Revett Minerals Inc.
Revett Reports Q1 2012 OperationsSPOKANE VALLEY, WA -- April 30, 2012 -- Revett Minerals Inc. (NYSE Amex:RVM, TSX:RVM) is pleased to announce first quarter 2012 production results from its Troy Mine, located in northwest Montana. Currency is reported in United States dollars unless otherwise indicated.
Troy Mine Q1 2012 Operating Highlights include:
• Net cash from operations(1) for the quarter
ending March 31, 2012, before capital expenditures was $7.5
million. A 135% increase over Q1 2011 net cash from
operations of $3.2 million.
• Mill throughput for the first quarter was 331,523 tons
processed, averaging 3,684 tpd for the period as compared to
291,690 tons (3,277 tpd) in Q1 2011. This is an improvement
of approximately 12.5% over the comparable period in
2011.
.
• Silver production of 324,375 ounces averaging throughput
grades of 1.12 oz/ton for the period. A production
improvement of 32% over Q1 2011.
• Copper production of 2,249,111 pounds averaging throughput
grades of .40% for the period. A production improvement of
13% over Q1 2011.
• There were no lost time accidents reported during Q1 2012.
Our MSHA calculated
Incidence Rate for Q1 2012 is 2.05 as compared to a national
underground average for
2011 (latest available statistic) of 2.21. As at end of March
2012, it has been 400 days, and 419,030 man hours worked
since our last lost time accident.
Development work continues in the north C Bed decline and
production ore is expected to be accessed by August 2012. In
addition, pending final state and federal agency approvals,
we expect to commence I Bed development in September, 2012.
Development of the I Bed mine area will take approximately
two years to complete.
Production for the first quarter 2012 was approximately 8%
below our previously announced guidance of 4,000 tpd
primarily due to availability and retrofitting of equipment
as we move towards higher bio-fuel usage and meeting revised
DPM (diesel particulate matter) emission standards. Lower
than planned copper grades were encountered as we advanced
top slicing in the C Bed area and as a result of increased
lower grade production from the South Ore Body.
Taking into consideration adjustments for seasonal factors,
along with slight variations of our mine work plan, our 2012
production guidance of 1.4 million ounces of silver and 11.5
million pounds of copper remains unchanged.
11115 East Montgomery, Suite G, Spokane Valley, WA 99206
509-921-2294 fax 509-891-8901
Troy Production Summary January February March 1st Quarter 2012 1st Quarter 2011Mill Production
Mill Feed (st) 122,661 97,506 111,356 331,523 291,690
Mill Feed Rate (stpd) 4,089 3,362 3,592 3,684 3,277
Silver
Feed Grade - Oz/Ton Ag 0.99 1.20 1.19 1.12 1.02
Mill Recovery - Ag 85.9% 88.8% 87.4% 87.3% 82.2%
Recovered Ounces 104,277 103,876 116,222 324,375 245,068
Copper
Feed Grade - % Cu 0.38% 0.44% 0.38% 0.40% 0.44%
Mill Recovery - Cu 85.1% 86.2% 85.8% 85.7% 77.8%
Recovered Pounds 782,620 734,892 731,599 2,249,111 1,998,410
Cash Cost(2)
Direct Operating Cost (US$/st) $33.86 $33.23
By-Product Basis (payable)
- Silver (US$/oz) or, | $9.23 | $11.99 |
- Copper (US$/lb) | $0.47 | $2.05 |
Co-Product Basis (payable) | ||
- Silver (US$/oz) and, | $20.94 | $19.37 |
- Copper (US$/lb) | $2.35 | $2.76 |
Concentrate Inventory | ||
- Dry Short Tons | 304 | 512 |
- Silver (oz) | 30,857 | 40,956 |
- Copper (lbs) | 222,131 | 342,609 |
Sales | ||
- Silver (oz) | 296,765 | 200,708 |
- Copper (lbs) | 2,199,878 | 1,756,915 |
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.
2. All cash costs include direct mine site costs along with smelting, refining and transportation charges. Average commodity prices used to off-set (by-product credit basis) or allocate (co-product basis) cash costs are the monthly weighted average realized prices based on invoiced shipments. Cash costs 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 and per pound are 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 US 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 US GAAP as an indicator 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.
Release of Quarterly Financial Results and Conference Call
Revett plans to release financial results for the first
quarter on Thursday, May 10, 2012 and hold
its quarterly conference call on Friday, May 11, 2012 at
11:30am Eastern Time. To join the conference call dial
1-888-231-8191 or 647-427-7450 internationally.
11115 East Montgomery, Suite G, Spokane Valley, WA 99206
509-921-2294 fax 509-891-8901
Revett, through its subsidiaries, owns and operates the currently 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 contact: Monique Hayes,
Corporate Secretary / Director of
Investor Relations
(509) 921-2294 or visit our website at www.revettminerals.com.
Except for the statements of historical fact contained
herein, the information presented in this press 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 press release include but are
not limited to statements with respect to estimated
production for 2012 and anticipated development work in the
north C bed decline and I bed. Forward-looking statements are
necessarily based upon a number of estimates and assumptions
that, while conidered reasonable by management, are
inherently subject to significant uncertainties, risks and
contingencies. Actual production and development could be
affected by development risks and production risks which may
include a range of issues such as grades, equipment failure,
accidents, and geologic formations and unanticipated cost
increases 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 laws.
11115 East Montgomery, Suite G, Spokane Valley, WA 99206
509-921-2294 fax 509-891-8901
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