Revett Minerals Inc. - Troy Mine Operations Update and Year End Reserves



    SPOKANE VALLEY, WA, Feb. 24 /CNW Telbec/ - Revett Minerals Inc. (RVM-TSX)
("Revett" or "the Company") is pleased to announce improved operations
performance and year end reserves and resources from its Troy Mine.

    
    Operation Highlights
    --------------------

    Revett achieved record production from its 70% held Troy Mine during 2008.
All numbers presented below are on a 100% basis.

    - 2008 silver production of 1.2 million ounces and copper production of
      9.8 million pounds (increases of 8% and 4% respectively from 2007);
    - Productivity improvement of 18% year-on-year:
        - 3,652 tons ore milled per day in 2008 as compared to 3,096 tons per
          day in 2007;
    - An improvement of 67% in fourth quarter production:
        - 3,935 tons ore milled per day for the fourth quarter of 2008 as
          compared to 2,360 tons per day in the fourth quarter 2007; and
    - A reduction of 29% in operating costs from October to December 2008
      (exclusive of contract mining costs).

    This fourth quarter 2008 achievement is particularly significant during a
period when wages were also reduced by 10% for all of our employees at the
Troy Mine. In addition to increased production, operating costs have been
reduced through realization of lower prices for fuel and other consumables and
increased focus on better utilization of wear materials.

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    Troy Production          1st        2nd        3rd        4th      Total
     Summary(1)          Quarter    Quarter    Quarter    Quarter       2008
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    Mill Production
    ---------------
      Mill Feed (st)     299,863    331,698    321,696    354,190  1,307,447
      Mill Feed
       Rate (stpd)         3,369      3,727      3,574      3,935      3,652
    Silver
    ------
      Feed Grade -
       Oz/Ton Ag            0.87       0.87       1.05       1.21       1.01
      Mill Recovery -
       Ag                   89.0%      90.0%      90.2%      88.7%      89.5%
      Recovered Ounces   231,912    259,847    302,239    380,157  1,174,155
    Copper
    ------
      Feed Grade -
       % Cu                 0.41       0.41       0.45       0.44       0.43
      Mill Recovery -
       Cu                   86.5%      87.9%      88.7%      87.2%      87.6%
      Recovered
       Pounds          2,129,522  2,388,947  2,549,580  2,737,858  9,805,907
    Cash Cost(2)
    ------------
      By-Product
       Basis
       (payable)(3)
        - Silver
           (US$/oz)
           or,         $    8.55  $    1.45  $    1.40  $   14.04  $    6.92
          - Copper
             (US$/lb)  $    2.55  $    2.21  $    2.01  $    2.38  $    2.27
      Co-Product
       Basis
       (payable)(3)
        - Silver
           (US$/oz)
           and,        $   13.79  $   12.56  $   11.48  $   11.91  $   12.11
          - Copper
             (US$/lb)  $    2.82  $    2.73  $    2.56  $    2.18  $    2.58
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    1. Production statistics are on a 100% basis.
    2. Cash cost per payable ounce of silver or payable pound of copper is a
       non GAAP measure. The Company believes that, in addition to cost of
       sales, cash costs per ounce or per pound is a useful and complementary
       benchmark for performance and is well understood and widely reported
       in the mining industry. However, cash costs per ounce does not have a
       standardized meaning prescribed by Canadian GAAP. Investors are
       cautioned that cash costs per ounce or per pound should not be
       construed as an alternative to cost of sales determined in accordance
       with Canadian GAAP as an indicator of performance. The Company's
       method of calculating cash costs per ounce or per pound may differ
       from the methods used by other entities and, accordingly, the
       Company's cash costs per ounce or per pound may not be comparable to
       similarly titled measures used by other entities.
    3. Average commodity prices used to off-set (by-product credit basis) or
       allocate (co-product basis) cash costs are the quarterly weighted
       averages from the London Metals Exchange for copper or the London
       Daily Fix for silver.
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    Productivity and cost improvements continued into January 2009 which,
coupled with the recent rebound in metals prices, has allowed the Company to
continue operating Troy on a month-to-month basis.

    - January production averaged 3,942 tons ore milled per day at average
      grades of 1.16 ounces per ton Ag and 0.41% Cu.
    - Cash operating costs of US$ 11.86/oz Ag and US$ 1.54/lb Cu on a
      co-product basis.

