SPOKANE VALLEY, WASHINGTON--(Marketwire - Dec. 17, 2012) - Revett Minerals Inc. (TSX:RVM) (NYSE MKT:RVM) (NYSE Amex:RVM) announces that due to concerns with underground geotechnical conditions, it has temporarily suspended underground mining operations at its Troy Mine located in northwest Montana.
While it is believed that conditions have stabilized, a decision has been made in consultation with our geotechnical consultants and MSHA to install geophone monitoring devices and to begin recording and analyzing data in the coming days. The company will review ground conditions on a daily basis and will resume underground operations as soon as possible. At this stage, we believe it may take up to two weeks to assess, monitor and return to full operations.
Underground personnel not involved in assessment and monitoring will focus on surface activities such as scheduled and preventative maintenance at the mill and on mobile equipment.
John Shanahan, President and CEO stated, "Although this has been a difficult quarter, we are pleased with the way that our management and employees have identified and managed this situation. There have been no lost time accidents during this quarter and the Company remains in a strong financial position. We expect to be operating the Troy Mine for many years to come, so a cautious approach to current underground conditions is consistent with our approach to being a safe and responsible operator."
Revett Minerals, through its subsidiaries, owns and operates the 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 form the basis of Revett's plan to become a premier 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 and Chief Executive Officer
Except for the statements of historical fact contained herein, the information presented in this news 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 "plans", "expects", or "does not expect", "is expected", "is not expected", "budget", "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 be taken", "occur" or "be achieved". Forward-looking statements contained in this news release include but are not limited to those relating to our expectation that full operations will resume in two weeks. Actual results will depend upon the results of the assessments conducted, the views of MSHA and decisions made my management having regard to the nature of the geotechenical conditions and the safety of Revett's employees. Forward looking statements, including future-oriented financial information, are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business and economic uncertainties, risks and contingencies and 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, except on forward-looking statements. Revett Minerals does not undertake to update any forward-looking statements as required by with applicable securities laws.