Revett Completes Change of Jurisdiction to the U.S. and Provides Troy Mine Development Update
03 Marzo 2014 - 2:40PM
Marketwired
Revett Completes Change of Jurisdiction to the U.S. and Provides
Troy Mine Development Update
SPOKANE VALLEY, WASHINGTON--(Marketwired - Mar 3, 2014) - Revett
Mining Company, Inc. (NYSEMKT:RVM) (TSX:RVM) ("Revett" or the
"Company") is pleased to announce the completion of a change in
jurisdiction from Canada to the United States, effective February
18 2014, and provides an update on ongoing development at the Troy
Mine in northwestern Montana.
Change in Jurisdiction of Incorporation and Name Change
Effective February 18, 2014, Revett has changed its jurisdiction
of incorporation from Canada to Delaware in the United States and
has officially changed its name from Revett Minerals Inc. to Revett
Mining Company, Inc. Each common share of Revett Minerals, the
Canadian corporation, has been automatically converted into one
share of common stock of Revett Mining Company, the Delaware
corporation. It is not necessary for stockholders to exchange their
existing share certificates for stock certificates of the U.S.
corporation.
This change in jurisdiction of incorporation was approved by
Revett's shareholders at a Special Meeting held on January 24,
2014. The change in jurisdiction will not result in any change in
Revett's business operations and management, or to any changes to
its assets and liabilities.
Troy Mine Update
The Company continues to advance its I Bed development on
schedule and within budget. At the end of February 2014, the
Company has advanced approximately 3,025 feet in total. This
footage includes drifting in both of the dual drifts, muck bays and
sumps. The project remains on track for development of the North C
Beds in the third quarter of this year with a return to limited
commercial production in the fourth quarter of 2014.
In the coming months, the Company will complete the installation
of the first borehole which will serve as secondary egress and
ventilation for development and production of the C and I Beds.
Dynatec Mining Corporation will mobilize the first week of March
2014 for boring this 10 foot diameter raise. The borehole will be
equipped with a 4 foot diameter lined manway to be used for a
secondary escapeway.
The planned total development to the North C Bed is
approximately 7,500 feet (including muck bays and cross-overs).
Continued development to access the I Beds requires an additional
5,900 feet of single decline. If development continues as planned,
it is estimated full production may resume by mid-2015.
John Shanahan, Revett's President and CEO stated "We remain
pleased with our progress to date, both in terms of the rate of
advance and budget. As each month progresses, we move closer to
returning to production which is critically important for our near
and long term plans. We remain fully committed to returning to
being a safe and efficient operator at Troy and to finalizing
permitting and developing and operating Rock Creek".
About Revett
Revett, through its subsidiaries, owns and operates the Troy
Mine in Lincoln County, Montana and the development-stage Rock
Creek project located in Sanders County, Montana, USA. Its goal is
to resume commercial production of the proven reserves at the Troy
Mine and develop the significant resources at the Rock Creek
project, and thereby become a premier mid-tier base and precious
metals producer.
John Shanahan,
President & CEO
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 the Company's
plans to complete the construction of declines and the Company's
expectation that limited commercial production will resume in the
fourth quarter of 2014, including having the financial capability
to do so. Actual results will depend upon our ability to obtain
financing, the views of MSHA, actual tonnage and grade and economic
feasibility of the deposits as well as decisions made my management
having regard to the nature of the geotechnical conditions and the
safety of Revett's employees. 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 S-4 registration statement
filed on SEDAR at www.sedar.com and with the SEC on EDGAR at
www.sec.gov. 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. The Company does not undertake to
update any forward-looking statements except as required by
applicable securities laws.
Revett Mining Company, Inc.Monique HayesCorporate Secretary /
Director of Investor Relations(509)
921-2294www.revettmining.com
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