SOURCE: Revett Minerals Inc.

September 01, 2010 10:30 ET

Revett Announces Additional Silver Wheaton Corp. Subscription

SPOKANE VALLEY, WA--(Marketwire - September 1, 2010) - Spokane Valley, Washington September 1, 2010; Revett Minerals Inc. (TSX: RVM) (OTCBB: RVMIF) ("Revett" or the "Company) is pleased to announce that Silver Wheaton has subscribed for additional shares to maintain its shareholdings at 16.4% of issued and outstanding shares in Revett.

This transaction is in connection with a non-brokered private placement that Revett Minerals closed on August 24, 2010 for 12,094,368 units. The Silver Wheaton subscription is for 2,448,358 units and carries the same terms as the August 24, 2010 private placement at a price of CDN$0.28 per unit. Each unit consisted of one common share and one half of a common share purchase warrant, each whole warrant entitling the holder to acquire an additional common share at a price of CDN$0.35 per share for a 36 month period. This pricing is in accordance with the participation rights agreement between Revett and Silver Wheaton.

John Shanahan, President & CEO stated, "We welcome Silver Wheaton's ongoing support as an important and strategic shareholder. This subscription will support our efforts to accelerate exploration at the Troy Mine through the remainder of 2010 and into 2011 as we continue our focus on advancing the Rock Creek project."

About Revett

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.

John Shanahan

President & CEO

Except for the statements of historical fact contained herein, the information presented in this press release may contain "forward-looking statements" within the meaning of applicable Canadian securities legislation and The Private Securities Litigation Reform Act of 1995. Generally, these forward looking statements can be identified by the use of forward-looking terminology such as "expects", or "does not expect", "is expected", "is not expected", "budget", "plans", "schedule", "estimates", "forecasts", "intends", "anticipates", "or does not anticipate" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will", "occur" or "be achieved". Forward-looking statements contained in this press release include but are not limited to statements with respect to, the Company's ability to accelerate its exploration program at the Troy Mine. Actual results and developments could be affected by development risks and production risks, our challenging working capital position and our inability to continue to fund operations, as well as those factors discussed in the section entitled "Risk Factors" in the Form 10-K filed on SEDAR at www.sedar.com and with the SEC on EDGAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Revett Minerals does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.


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Source: Revett Minerals Inc. via Thomson Reuters ONE

Contact Information

  • For more information, please contact:
    Monique Hayes, Director of Corporate & Investor Communications
    at (509) 921-2294
    or visit our website at www.revettminerals.com.