Revett Minerals Reports on 2007 Financial and Operating Results



    SPOKANE VALLEY, WA, March 28 /CNW Telbec/ - Revett Minerals Inc.
("TSX-RVM") ("Revett" or the "Company") is pleased to report the operating and
financial results for the fourth quarter of 2007 and for the year ending
December 31, 2007. All currency in this release is in United States dollars
unless otherwise indicated.

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

    In summarizing the performance of the Company during its third year of
operations, Mr. Bill 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") but saddened by the tragic fatality that
occurred at Troy at the end of July. We were also pleased to receive during
the fourth quarter of this year affirmation of the favorable biological
opinion and record of decision for our Rock Creek Project from the United
States Forest Service. Some other notable achievements in 2007 include:

    
    - the Company reported its first ever year of profitability;
    - the Troy Mine generated pre-tax net income of $8.0 million
      (100% basis);
    - revenue from Troy totaled approximately $39 million, an increase of 24%
      from 2006;
    - the Troy Mine recorded its second consecutive year of positive cash
      flow; and
    - at Troy we discovered the "C-bed" reserves and associated
      mineralization.

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

    For the year ended December 31, 2007, the Company recorded revenues of
$38.9 million. The direct operating costs to generate that revenue was
$30.9 million and depreciation and depletion expense was $1.4 million implying
a profit from mining operations (a non-GAAP measure) of $6.6 million. Profit
from mining operations is a non-GAAP measure and may not be comparable to
similar measures presented by other issuers. Management believes this 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 $4.5 million, exploration
and development expenditures at Troy and Rock Creek of $2.1 million, other
income consisting of foreign exchange gains and net interest expense totaling
$1.5 million. This resulted in income before income taxes and non-controlling
interest of $0.9 million and for the year net income of $0.9 million or $0.01
per share. Metal sales for the 2007 calendar year were approximately
9.0 million pounds of payable copper and 1.0 million ounces of payable silver.
During the year ending December 31, 2007, the Company used a net of
approximately $0.4 million in cash from operating activities. Most
significantly though, the Company experienced production restrictions in its
underground mining operations for almost the entire second half of the year
because of the rock fall and related fatality that occurred on July 30, 2007.
This issue is discussed in more detail further in this release.
    Revenues for the fourth quarter of 2007 were $3.1 million. The revenues
recorded for the fourth quarter were adjusted downward to reflect the effect
of the year end decline in the price of copper on sales for which prices had
not been finalized. The increase in the price of copper by the end of March
has served to partially offset the fourth sales quarter results. During the
fourth quarter, the mine shipped and received provisional payment for
approximately 1.0 million pounds of payable copper and 0.1 million ounces of
payable silver. The direct costs of production for the fourth quarter were
$7.5 million and depreciation and depletion expense was $0.3 million implying
a loss from mining operations of $4.7 million (a non-GAAP measure). Other
expenses during the fourth quarter included exploration and development costs
of $0.4 million, general and administrative costs of $1.4 million, interest
income net of interest expense together with a gain of foreign exchange
balances held in Canadian dollars of $0.1 million, and the reclamation and
remediation liability accretion of $0.1 million. The loss for the fourth
quarter before income taxes and non-controlling interest was $6.4 million and
the loss for the quarter was $3.0 million or $0.04 per share. The most
significant factors affecting the fourth quarter were below average metal
production resulting from low mill throughput and below normal ore grades and
the decline in the copper price. For the three month period ending
December 31, 2007, the Company used approximately $5.1 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, 2007, with a comparison to 2006.


