Revett Minerals Reports Operating and Financial Results for the Three and Six Months Ended June 30, 2008



    SPOKANE VALLEY, WA, Aug. 13 /CNW Telbec/ - Revett Minerals Inc., 
(TSX-RVM) ("Revett" or the "Company") is pleased to report on its operating
and financial performance for the three and six months ended June 30, 2008.
All currency in this report is in United States dollars unless otherwise
indicated

    The major highlights for the three and six months ended June 30, 2008
include the following:

    
    - Troy has now operated for 12 consecutive months without a lost time
      incident;
    - Troy (100% basis) attained mill throughput averaging 3,645 tons per day
      for the three months ended June 30, 2008 ( and 3,489 tons per day for
      the first six month period in 2008) compared to 3,711 tons per day
      during the three months ended June 30, 2007 ( and 3,801 tons per day
      for the six month period ended June 30, 2007);
    - Troy (100% basis) generated over $5.2 million in cash for the three
      months ended June 30, 2008 bringing its year to date cash flow to over
      $3.6 million;
    - Troy (100% basis) generated net earnings before taxes of $3.4 million
      for the second quarter of 2008 and $6.6 million for the six month
      period ended June 30, 2008;
    - Troy (100% basis) produced 2.4 million pounds of copper and
      259,847 ounces of silver in concentrate during the second quarter of
      2008 compared to 3.5 million pounds of copper and 372,332 ounces of
      silver for the three months ended June 30, 2007;
    - For the six month period ended June 30, 2008, Troy produced
      4.5 million pounds of copper and 491,759 ounces of silver in
      concentrate compared to production of 6.8 million pounds of copper and
      731,466 ounces of silver in concentrate for the comparable six month
      period in 2007;
    - The Troy Mine has entered into a contractual agreement with Small Mine
      Development LLC ("SMD") whereby SMD will provide contract mining
      services to assist in development of the "C-Beds" and also assist in
      the on-going mining and development in the East Ore Body;
    - For the three months ended June 30, 2008, the Company reported net
      income of $0.1 million ($0.00 per share) compared to $3.7 million
      ($0.05 per share for the second quarter of 2007;
    - In-spite of improving production of copper and silver, second quarter
      earnings were negatively impacted by the Company being required to fair
      value concentrate sales for which final settlement had not yet
      occurred, a large tax expense for the quarter and significant legal
      expenses relating to the Rock Creek permit challenges; and
    - The Company reported net income of $1.5 million or $0.02 per share for
      the six months ended June 30, 2008 compared to net income of
      $4.0 million ($0.06 per share) for the six months ended June 30, 2007.
    

    Bill Orchow, President and CEO of the Company, in commenting on the
results for the second quarter of 2008 said "We continue to be pleased with
the strong earnings and cash generation that was achieved by Troy over the
past three months coupled with a continuing excellent environmental record and
an excellent safety record by all employees. Troy has not had a lost time
incident for over a year".