    We have announced plans to employees that we will continue mining on a
month-to-month basis at least through March 2009 which is beyond the
previously issued WARN Act notice period (see Revett release dated December
12, 2008).
    Notwithstanding the improved productivity and cost reductions, the Company
continues to be in a negative working capital position and we continue to
explore additional financing options to fund operations and to pay the US$4.3
million note due on 30 June 2009 related to our concentrate sales agreement.
If additional financing cannot be obtained, the Company may not have
sufficient financial resources to continue operations beyond the next few
months.

    Reserves & Resources
    --------------------

    Estimated Mineral Reserves and Resources as of December 31, 2008 are as
shown in the following tables:

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    Troy Reserves (Dec. 31, 2008)          Grades           Contained Metals
    -------------------------------------------------------------------------
                            Tons     Silver     Copper     Silver     Copper
                            ----     ------     ------     ------     ------
    Classification(1)  (Mst)(2,3)      (opt)        (%)      (Moz)     (Mlbs)
    -----------------  ----------      -----        ---      -----     ------
            Proven           4.0       1.34       0.69        5.3       54.4
          Probable           6.4       1.10       0.49        7.1       63.3
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             Total          10.4       1.19       0.57       12.4      117.7
    -------------------------------------------------------------------------
    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$2.25/lb Cu. Mr. Erickson is an employee of Revett and is not
       considered independent.
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    Troy Resources (Dec. 31, 2008)                          Contained Metals
    ------------------------------
                                                              Ag         Cu
    Classifi-          Tons (mil-        Ag     Copper   (million   (million
     cation(1)        lions)(2,3)      (opt)      (pct)        oz)       lbs)
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    Measured                42.2       1.42       0.70       60.2      594.0
    Indicated               17.4       0.99       0.44       17.1      152.8
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    Total Measured &
     Indicated              59.6       1.30       0.63       77.3      746.8
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    JF Property(4)          11.0        1.4       0.40       15.4       88.8
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    Total Inferred          11.0        1.4       0.40       15.4       88.8
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    1. Mineral Resources have been categorized in accordance with the
       classifications defined by the CIMM
    2. Includes Proven & Probable Reserves and resources contained in
       existing pillars.
    3. The estimated mineral resources were calculated by Mr. Larry Erickson,
       P Eng., a QP in accordance with NI 43-101. They are stated using a
       cut-off grade of US$ 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.
    4. Resources listed for the JF Property are Historic Resources as defined
       by the CIMM and have not been audited by a Qualified Person. In 1992,
       ASARCO reported in an internal report a "Mineral Reserve" for the
       JF deposit of "11 million tons grading 0.4% Cu and 1.4 opt Ag." This
       historical mineral resource estimate, which was prepared before the
       adoption of NI 43-101 and uses categories other than the ones set out
       in section 1.2 of NI 43-101, is considered relevant. A QP has not,
       however, done sufficient work to classify the historical estimate as
       current mineral resources and accordingly, Revett does not treat
       ASARCO's historical estimate as current mineral resources. The reader
       is cautioned that the ASARCO historical estimate should not be relied
       upon. Revett has not yet taken the steps to validate this drilling
       information with new drilling data, however, Mr. Larry Erickson,
       P Eng., a QP in accordance with NI 43-101, has reviewed ASARCO's
       drilling data (ie; core logs, assay results, sections) and believes it
       to be reliable. Mr. Erickson is an employee of Revett.
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    Mr. John Shanahan, President and CEO, noted "It is because of our
employees dedication that improvements to productivity and cost reductions can
be achieved, and they are to be commended for their efforts. As evidenced by
our year end reserves and resources, there is still significant potential at
Troy".

    John Shanahan
    President & CEO

    Except for the statements of historical fact contained herein, the
information presented in this press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements include but are not limited to those
with respect to the estimation of mineral reserves and resources, and the
future potential of Troy. Actual results and developments could be affected by
our challenging working capital position and our inability to continue to fund
operations, as well as those factors discussed in the section entitled "Risk
Factors" in the Form 10-K filed with the Securities and Exchange Commission
and Canadian securities regulatory authorities. 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 as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements.
    %SEDAR: 00021518E




For further information:

For further information: John Shanahan, CEO; Doug Ward, VP Corporate
Development, (509) 921-2294; www.revettminerals.com

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REVETT MINERALS INC.

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