Revett Minerals Inc has provided an updated reserve and resource estimates as at year end 2013 suggesting a twelve year Life of Mine. Ongoing exploration efforts, along with confirmation of existing data at the Troy Mine, have successfully illustrated reserves and resources which will extend the life-of-mine to twelve years. These reserves fully replace the ore mined in 2012 and the approximately 1 million tons of ore reserves adversely impacted by restricted access due to known structural issues; and, by reduced metal pricing. The Company’s primary focus during 2014 and early 2015 will be on development of the North and South orebodies. Exploration efforts will recommence in late 2015 which will further define mineralization east and south of current reserves and will focus on continuity and extension of the beds to the south. Underground development at Troy continues on schedule and within budget. Since commencing the development drift in early November 2013, the Company has advanced approximately 2,250 feet in total as at January 31st, 2014. The mill is scheduled to be restarted for limited commercial production in the fourth quarter of 2014. The planned total of the development drifts to the North C Bed is approximately 7,500 feet. Continued development to access the I Beds requires an additional 5,900 feet. This development is expected to take six to nine months after the orebody has been accessed. Once completed, Revett anticipates returning to full production capabilities at the Troy Mine. The total cost of the decline development is currently estimated to be approximately $12 million.
Posted on: Mon, 03 Feb 2014 13:51:03 +0000
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