Revett Mining Company Provides 2013 Financial Results
27 Marzo 2014 - 2:22PM
Marketwired
Revett Mining Company Provides 2013 Financial Results
SPOKANE VALLEY, WASHINGTON--(Marketwired - Mar 27, 2014) -
Revett Mining Company, Inc. (NYSEMKT: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.
Revett Mining Company, Inc.Monique HayesCorporate
Secretary/Director Investor Relations(509)
921-2294www.revettmining.com
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