Troy Mine Productivity Gains Continue
SPOKANE VALLEY, WA - Revett Minerals Inc. reported continued mine productivity gains at the Troy Mine, averaging 4,123 stpd for the first six months of 2010, compared to 3,871 stpd for the first six months of 2009. Ongoing development and more production from the Lower Quartzite areas resulted in 2nd quarter grades (0.70 opt silver and 0.33% Cu). Grades in the third quarter have improved (1.0 opt Ag and 0.40% Cu) and are expected to continue through the end of the year.
President and CEO, John Shanahan said, Significant advancement achieved on the higher grade "C-Bed" development by Small Mines Development, completing 57% or 1,722 feet of the decline access by the end of June. Access to the "C-Beds" is expected by the end of the third quarter. Net cash provided from operations before capital expenditures for the 2nd quarter of 2010 was US$1.3 million despite lower average grades, compared to $1.2 in the second quarter of 2009. Exploration drilling initiated in January of 2010 to further define resource and reserves at Troy resulted in the discovery of the highest grade intercepts yet in the "I-beds". The decline to access the "C-Bed" ore body has advanced significantly and is on track to be completed in the third quarter. Production from the C Bed ore body, which contains 1.2M tons of ore grading 1.61 ounces per ton silver and 0.56 percent copper, is expected to significantly improve our average mill feed grades late in the fourth quarter. The C Bed development will also provide access for future underground drill stations. The Company has continued its exploration program success in and around the Troy Mine during the first half of 2010, discovering the highest grade intercept yet drilled in the "I-Beds" (24 feet of 1.99 ounces per ton silver & 0.43% Copper) beneath the current mine workings. Based on these encouraging results from the "I-Bed" drilling, the Company plans to aggressively continue exploration both vertically below and laterally adjacent to current mining areas at Troy with the objective of significantly increasing the mine life beyond the current 6 year plan. Shanahan said, "We are pleased with our continued operating, development and exploration successes during the first half of 2010. Although second quarter grades were low, our productivity improvements combined with cost containment efforts and strong metals prices have enabled us to reinvest cash flows into the development of the "C-Beds" and increase our spending on exploration. Further cost per ounce reductions are anticipated as we bring the "C-beds" into production during the 4th quarter based on higher grades from this zone. In addition, along with the "C-bed" development we intend to review various options to accelerate our exploration based upon encouraging results from our drilling program at Troy." The company's address is 11115 East Montgomery, Suite G, Spokane Valley, WA 99206, (509) 921-2294, fax: (509) 891-8901.