Revett Minerals Inc.
NYSE MKT : RVM
TSX : RVM

Revett Minerals Inc.

March 03, 2014 08:40 ET

Revett Completes Change of Jurisdiction to the U.S. and Provides Troy Mine Development Update

SPOKANE VALLEY, WASHINGTON--(Marketwired - March 3, 2014) - Revett Mining Company, Inc. (NYSE MKT:RVM) (TSX:RVM) ("Revett" or the "Company") is pleased to announce the completion of a change in jurisdiction from Canada to the United States, effective February 18 2014, and provides an update on ongoing development at the Troy Mine in northwestern Montana.

Change in Jurisdiction of Incorporation and Name Change

Effective February 18, 2014, Revett has changed its jurisdiction of incorporation from Canada to Delaware in the United States and has officially changed its name from Revett Minerals Inc. to Revett Mining Company, Inc. Each common share of Revett Minerals, the Canadian corporation, has been automatically converted into one share of common stock of Revett Mining Company, the Delaware corporation. It is not necessary for stockholders to exchange their existing share certificates for stock certificates of the U.S. corporation.

This change in jurisdiction of incorporation was approved by Revett's shareholders at a Special Meeting held on January 24, 2014. The change in jurisdiction will not result in any change in Revett's business operations and management, or to any changes to its assets and liabilities.

Troy Mine Update

The Company continues to advance its I Bed development on schedule and within budget. At the end of February 2014, the Company has advanced approximately 3,025 feet in total. This footage includes drifting in both of the dual drifts, muck bays and sumps. The project remains on track for development of the North C Beds in the third quarter of this year with a return to limited commercial production in the fourth quarter of 2014.

In the coming months, the Company will complete the installation of the first borehole which will serve as secondary egress and ventilation for development and production of the C and I Beds. Dynatec Mining Corporation will mobilize the first week of March 2014 for boring this 10 foot diameter raise. The borehole will be equipped with a 4 foot diameter lined manway to be used for a secondary escapeway.

The planned total development to the North C Bed is approximately 7,500 feet (including muck bays and cross-overs). Continued development to access the I Beds requires an additional 5,900 feet of single decline. If development continues as planned, it is estimated full production may resume by mid-2015.

John Shanahan, Revett's President and CEO stated "We remain pleased with our progress to date, both in terms of the rate of advance and budget. As each month progresses, we move closer to returning to production which is critically important for our near and long term plans. We remain fully committed to returning to being a safe and efficient operator at Troy and to finalizing permitting and developing and operating Rock Creek".

About Revett

Revett, through its subsidiaries, owns and operates the Troy Mine in Lincoln County, Montana and the development-stage Rock Creek project located in Sanders County, Montana, USA. Its goal is to resume commercial production of the proven reserves at the Troy Mine and develop the significant resources at the Rock Creek project, and thereby become a premier mid-tier base and precious metals producer.

John Shanahan, President & CEO

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 the Company's plans to complete the construction of declines and the Company's expectation that limited commercial production will resume in the fourth quarter of 2014, including having the financial capability to do so. Actual results will depend upon our ability to obtain financing, the views of MSHA, actual tonnage and grade and economic feasibility of the deposits as well as decisions made my management having regard to the nature of the geotechnical conditions and the safety of Revett's employees. Forward looking statements 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 Company's Form S-4 registration statement filed on SEDAR at www.sedar.com and with the SEC on EDGAR at www.sec.gov. 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. The Company does not undertake to update any forward-looking statements except as required by applicable securities laws.

Contact Information

  • Revett Mining Company, Inc.
    Monique Hayes
    Corporate Secretary / Director of Investor Relations
    (509) 921-2294
    www.revettmining.com