921-2294 fax 509-891-8901
Revett Minerals Inc.
Troy Mine Update and I Bed Development Plans
SPOKANE VALLEY, WA – October 16, 2013 -- Revett Minerals Inc. (NYSE MKT:RVM /
TSX:RVM) announced results from recent inspections along the Lower Quartzite haulage route and
a decision to commence I Bed development at its Troy Mine in northwestern Montana.
Continued dewatering and inspection of the Lower Quartzite haulage route have revealed
unexpected structural instability, which the company feels does not meet its standards of safety for
further development. As a consequence, the Company has decided it will not resume mining
operations using the Lower Quartzite haulage route, as originally planned, but will instead construct
a new development decline to the North C Bed and I-Bed deposits in the Lower Revett Formation.
Mine facilities such as the underground crusher, conveyor system and surface mill will remain on a
care and maintenance basis until production resumes. The Lower Quartzite haulage route will
remain an important access point for ongoing mine dewatering and ventilation.
The Company believes it can construct the new decline through previously unmined areas without
incurring the structural issues that have hampered its ability to return to production since operations
at the Troy mine were suspended last December. It estimates that access to the undeveloped North C
Bed area can be achieved in twelve months, and that access to the deeper I-Beds can be achieved six
months thereafter. The Company will commence construction of the development decline once it
obtains MSHA approval.
The cost of the decline is presently estimated to be approximately $12 million. The Company has
adequate funds to commence construction and is confident that the additional funding required to
complete the development project can be obtained next year. In the meantime, the Company will
continue to conserve its cash and reduce overall expenses.
The Company remains focused on its prime objective of permitting and developing the Rock Creek
project, one of North Americas’ largest silver deposits. The Company believes that it can return to
economic production at Troy through the I Bed development and be in a strong operating position to
commence Rock Creek once all final approvals and permits have been obtained.
John Shanahan, Revett’s President and CEO stated “Although our expectation to return to
production this quarter will not happen, our valuable infrastructure remains intact and we remain
confident the Troy Mine can safely resume operations. The development to the I Bed, which is
expected to initially access the North C Bed for production late next year, is the best development
alternative available. We have at least ten years of mine life at Troy where resuming operations and
utilizing our experiences in the Revett formation will continue to be our all-important bridge to Rock
Creek.”
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