SPOKANE VALLEY, WASHINGTON--(Marketwired - March 27, 2014) - Revett Mining Company, Inc. (NYSE MKT:RVM)(TSX:RVM) ("Revett" or the "Company") is pleased to announce its consolidated operating and financial results for the year ended December 31, 2013. The financial results are based on US GAAP and all currencies are in United States dollars unless otherwise indicated.
Summary:
- Cash and short term investments on hand was $8.0 million as of December 31, 2013.
- The Company's working capital was $10.6 million as of December 31, 2013.
- Ongoing exploration efforts have extended the life-of-mine of the Troy Mine to twelve years. These reserves fully replace the ore mined in 2012.
- The Company continues to advance its I Bed development at the Troy Mine on schedule and within budget and is scheduled to resume limited commercial production in the fourth quarter, 2014.
- Revett continues to progress permitting for the Rock Creek project. On March 17th, 2014 Montana DEQ issued a draft individual MPDES stormwater permit for Phase I construction of the Evaluation Adit and other infrastructure for the Rock Creek Project. We await the issuance of a draft supplemental EIS for interagency review which will lead to a supplemental EIS being issued for public comment.
- On March 26, 2014 the Company announced a private placement for approximately $3.5m. The first tranche for $1.8m closed on March 26, 2014 and a second tranche for approximately $1.7m is expected to close on March 31, 2014.
Consolidated Financial Results
Net loss for the year was $11.6 million or $0.33 per share, compared to a net income of $4.1 million or $0.12 per share for 2012. The decrease in income resulted from the suspension of mining activities at the Troy Mine in late 2012.
| Selected Financial Highlights: |
| |
| |
2013 |
2012 |
| Net Cash from Operations (1) |
- |
$18.7m |
| Revenue |
- |
$59.2m |
| Working Capital |
$10.6m |
$28.7m |
| Net Income (loss) |
($11.6m) |
$4.1m |
| EPS (basic) |
(0.33) |
0.12 |
| EPS (fully diluted) |
(0.33) |
0.10 |
| Cash & short term investments |
$8.0m |
$28.3m |
| |
|
| 1. |
Net cash from operations is before capital expenditures and exploration and is a non GAAP measure. The Company believes that net cash from operations is a benchmark for performance and is well understood and widely reported in the mining industry. |
John Shanahan, President and CEO noted, "2013 was a very difficult year for Revett, but we remain focused on our efforts to resume operations at Troy as we near completion of our supplemental EIS for Rock Creek. We have a clear path back to production at Troy through our current I Bed development drift which we believe will return us to being a safe and profitable operator. We thank our shareholders, our employees, and the communities of northwest Montana for their patience and support."
The Company has scheduled a conference call to discuss its 2013 year end results on Friday, March 28, 2014 at 11:30am (EDT). To participate in the call, North American callers can call 1-888-231-8191 and International callers can call (647) 427-7450. Please dial in to the call approximately five to ten minutes prior to the scheduled start time of the call. The conference call and all questions and answers will be recorded and made available until April 11, 2014. To listen to the recording, call toll free (855) 859-2056 or (416) 849-0833 and enter the access code 20019851.
About Revett
Revett, through its subsidiaries, owns and operates the producing 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 our plan to become a premier mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan, President & CEO
For more information, please 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 information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of 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 "expects", or "does not expect", "is expected", "is not expected", "budget", "plans", "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", "occur" or "be achieved". Forward-looking statements contained in this news release include but are not limited to statements with respect to estimated mine life and the Company's expectation that Troy Mine operations will resume limited commercial production in the fourth quarter of 2014; statements with respect to permitting at Rock Creek; and statements respecting completion of the second tranche of our private placement on March 31, 2014. Actual results for at Troy will depend upon development work proceeding as expected. Rock Creek permitting could be affected by legal challenges as well as those factors discussed in the section entitled "Risk Factors" in the Form 10-K filed on SEDAR at www.sedar.com and with the SEC on EDGAR. 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 does not undertake to update any forward-looking statements except as required under applicable securities laws.