Revett Minerals Reports on 2006 Financial and Operating Results



    MONTREAL, April 2 /CNW Telbec/ - Revett Minerals Inc., Spokane Valley,
Washington ("TSX-RVM") ("Revett" or the "Company") is pleased to report the
operating and financial results for the fourth quarter and the year ending
December 31, 2006. All currency in this release is in United States dollars
unless otherwise indicated.


    
    Overall Performance
    -------------------

    In summarizing the performance of the Company during its second year of
operations, Mr. William Orchow, President and CEO of Revett Minerals, stated
"We are pleased with the progress we have made in improving the operating
performance at the Troy Mine ("Troy") and with the re-issuance of the
favorable biological opinion for our Rock Creek project ("Rock Creek"). Some
other notable achievements in 2006 include:

    - a successful private placement in November raising gross proceeds of
      approximately (Cdn) $13.0 million;
    - the Troy Mine generated pre-tax net income of $4.3 million (100%
      basis);
    - revenue from Troy in excess of $31 million, an increase of 48% from
      2005; and
    - an increase in the Troy Mine ore reserves of approximately 10%.

    Consolidated Results
    --------------------

    For the year ended December 31, 2006, the Company recorded revenues of
$31.4 million. The direct operating costs to generate that revenue was $25.0
million and depreciation and depletion expense was $1.3 million implying a
profit from mining operations (a non-GAAP measure) of $5.1 million. Profit
from mining operations is a non-GAAP measure and is unlikely to be comparable
to similar measures presented by other issuers, but management believes it is
a useful supplementary measure of the performance of Troy. Other expenses
included the non-cash accretion for reclamation and remediation liability of
$0.6 million, general and administrative costs of $3.6 million, exploration
and development expenditures at Troy and Rock Creek of $1.4 million, interest
expense net of interest income of $0.8 million and a foreign exchange loss on
cash balances held in Canadian dollars of $0.2 million. This resulted in a
loss before income taxes and non-controlling interest of $1.6 million and for
the year a loss after non-controlling interest and taxes of $1.7 million or
($0.03) per share. Metal sales for the first twelve months of 2006 were 6.5
million pounds of copper and 824,049 ounces of silver. During the year ending
December 31, 2006, the Company generated a net of approximately $3.9 million
in cash from its operating activities. Overall, the Company experienced
difficulty in ramping up production to the levels originally forecast,
although steady improvements are now being made. This issue is discussed in
more detail further in this release.
    Revenues for the fourth quarter of 2006 were $4.0 million. The revenues
recorded for the fourth quarter were adjusted downward to reflect the affect
of the year end decline in the price of copper on the sales for which prices
have not yet been finalized. The rise in the price of copper by the end of
March will serve to partially offset the fourth quarter results. During the
fourth quarter, the mine shipped and received provisional payment for 1.4
million pounds of copper and 165,176 ounces of silver. The direct costs of
production for the fourth quarter were $7.1 million and depreciation and
depletion expense was $0.2 million implying a loss from mining operations of
$3.3 million (a non-GAAP measure). Other expenses during the fourth quarter
included exploration and development costs of $0.5 million, general and
administrative costs of $1.6 million, interest expense net of interest income
of $0.6 million, a loss of foreign exchange balances held in Canadian dollars
of $0.2 million, and the reclamation and remediation liability accretion of
$0.5 million. The loss for the fourth quarter before income taxes and
non-controlling interest was $6.7 million and the loss for the quarter after
non-controlling interest and taxes was $4.9 million or ($0.07) per share. The
most significant factors affecting the fourth quarter were below average metal
production and the decline in the copper price which reduced revenue for sales
for which the quotational period was still open. For the three month period
ending December 31, 2006, the Company generated a net of approximately $0.6
million in cash from operating activities.

    The following is a summary of the production, sales and shipment results
from the Troy Mine (100% basis) for the fourth quarter and the twelve month
period ending December 31, 2006.