    -------------------------------------------------------------------------
                                Fourth Quarter    2007 Fiscal    2006 Fiscal
                                --------------    -----------    -----------
                                          2007           Year           Year
                                          ----           ----           ----
    -------------------------------------------------------------------------
    Tons milled                        212,425      1,108,503        944,783
    -------------------------------------------------------------------------
    Tons milled per day                  2,309          3,037          2,588
    -------------------------------------------------------------------------
    Copper grade (pct)                    0.31           0.50           0.46
    -------------------------------------------------------------------------
    Silver grade (opt)                    0.68           1.07           1.13
    -------------------------------------------------------------------------
    Copper recovery (pct)                 85.0           86.5           83.5
    -------------------------------------------------------------------------
    Silver recovery (pct)                 88.6           88.7           86.2
    -------------------------------------------------------------------------
    Copper produced (pounds)         1,135,338      9,681,827      7,304,383
    -------------------------------------------------------------------------
    Silver produced (ounces)           127,352      1,054,417        916,969
    -------------------------------------------------------------------------
    Copper sold (pounds)             1,030,105      8,962,776      6,455,713
    -------------------------------------------------------------------------
    Silver sold (ounces)               112,938        964,916        817,250
    -------------------------------------------------------------------------


    For the year ended December 31, 2007, 1,108,503 tons of ore (3,037 tpd)
were processed through the mill, which is less than expected levels. Mill
throughput for the fourth quarter was only 2,309 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 was the restrictions placed on
underground mining activities resulting from the rock fall and related
fatality that occurred on July 30, 2007. During the first six months of the
year the mill processed 3,801 tpd but during the second half of the year only
2,286 tpd were produced. Management of the Company continues to work
aggressively to rectify the production shortfalls and to date in 2008 good
progress has been made in increasing mill throughput, along with an
improvement in the grade of ore mined and milled. During the fourth quarter of
2007, the grade of copper milled averaged 0.31% and the silver head grade was
0.68 ounces per ton. These ore grades were well below normal and were, again,
caused by the restrictions placed on underground mining following the July
rock fall. For the year, the copper grade was 0.50% and the silver grade was
1.07 ounces per ton. The operation of the mill has been very good as
recoveries for both copper and silver remain above budgeted levels.

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

    At December 31, 2007 the proven and probable reserves at the Troy Mine are
estimated to be 13.2 million tons grading 1.18 ounces of silver per ton and
0.54% copper per ton. These reserves were calculated by using a cut-off NSR of
$18.86 per ton. At projected production rates, the operating life of the Troy
Mine is projected to exceed seven more 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 December, the United States Forest Service re-affirmed both the
Rock Creek biological opinion and its record of decision. During the year, the
Company continued design work on the water treatment plant and work with the
regulators to finalize the memorandum of understanding for the grizzly bear
mitigation program Also in 2007 the Company acquired addition mitigation lands
required by the Rock Creek record of decision at a cost of $2.6 million. Other
work on Rock Creek included 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 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.



    REVETT MINERALS INC.
    Consolidated Balance Sheets
    (Expressed in thousands of United States dollars)

    December 31, 2007 and 2006

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                         2007           2006
    -------------------------------------------------------------------------

    Assets

    Current assets:
      Cash and cash equivalents                  $     14,055   $     19,862
      Short-term investments                            3,955          3,940
      Accounts receivable                                 970            980
      Income taxes receivable                           1,250              -
      Inventories                                       4,519          4,005
      Prepaid expenses and deposits                       498            512
      -----------------------------------------------------------------------
                                                       25,247         29,299

    Mineral property, plant and equipment              60,714         56,012
    Restricted cash                                     7,386          7,043
    Other assets                                        1,264          1,849

    -------------------------------------------------------------------------
                                                 $     94,611   $     94,203
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity

    Current liabilities
      Trade accounts payable                     $      1,985   $        569
      Payroll liabilities                                 806            808
      Income, property and mining taxes                 1,161          1,081
      Concentrate settlement payable                      526          1,846
      Other accrued liabilities                           852          1,544
      Current portion of long-term debt                 9,719          4,387
      -----------------------------------------------------------------------
                                                       15,049         10,235

    Long-term debt                                      1,784          9,354
    Reclamation and remediation liability               7,141          7,603
    Future income taxes                                 8,391          8,353
    -------------------------------------------------------------------------
                                                       32,365         35,545

