Revett Resumes Underground Crushing Operations at Troy Mine
October 1, 2014 (Source: Marketwired) — Revett Mining Company, Inc. (NYSE MKT:RVM)(TSX:RVM) is pleased to announce that it has recently intersected mineralization in the North C Bed orebody from the west development drift and has recommenced underground crushing operations.
The Company will crush and store approximately 25,000 tons of ore prior to restarting milling operations which is expected to take place in November, 2014. Limited milling and concentrate production will continue until the ongoing I Bed Development is fully complete. I Bed development remains on schedule for mid-year 2015, at which point milling operations will begin to ramp up to a continuous basis, ultimately targeting a planned production rate of 4,000 tons per day. The Company has now completed approximately 7,000 feet of development drifting of a total planned 13,400 feet for full I Bed development. The west decline will serve as the access point to the C Beds while the east decline will continue with development to the I Bed orebody.
The Troy Mine continues to report a strong safety record. On September 24, 2014 the Company celebrated two full years without a lost time accident or reportable injury. The Troy Mine’s stellar safety performance was recently recognized by the National Mining Association with the 2013 Sentinels of Safety Award in the Large Underground Metal Mine Group category.
John Shanahan, Revett’s President and CEO stated “We remain very pleased with all aspects of our development efforts at Troy. Our crews are to be congratulated for maintaining the highest levels of workplace safety while completing the first phase of development at Troy on schedule and within budget. Our goals are very clear for 2015; to have the Troy Mine back up and running at planned levels and to see completion of Rock Creek permitting. We believe we have both the workforce and resources to see fruition of these goals.”
Revett Mining Company, through its subsidiaries, owns and operates the 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.
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John Shanahan, President and Chief Executive Officer
Visit our website at www.revettmining.com.
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 the possibility of restarting the mill in late October and the Company’s ability to reach full production by mid-2015, our ability to develop the I Bed deposit at Troy including having the financial capability to do so, as well as our ability to achieve permitting of Rock Creek. 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 10-K filed on March 27, 2014 with the Securities and Exchange Commission (SEC) and also filed on SEDAR at www.sedar.com. 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 Mining Company does not undertake to update any forward-looking statements except as required by applicable securities laws.
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