Thursday, May 07, 2009

Silver: Revett Provides Update of Operations and Exploration at Troy Mine, SLW, MGN, SLV, HUI, XAU, CDNX

Revett Minerals has received today it dose of QE medicine: Mr. Market realised that Junior is more alive then dead. Silver Wheaton SLW recently exercised its participation rights and owns now 16.4 %. Company has received a new Chairman:
"Revett Minerals Inc. has appointed Tim Lindsey as chairman of the board of directors. Mr. Lindsey has over 30 years of technical and executive leadership expertise in global exploration, production and business development. Mr. Lindsey has been the owner and principal of Lindsey Energy and Natural Resources, an independent consulting firm located in Houston. He is the founder, president and chief executive officer of Canadian Sahara Energy Inc. and also serves as a director for Rock Energy Resources, Daybreak Oil and Gas and Challenger Energy, all public companies active in exploration and production. Originally from Troy, Mont., he holds a bachelor of science degree, geology, from Eastern Washington University and completed his graduate studies in economic geology at the University of Montana. Early in his career, Mr. Lindsey conducted and supervised core drilling and exploration field work on the Troy and Rock Creek projects. Mr. Lindsey's appointment as chairman of the board of directors is subject to Toronto Stock Exchange approval."
Important position to monitor: upcoming financing.

"Revett Provides Update of Operations and Exploration at Troy Mine SPOKANE VALLEY, WA, May 7 /CNW Telbec/ - Revett Minerals Inc. (RVM-TSX)
("Revett" or "the Company") is pleased to announce continued production and
exploration success at the Troy Mine.
Recent Operating Highlights Include:
- During Q1 2009, the Troy Mine Produced 321,149 ounces of silver and
2.3 million pounds of copper compared to 231,912 ounces silver and
2.1 million pounds of copper for the same period last year;
- The Troy mine improved mill throughput during the first quarter,
averaging 3,811 tons per day compared to 3,369 tons per day in the
first quarter of 2008
- Productivity and cost improvements continued into the first quarter of
2009 resulting in a reduction of 29% in direct operating costs per ton
compared to the same period last year.
Exploration Update ------------------ Revett's drill program recently produced some very promising results atthe Troy Mine with drilling targeting expansion of the South Ore Body LowerQuartzite area. While the Lower Quartzite is typically a lower grade area, theresults of this drilling are particularly promising due to the significantlyhigher grades in drill hole 09-LWA77SW-14 with silver grades averaging twotimes higher than normal over a nearly 25 foot thick interval. This arearemains open to the south and follow up drilling is anticipated to furtherdefine the potential for expansion of reserves in this area. From December 1, 2008 through April 2, 2009, the Troy Mine drilledfourteen (14) NQ2 diamond drill holes in the South Ore Body Lower QuartziteWest Stope. The drilling, designed to extend the orebody to the south beyondthe previous drill data and to increase the confidence in ore quality in thisarea, included low angle fans of holes to extend the ore zone and shortvertical holes to define bench ore. Below is a table summarizing the results of this drilling program.Reserve/resource calculations are in progress with the results expected toincrease both tonnage and grade for mill throughput from this stope in 2009.
A total of 402 samples were taken from the fourteen core hole interceptsin the Lower Quartzite of the Upper Revett. Detailed geologic loggingidentified the mineralized intervals to be sampled. All the samples wereprepared from the entire NC cores (~2"). In general, four foot intervals weresampled. All samples were analyzed for copper, silver and lead using atomicabsorption spectrometry. Sample intervals determined to be within the ore zonewere analyzed for non-sulfide copper. The Troy Mine laboratory prepared the samples and performed the assays.The quality assurance / quality control at the Troy Mine laboratory consistedof 45 analyses of standard samples. The average differences between the minelaboratory results and the known samples were 0.005 ounces per ton for silver(2.2%) and 0.003 percent for copper (2.5%) for the low grade standard and0.001 ounces per ton for silver (0.1%) and 0.007 percent for copper (1.4%) forthe ore grade standard. For information regarding the geology and mineralogyof the Troy Mine Deposit, refer to the Company's Form 10-K, filed March 31,2009. Mr. Larry Erickson, an employee of the Troy Mine and Revett's QualifiedPerson, has verified the data relating to the results of drilling disclosed inthis press release and has reviewed the contents of this press release. Mr. John Shanahan, President and CEO, noted "Our exploration andoperating teams are very excited about our first quarter achievements andexploration prospects. This coupled with the recent rebound in metals prices,has strengthened our confidence in operations at the Troy Mine."
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