Revett Minerals, Inc. (RVM: TSX) operates through their subsidiaries, owning and managing the Troy Mine and the development-stage Rock Creek Project, both of which are located in northwestern Montana. Each project consists of significant copper and silver mineral reserves and resources that will form the basis of the company’s mission to establish themselves as a solid, mid-tier base and precious metals producer in the future. Expansion of the company rests on their production through exploration in and near their current properties, as well as through targeted business combinations of advanced staged projects.
Revett has served as a maintenance and care provider for the Troy Mine during 1981-1993, and in 1999 the company acquired the sole rights to the project. During the latter part of 2003, the company began reviewing and analyzing the feasibility of reopening Troy, and in April 2004 decided to put the mine back into production. When the Troy Mine is operating at full capacity, it is expected to produce 2 million ounces of silver and 17 million pounds of copper production per year.
The company received a favorable Record of Decision for the development of the Rock Creek Mine from the U.S. Forest Service and the Montana Department of Environmental Quality in 2003. Although this permit was challenged in the state courts, the first phase of development is expected to commence in 2008, when the company will drive an evaluation audit into the ore body with the objective of producing a revised technical and economic practicability study.
Following a positive practicability test, Revett intends to develop Rock Creek as an approximate 10,000 ton per day underground mine/conventional mineral flotation processing operation, with an annual production of 6 million ounces of silver, and 52 million pounds of copper over the life of the mine. The initial phase is expected to take 2-3 years.
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