    -------------------------------------------------------------------------
                                       Fourth Quarter            2006 Fiscal
                                                 2006                   Year
    -------------------------------------------------------------------------
    Tons milled                               206,614                944,783
    -------------------------------------------------------------------------
    Tons milled per day                         2,246                  2,588
    -------------------------------------------------------------------------
    Copper grade (pct)                           0.42                   0.46
    -------------------------------------------------------------------------
    Silver grade (opt)                           1.01                   1.13
    -------------------------------------------------------------------------
    Copper recovery (pct)                        82.8                   83.5
    -------------------------------------------------------------------------
    Silver recovery (pct)                        83.6                   86.2
    -------------------------------------------------------------------------
    Copper produced (pounds)                1,445,723              7,304,383
    -------------------------------------------------------------------------
    Silver produced (ounces)                  175,343                916,969
    -------------------------------------------------------------------------
    Copper sold (pounds)                    1,405,398              6,491,042
    -------------------------------------------------------------------------
    Silver sold (ounces)                      165,176                824,049
    -------------------------------------------------------------------------

    For the year ended December 31, 2006, 944,783 tons of ore (2,588 tpd) were
processed through the mill, which is less than expected levels. Mill
throughput for the fourth quarter was only 2,246 tons per day, which was well
below the daily average for the first nine months of the year. The primary
reason for the shortfall in mill throughput is a shortfall in the production
of ore from the mine. This mining shortfall is due to underutilization of the
new jumbo drills, delays in developing a sufficient number of mining areas
caused by the lower productivity from the new jumbo drills and difficult
ground condition in parts of the mine. In addition, December production was
very low because the primary conveyor was under repair and over 3 days of
production was lost due to power outages. Management of the Company continues
to work aggressively to rectify the production shortfalls and to date in 2007
good progress has been made in increasing mill throughput. During the fourth
quarter, the grade of copper milled averaged 0.42% and the silver head grade
was 1.01 ounces per ton. For the year, the copper grade was 0.46% and the
silver grade was 1.13 ounces per ton. Recoveries have been satisfactory given
the below normal grades and the low mill throughput.

    Year End Reserves-Troy Mine
    ---------------------------

    At December 31, 2006 the proven and probable reserves at the Troy Mine are
estimated to be 13.24 million tons grading 1.14 ounces of silver per ton and
0.54% copper per ton. These reserves were calculated by using a cut-off NSR of
$16.00 per ton. At projected production rates, the operating life of the Troy
Mine is projected to exceed six years. The reserve estimates are based upon
the Troy Mine N.I. 43-101 reported and updated by Mr. Larry Erickson, a
qualified person in accordance with N.I. 43-101. Mr. Erickson is an employee
of the Company and is not considered independent.

    Rock Creek
    ----------

    At Rock Creek, the Company continues with its efforts to advance the
project. In October, the United States Fish and Wildlife Service re-issued its
favorable biological opinion for the project. During the year, the Company
commenced design work on the water treatment plant and provided the initial
mitigation funding in the amount of $250,000 to the Montana Department of
Fish, Wildlife and Parks as required by the Record of Decision. Other work on
Rock Creek includes work on the Rock Creek scoping study, base line water
quality and hydrology studies for the water treatment plant, and an
application to the Montana Department of Environmental Quality to commence
with the Rock Creek evaluation adit.

    About Revett
    ------------

    Revett Minerals, through its subsidiaries, owns the Rock Creek project and
the Troy Mine both located in northwest Montana. Based on the drilling to
date, Rock Creek contains an estimated inferred resource of 136.6 million tons
grading 1.67 ounces silver per ton and 0.72% copper, containing approximately
229 million ounces of silver and over 2 billion pounds of copper using a cut
off grade of US $10.00 per ton. Further information on both the Troy Mine and
the Rock Creek project may be found in the National Instrument 43-101 reports
at www.sedar.com. These reports were prepared on behalf of the Company by
Jean-Francois Couture, P.Geo. and Ken Reipas, P.Eng. of SRK Consulting
(Canada). Both Mr. Couture and Reipas are Qualified Persons in accordance with
National Instrument 43-101. All of these issues are discussed in greater
detail in the Company's official filings at www.sedar.com.

    William Orchow
    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, including but not limited to those
with respect to the price of silver and copper, the estimation of mineral
reserves and resources, the realization of mineral reserve estimates, the
timing and amount of estimated future production, costs of production, involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among
others, risks relating to environmental laws and regulations, the actual
results of current exploration activities, actual results of current
reclamation activities, conclusions of economic evaluations, changes in
project parameters as plans continue to be refined, future prices of silver
and copper, as well as those factors discussed in the section entitled "Risk
Factors" in the Annual Information Form filed on sedar at www.sedar.com.
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: Please contact: Scott Brunsdon, CFO or Doug
Ward, VP Corporate Development, (509) 921-2294; www.revettminerals.com;
Renmark Financial Communications Inc.: Jason Roy, jroy@renmarkfinancial.com;
Michael Shore, mshore@renmarkfinancial.com; Media - Eva Jura,
ejura@renmarkfinancial.com, (514) 939-3989, Fax : (514) 939-3717;
www.renmarkfinancial.com

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REVETT MINERALS INC.

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