    Non-controlling interest                            8,175          8,524

    Shareholders' equity:
      Share capital
        Authorized: unlimited no par common shares
        Issued and outstanding: 74,295,702
        (2006 - 71,904,088) common shares              56,315         53,989
      Contributed surplus                               1,556            816
      Deficit                                          (3,800)        (4,671)
      -----------------------------------------------------------------------
                                                       54,071         50,134

    -------------------------------------------------------------------------
                                                 $     94,611   $     94,203
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    REVETT MINERALS INC.
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Expressed in thousands of United States dollars, except per share
    amounts)

    Years ended December 31, 2007, 2006 and 2005

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                          2007           2006           2005
    -------------------------------------------------------------------------

    Revenue                       $     38,885   $     31,381   $     21,136

    Expenses:
      Cost of sales                     30,894         25,043         19,318
      Depreciation and depletion         1,393          1,280          1,441
      Exploration                        2,131          1,417          1,259
      General and administrative         4,518          3,558          2,618
      Accretion of reclamation
       and remediation liability           559            596            584
      -----------------------------------------------------------------------
                                        39,495         31,894         25,220
    -------------------------------------------------------------------------

    Loss from operations                  (610)          (513)        (4,084)

    Other income (expenses):
      Interest expense                  (1,307)        (1,689)        (1,745)
      Interest and other income          1,291            841            605
      Foreign exchange loss (gain)       1,470           (225)             -
      -----------------------------------------------------------------------
                                         1,454         (1,073)        (1,140)
    -------------------------------------------------------------------------

    Income (loss) before income
     taxes and non-controlling
     interest                              844         (1,586)        (5,224)

    Income tax recovery                    634            165          1,100
    -------------------------------------------------------------------------

    Income (loss) before
     non-controlling interest            1,478         (1,421)        (4,124)

    Non-controlling interest              (607)          (310)         1,206

    -------------------------------------------------------------------------
    Net income (loss) and
     comprehensive income (loss)
     for the year                 $        871   $     (1,731)  $     (2,918)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted income
     (loss) per share             $       0.01   $      (0.03)  $      (0.06)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted average number of
     shares outstanding:
      Basic                         73,308,813     61,292,210     48,835,179
      Diluted                       73,579,709     61,292,210     48,835,179
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    REVETT MINERALS INC.
    Consolidated Statements of Shareholders' Equity
    (Expressed in thousands of United States dollars, except share amounts)

    Years ended December 31, 2007, 2006 and 2005

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                               Common shares     Contri-
                        -----------------------   buted
                             Shares     Amount  surplus   Deficit      Total
    -------------------------------------------------------------------------

    Balance,
     December 31,
     2004                         1   $      -  $     -  $    (22)  $    (22)

    Issued for cash
     on IPO              34,500,000     24,972        -         -     24,972
    Exchanged for
     Revett Silver
     shares              24,489,705     17,222        -         -     17,222
    Redeemed                     (1)         -        -         -          -
    Issued for expenses      15,690          7        -         -          7
    Issued for interest
     owing                1,042,108        500        -         -        500
    Stock-based
     compensation on
     options granted              -          -      243         -        243
    Net loss for the
     year                         -          -        -    (2,918)    (2,918)
    -------------------------------------------------------------------------

    Balance,
     December 31, 2005   60,047,503     42,701      243    (2,940)    40,004

    Issued for cash on
     the exercise of
     share purchase
     warrants               356,585        368        -         -        368
    Issued for cash on
     private placement   11,500,000     10,920        -         -     10,920
    Stock-based
     compensation on
     options granted              -          -      573         -        573
    Net loss for the
     year                         -          -        -    (1,731)    (1,731)
    -------------------------------------------------------------------------

    Balance,
     December 31, 2006   71,904,088     53,989      816    (4,671)    50,134
    Issued to acquire
     non controlling
     interest             1,097,999        999        -         -        999
    Issued for cash on
     the exercise of
     share purchase
     warrants             1,293,615      1,327        -         -      1,327
    Stock-based
     compensation on
     options granted              -          -      740         -        740
    Net income for the
     year                         -          -        -       871        871

