SPOKANE VALLEY, WA, Nov 13, 2009 /PRNewswire-FirstCall via COMTEX/ -- Revett Minerals Inc. ("Revett or the Company") ("TSX:RVM/OTCBB:RVMIF) has received final approval from the Montana Department of Environmental Quality (MDEQ) on its amended plan of operations to develop the previously identified higher grade "C-Beds" at the Troy Mine. Total production at the Troy mine for the first nine months of 2009 remained consistent, totaling 879,449 ounces of silver and 6.7 million pounds of copper.
Recent Highlights Include
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- Administrative process completed with the approval of the plan of
operation for the development of the higher grade "C-Bed".
- Grade estimate of 1.61 opt Ag and 0.56% Cu. located approximately
370 feet below the current mine workings.
- Compares to current mine grades of approximately 1.00 opt Ag and
0.40% Cu.
- Mill throughput continued to improve during the first nine months of
2009, averaging 3,700 tons per day compared to 3,492 tons per day in
the first nine months of 2008, a 5% improvement.
- During the first nine months of 2009, the Troy Mine produced 879,449
ounces of silver and 6.7 million pounds of copper compared to 793,998
ounces of silver and 7.1 million pounds of copper over the same period
in 2008.
Lower Revett Formation "C-Bed"
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An underground drill program conducted in 2006/2007 previously identified three new mineralized horizons in the Lower Revett Formation; the "A, B & C' Beds (labeled downward stratigraphically) ranging from 180 to 1,170 feet below the Troy Mine workings. The higher grade "C-Bed" located approximately 370 feet below the current workings contains an estimated 1,981,340 ozs of silver & 13,716,011 lbs copper. Development of the "C-Bed" in 2010 provides Revett the opportunity to phase development to depth while continuing production in existing areas and further advancing exploration in other targets.
The table below identifies the estimated probable reserves for the C-Bed, which are part of the overall reserves at Troy:
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C-Bed Reserves (November 12, 2009) Grades Contained Metals
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Classification(1) Tons (Mst)(2,3) Silver Copper Silver Copper
(opt) (%) (Moz) (Mlbs)
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Probable 1,228,530 1.61 0.56 1.9 13.7
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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$ 20.02 net smelter return per ton calculated at US$ 12.00/oz Ag and
US$2.25/lb Cu. Mr. Erickson is an employee of Revett and is not
considered independent.
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