Revett Provides Summary of 2010 Operations and Yeahttps://finance.yahoo.com/news/Revett-Provides-Summary-of-ccn-2028450380.html?x=0&.v=1
SPOKANE VALLEY, WASHINGTON--(Marketwire - Feb. 8, 2011) - Revett Minerals Inc. (TSX:RVM - News;OTCBB:RVMID) ("Revett" or the "Company") is pleased to announce fullyear operating results and year end reserve and resource estimates forthe Troy Mine, located in northwest Montana. Currency is reported inUnited States dollars unless otherwise indicated.
Troy Mine Operating Highlights
Revettis proud to have achieved its sixth consecutive year of increasedproductivity at its 100% owned Troy Mine. Highlights from 2010 includethe following:
-- Net cash (4) provided from operations before capital expenditures was
$12.2 million;
-- Record mill throughput with 1.3 million tons processed. Averaging 3,807
stpd for 2010 as compared to 3,725 stpd in 2009;
-- Completion of the 3,000 ft. decline to access the higher grade C Bed
area;
-- Extended the mine life of Troy to a total of seven years with the
addition of 4 million tons of mineable reserves in the I Beds; and
-- Continued exploration efforts focusing on I Bed target areas beneath and
adjacent to the existing mine infrastructure.
Whilethe production rate improved overall in 2010, an increase indevelopment focus during the fourth quarter on the C bed area resultedin fewer active headings, temporarily reducing production and increasingdirect operating costs. Head grades and metal recovery improved inJanuary, and production is anticipated to return to planned levels asadditional headings are developed.
Total production for 2011 isestimated to be 1.3 million ounces of silver and 11.0 million pounds ofcopper. 2011 production costs on a net of by-product basis are expectedto be $3.07 per ounce of silver and $1.45 per pound of copper and on aco-product basis costs are estimated to be $10.30 per ounce of silverand $2.06 per pound of copper.
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Troy Production 1st 2nd 3rd 4th Total
Summary(1) Quarter Quarter Quarter Quarter 2010
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Mill Production
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Mill Feed (st) 379,592 354,359 352,296 276,645 1,362,892
Mill Feed Rate
(stpd) 4,265 3,982 3,914 3,074 3,807
Silver
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Feed Grade -
Oz/Ton Ag 0.86 0.70 0.95 1.00 0.87
Mill Recovery
- Ag 87.5% 83.9% 83.2% 85.3% 85.1%
Recovered
Ounces 287,259 207,948 277,437 235,445 1,008,089
Copper
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Feed Grade - %
Cu 0.38% 0.33% 0.44% 0.46% 0.40%
Mill Recovery
- Cu 85.1% 80.7% 76.6% 82.7% 81.2%
Recovered 2,456,1 1,888,9 2,347,6 2,101,2
Pounds 90 35 43 02 8,793,970
Cash Cost(2)
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Direct
Operating Cost
(US$/st) $ 22.99 $ 23.50 $ 22.69 $ 30.92 $ 24.83
By-Product
Basis
(payable)(3)
- Silver
(US$/oz) or, $ 5.39 $ 13.08 $ 3.18 $ 8.27 $ 7.04
- Copper
(US$/lb) $ 1.83 $ 2.63 $ 1.44 $ 1.66 $ 1.86
Co-Product
Basis
(payable)(3)
- Silver
(US$/oz) and, $ 12.38 $ 16.40 $ 12.42 $ 17.14 $ 14.38
- Copper
(US$/lb) $ 2.30 $ 2.84 $ 2.13 $ 2.38 $ 2.38
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Net Cash from
Operations(4) $ 2.1m $ 1.3m $ 4.2m $ 4.6m $ 12.2m
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1. Production statistics are on a 100% basis.
2. Cash cost per payable ounce of silver or payable pound of copper is a
non GAAP measure. The Company believes that, in addition to cost of
sales, cash costs per ounce or per pound is a useful and complementary
benchmark for performance and is well understood and widely reported in
the mining industry. However, cash costs per ounce does not have a
standardized meaning prescribed by Canadian GAAP. Investors are
cautioned that cash costs per ounce or per pound should not be construed
as an alternative to cost of sales determined in accordance with
Canadian GAAP as an indNeticator of performance. The Company's method of
calculating cash costs per ounce or per pound may differ from the
methods used by other entities and, accordingly, the Company's cash
costs per ounce or per pound may not be comparable to similarly titled
measures used by other entities.
3. Average commodity prices used to off-set (by-product credit basis) or
allocate (co-product basis) cash costs are the quarterly weighted
averages from the London Metals Exchange for copper or the London Daily
Fix for silver.
4. Net cash before capital expenditures is a non GAAP measure. The Company
believes that net cash provided from operations is a benchmark for
performance and is well understood and widely reported in the mining
industry
Troy Reserves & Resources
Estimated Mineral Reserves and Resources as of December 31, 2010 are as shown in the following tables:
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Troy Reserves (Dec.
