Revett Minerals Inc.

Revett Minerals Inc.

December 11, 2008 17:47 ET

Revett Minerals Inc. Announces Placing the Troy Mine on Care and Maintenance

SPOKANE VALLEY, WASHINGTON--(Marketwire - Dec. 11, 2008) - Revett Minerals Inc. (TSX:RVM) ("Revett" or the "Company") announced today that it has given employees at its 69% indirectly owned Troy Mine, located in northwest Montana, 60 day notice under the Worker Adjustment and Restraining Notification (WARN) Act that operations may be placed on care and maintenance if metal prices remain at currently depressed levels. Currently, the Company plans to continue operations until early February 2009, and continue thereafter as long as operations remain profitable. The notice was given to approximately 180 employees of which 160-170 would be impacted by a transition from production to care and maintenance.

Mr. John Shanahan, Interim President and CEO, stated "The Company is extremely disappointed in having to take such action given that the mine is currently operating at the best production levels it has experienced since commercial operations resumed in 2005. However, the prices for copper and silver continue to deteriorate making production in this environment uneconomic. We continue to believe in the future at Troy given its existing reserve base and our expectation that copper and silver prices will return to higher levels. Fortunately, the company has fully funded all reclamation obligations and management is working diligently with our employees, suppliers and customers to see our way through these difficult times.

John Shanahan

Interim President & CEO

This press release contains forward-looking statements regarding the Company's ability to resume production at the Troy Mine. Such forward-looking statements assume, among other things, that there are no major geotechnical problems, that supplies and consumables remain available at reasonable prices and are available in a timely manner, that the workforce will be available in the future and that the future prices of silver and copper are such that the mining operations will be economic in the future. The forward-looking statements contained in this press release represent the Company's views and expectations as of the date of this press release and should not be relied upon as representing the Company's views and expectations as of a subsequent date.

Contact Information

  • Revett Minerals Inc.
    Scott Brunsdon, CFO
    or Doug Ward, VP Corporate Development
    (509) 921-2294