    -------------------------------------------------------------------------
    Balance,
     December 31, 2007   74,295,702   $ 56,315  $ 1,556  $ (3,800)  $ 54,071
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    REVETT MINERALS INC.
    Consolidated Statements of Cash Flows
    (Expressed in thousands of United States dollars)

    Years ended December 31, 2007, 2006 and 2005

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                          2007           2006           2005
    -------------------------------------------------------------------------

    Cash provided by (used in):

    Operating activities:
      Net income (loss) for
       the year                   $        871   $     (1,731)  $     (2,918)
      Items not involving cash:
        Depreciation and depletion       1,393          1,280          1,441
        Accretion of reclamation
         and remediation liability         559            596            584
        Unrealized foreign
         currency exchange loss
         (gain)                         (1,470)           225              -
        Stock-based compensation           740            573            243
        Loss on disposal of fixed
         assets                             25              -              -
        Expenses paid with common
         shares                              -              -              7
        Future income tax recovery        (634)          (165)        (1,100)
        Non-controlling interest           607            310         (1,206)
        Accrued interest from
         reclamation trust                (343)          (324)          (159)
        Amortization of insurance
         premiums                          128            144            115
      Changes in non-cash working
       capital:
        Accounts receivables                10          2,110            345
        Income taxes receivable         (1,250)             -              -
        Inventories                       (514)        (2,267)         1,795
        Prepaid expenses and
         deposits                           15            191             34
        Accounts payable and
         accrued liabilities              (518)         2,989          1,045
        Deferred revenue acquired            -              -         (1,850)
      -----------------------------------------------------------------------
                                          (381)         3,931         (1,624)

    Financing activities:
      Proceeds from issuance of
       common stock                      1,327         11,288         24,972
      Repayment of debt                 (3,027)        (1,529)          (502)
      Repayment of capital leases       (1,069)          (565)          (249)
      Proceeds from long-term debt           -              -          1,500
      -----------------------------------------------------------------------
                                        (2,769)         9,194         25,721

    Investing activities:
      Sale (purchase) of
       short-term investments              (15)         3,456         (7,396)
      Purchase of mineral
       property, plant and
       equipment                        (3,565)          (793)        (4,345)
      Other long-term assets               457           (310)        (1,715)
      Restricted cash                        -              -         (6,560)
      Business acquisitions,
       net of cash acquired                  -              -            528
      Purchase of non controlling
       interest                         (1,004)             -              -
      -----------------------------------------------------------------------
                                        (4,127)         2,353        (19,488)

    Impact of foreign exchange on
     cash and cash equivalents           1,470           (225)             -
    -------------------------------------------------------------------------

    Increase (decrease) in cash
     and cash equivalents               (5,807)        15,253          4,609

    Cash and cash equivalents,
     beginning of year                  19,862          4,609              -

    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of year                  $     14,055   $     19,862   $      4,609
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplemental disclosure of
     cash flow information:
      Cash paid for interest
       expense                    $      1,532   $      1,787   $      1,419
      Cash received for interest
       income                            1,248            824            482
      Cash paid for income taxes         1,250              -              -
      Non-cash transactions:
        Shares issued in business
         acquisition (note 3(a))             -              -         17,222
        Common stock issued to
         acquire non controlling
         interest                          999              -              -
        Common stock issued in
         connection with debt
         settlement                          -              -            500
        Acquisition of plant
         and equipment under
         capital lease                   1,859            650            889
        Reduction of reclamation
         and remediation
         liability and offset to
         mineral property, plant
         and equipment                   1,021          1,944              -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    




For further information:

For further information: Scott Brunsdon, CFO or Doug Ward, VP Corporate
Development, (509) 921-2294, or visit our website at www.revettminerals.com;
Renmark Financial Communications Inc.: Jason Roy, jroy@renmarkfinancial.com;
Maurice Dagenais, mdagenais@renmarkfinancial.com, (514) 939-3989, Fax: (514)
939-3717, www.renmarkfinancial.com

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REVETT MINERALS INC.

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