31, 2010) Grades Contained Metals
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Tons
(Mst) Silver
Classification(1) (2,3) Silver (opt) Copper (%) (Moz) Copper (Mlbs)
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Proven 3.0 1.41 0.73 4.3 43.8
Probable 7.5 1.13 0.37 8.4 54.9
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Total 10.5 1.21 0.47 12.7 98.7
1. Mineral Reserves have been categorized in accordance with the
classifications defined by the Canadian Institute of Mining, Metallurgy,
and Petroleum ("CIMM").
2. Does not include resources contained in planned pillars. Only material
scheduled to be extracted and milled included.
3. The estimated mineral reserves were calculated by Mr. Larry Erickson, P
Eng., a Qualified Person ("QP") in accordance with Canadian National
Instrument 43-101 ("NI 43-101"). They are stated using a cut-off grade
of US$ 25.57 net smelter return per ton calculated at US$ 14.90/oz Ag
and US$3.02/lb Cu. Mr. Erickson is an employee of Revett and is not
considered independent.
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Troy Resources (Dec. 31,
2010) Grades Contained Metals
Tons
(Mst) Silver Silver
Classification(1) (2,3) (opt) Copper (%) (Moz) Copper (Mlbs)
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Measured 48.2 1.36 0.67 65.5 643.3
Indicated 14.8 1.13 0.37 16.7 110.5
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Total Measured &
Indicated(i) 63.0 1.30 0.60 82.2 753.8
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JF Property(4) 11.0 1.40 0.40 15.4 88.8
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Total Inferred 11.0 1.40 0.40 15.4 88.8
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Total Measured,
Indicated & Inferred 74.0 1.32 0.57 97.6 842.6
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(i)Pillars Incl. in
Meas. & Ind. 44.2 1.35 0.66 59.8 583.1
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1. Mineral Resources have been categorized in accordance with the
classifications defined by the CIMM.
2. Includes Proven & Probable Reserves and resources contained in existing
pillars.
3. The estimated mineral resources were calculated by Mr. Larry Erickson, P
Eng., a QP in accordance with NI 43-101. They are stated using a cut-off
grade of US$ 25.57 net smelter return per ton calculated at US$ 14.90/oz
Ag and US$3.02/lb Cu. Mr. Erickson is an employee of Revett and is not
considered independent.
4. Resources listed for the JF Property are a historical estimate with the
meaning of NI 43-101 and have not been audited by a Qualified Person. In
1992, ASARCO reported in an internal report a "Mineral Reserve" for the
JF deposit of "11 million tons grading 0.4% Cu and 1.4 opt Ag." This
historical mineral resource estimate, which was prepared before the
adoption of NI 43-101 and uses categories other than the ones set out in
section 1.2 of NI 43-101, is considered relevant. A QP has not, however,
done sufficient work to classify the historical estimate as current
mineral resources and accordingly, Revett does not treat ASARCO's
historical estimate as current mineral resources. The reader is
cautioned that the ASARCO historical estimate should not be relied upon.
Revett has not yet taken the steps to validate this drilling information
with new drilling data, however, Mr. Larry Erickson, P Eng., a QP in
accordance with NI 43-101, has reviewed ASARCO's drilling data (ie; core
logs, assay results, sections) and believes it to be reliable. Mr.
Erickson is an employee of Revett.
Mr.John Shanahan, President and CEO, noted "2010 has proven to be apivotal year as our operations at Troy have provided significant cashflow and our development efforts have opened up new mining areas andidentified further near term exploration targets. As we focus onrealizing the full potential of the Troy Mine, meeting our 2011production targets and advancing the Rock Creek project, we remaincommitted to the safety of our employees, the communities where weoperate and responsible mineral development above all else."
John Shanahan, President & CEO
Exceptfor the statements of historical fact contained herein, the informationpresented in this press release may contain "forward-lookingstatements" within the meaning of applicable Canadian securitieslegislation and The Private Securities Litigation Reform Act of 1995.Generally, these forward looking statements can be identified by the useof forward-looking terminology such as "expects", or "does not expect","is expected", "is not expected", "budget", "plans", "schedule","estimates", "forecasts", "intends", "anticipates", "or does notanticipate" or "believes" or variations of such words and phrases orstate that certain actions, events or results "may", "could", "would","might" or "will", "occur" or "be achieved". Forward-looking statementscontained in this press release include but are not limited tostatements with respect to, anticipated grades and production at theTroy Mine, extending the life of mine at Troy Mine and anticipatedproduction of the "C-bed. Actual results and developments could beaffected by development risks and production risks, , as well as thosefactors discussed in the section entitled "Risk Factors" in the Form10-K filed on SEDAR at www.sedar.comand with the SEC on EDGAR. Although the Company has attempted toidentify important factors that could cause actual results to differmaterially, there may be other factors that cause results not to be asanticipated, estimated or intended. There can be no assurance that suchstatements will prove to be accurate results and future events coulddiffer materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forward-lookingstatements. Revett Minerals does not undertake to update anyforward-looking statements that are incorporated by reference herein,except in accordance with applicable securities laws.