Revett Minerals Inc. : Revett Reports Record 2011 Production SPOKANE VALLEY, WA--(Marketwire - Jan 23, 2012) - Revett Minerals Inc. (NYSE AMEX:RVM/ TSX:RVM) ("Revett" or the "Company") is pleased to announce full year operating results for the Troy Mine, located in northwest Montana. Currency is reported in United States dollars unless otherwise indicated.
Troy Mine Operating Highlights
Revett is proud to have achieved its sixth consecutive year of increased productivity at its 100% owned Troy Mine. Highlights from 2011 include the following:
* Net cash((1) )provided from operations before capital expenditures was $29.2 million. A 140% increase over 2010 net cash from operations of $12.2 million.
* Continued improvement in our safety record. Through the first nine months of 2011, our MSHA calculated incidence rate was 0.68 compared to the national underground mine average rate of 2.21. By end 2011, over 10 months and 300,000 man hours were completed without a lost time accident.
* Record mill throughput with 1.4 million tons processed, averaging 3,957 tpd for 2011 as compared to 3,807 tpd in 2010. * Record silver production of 1.29 million ounces of silver and 10.65 million pounds of copper, an improvement of 28% and 21% respectively over 2010.
* Continued exploration efforts at Troy resulted in a mine development plan to access the I Bed area which is scheduled to commence in mid 2012.
The overall production increase for the year was a result of significant productivity improvements and grade control. Production improved steadily during the year from 3,277 tons per day in the first quarter to 4,208 tons per day in the fourth quarter.
In addition to development of the I Beds, we will continue to re-assay and re- log core from the JF property in 2012 and continue to develop exploration plans for anomalous targets within our existing claims group to the north and east of our Troy Mine operations. The Company will provide updated year end Troy Mine Reserve and Resource information by mid February 2012.
Production for 2012 is estimated to be 1.4 million ounces of silver and 11.5 million pounds of copper. Using plan metal prices of $20.00 per ounce for silver and $3.25 per pound of copper,
2012 production costs on a net of by-product basis are expected to be $4.89 per ounce of silver and $1.54 per pound of copper and on a co-product basis costs are estimated to be $13.79 per ounce of silver and $2.24 per pound of copper.
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