounces of silver and 2.3 million pounds of copper for the same period in 2009. Ore grades remain lower than life-of-mine averages (as was planned in the mine schedule), due to mining additional ore from Lower Quartzite area. Once production from the "C Bed" area becomes available in the fourth quarter, metal grades are expected to improve. Mill recoveries remained slightly higher than plan at 87.5% for silver and 85.1% for copper. 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, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project will form the basis of our plan to become a solid 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. The company's address is 11115 East Montgomery, Suite G, Spokane Valley, WA 99206, (509) 921-2294, fax: (509) 891-8901.