    CONSOLIDATED RESULTS
    --------------------

    For the three months ended June 30, 2008, Revett reported net income of
$0.1 million or $0.00 per share on revenue of $13.4 million. This compared to
net income of $3.7 million or $0.05 per share during the three months ended
June 30, 2007 on revenues of $15.9 million. Net income for the second quarter
of 2008 was negatively effected by three significant factors; (i) in the
second quarter, revenues were reduced by $2.0 million due to the accounting
requirement whereby the Company is required to mark to market accounts
receivable and forward contracts for which final settlement has not yet
occurred; (ii) approximately $0.5 million of legal expenses relating to Rock
Creek; and (iii) a large tax adjustment because management changed its
estimate of the amount of exploration spending at Rock Creek which
significantly increased the income tax expense for the three and six months
ended June 30, 2008.
    Concentrate deliveries and sales during the three months ended June 30,
2008 consisted of 2.4 million pounds of payable copper and 244,630 ounces of
payable silver compared to 3.5 million pounds of copper and 378,226 ounces of
silver during the three months ended June 30, 2007.
    During the second quarter of 2008, cost of sales was $9.5 million
compared to $8.8 million in the second quarter of 2007. Operating costs were
higher reflecting higher labor costs, higher materials and supplies
(principally in the drill and blast activities), and higher property and state
mining taxes. Depreciation and amortization in this current quarter was
$0.5 million compared to $0.4 million in the second quarter of 2007. The
reclamation and remediation liability accretion expense was $0.1 million in
the second quarter of 2008 and $0.2 million in the second quarter of 2007.
    Exploration and development costs totaled $1.0 million in the second
quarter of 2008, compared to $0.6 million in the second quarter of 2007. The
large increase in exploration and development was largely a function of
increased legal costs relating to the Rock Creek permit challenges. With all
court filings now complete these expenses should be less in future periods.
General and administration costs were $1.4 million in the second quarter of
2008 compared to $1.1 million during the second quarter of 2007. Other income
during the second quarter was $0.1 million compared to $0.9 million recorded
during the second quarter of 2007, reflecting lower foreign exchange gains on
cash and short term investment held in Canadian dollars.
    As a result of the foregoing factors, net income before non controlling
interest and taxes was $1.0 million for the second quarter of 2008 and $5.8
million for the second quarter of 2007. For the three months ended June 30,
2008, net income, after taxes and non controlling interests, was $0.1 million
or $0.00 per share compared to net income of $3.7 million or $0.05 per share
for the three month period ended June 30, 2007.
    The only remaining third party debt obligations of the Company are the
capped Royal Gold production driven royalty expected to be retired within the
next nine months depending on production levels and metal prices and $1.6
million in principal payments relating to certain capital lease obligations.
At June 30, 2008, the Company's cash and cash equivalents and short term
investments, which consists of cash invested in fixed income securities,
totaled $13.1 million compared to $9.5 million as at March 31, 2008. At June
30, 2008 working capital had increased to $12.5 million from $11.6 million at
March 31, 2008.

    
    THE TROY MINE
    -------------

    The table below illustrates certain key operating statistics for Troy
(100% basis) for the three and six months ended June 30, 2008, with a
comparison to the three and six months ended June 30, 2007.

                     Three Months  Three Months    Six Months    Six Months
                     ------------  ------------    ----------    ----------
                            Ended         Ended         Ended         Ended
                            -----         -----         -----         -----
                          June 30,      June 30,      June 30,      June 30,
                          -------       -------       -------       -------
                             2008          2007          2008          2007
                             ----          ----          ----          ----
    Tons milled           331,698       337,712       631,561       687,892
    Tons milled per day     3,645         3,711         3,489         3,801
    Operating cost per
     ton milled (USD)       26.96         22.04         26.67         21.90
    Copper grade (pct)       0.41          0.59          0.41          0.56
    Silver grade (opt)       0.87          1.24          0.87          1.19
    Copper recovery
     (pct)                   87.9          87.1          87.2          87.1
    Silver recovery
     (pct)                   90.1          88.5          89.6          88.7
    Copper produced
     (lbs)              2,388,947     3,490,930     4,518,469     6,793,282
    Silver produced
     (ozs)                259,847       372,332       491,759       731,466
    Copper sold
     (payable pounds)   2,391,086     3,544,216     4,409,060     6,276,480
    Silver sold
     (payable ozs)        244,630       378,226       447,393       668,073
    

    The continuing improvement in mill throughput, combined with the
continued high prices for silver and copper are the two most significant
factors affecting the Company's second quarter operating and financial
results. Production levels in the second quarter of 2008 improved by 10.6%
over the first quarter of 2008, but lower than planned ore grades continue to
affect the amount of payable metal produced. Since January 2008, the mine has
operated for significant periods of time in the fringes of the ore body
because metal prices have allowed for economic production from lower grade
material and, additionally the mine remains behind in its development as it
continues to recovery from restrictions placed on it by MSHA (relating to the
July 30, 2007 rock fall) during the second half of 2007. Ore grades, however,
remained below average life of mine grades but a modest improvement in grades
is anticipated throughout the rest of the year. If production can continue at
levels experienced in the second quarter and prices remain at or near current
levels, Troy could generate positive cash flow during the rest of this year.
Also, the mine continues to work aggressively in implementing its safety and
environmental programs and this performance has been excellent for the past
twelve months.

    ROCK CREEK UPDATE
    -----------------

    All required legal briefs have been filed with the court respecting the
challenges brought by certain environmental groups concerning the Rock Creek
permit. Meanwhile, in accordance with our permits, the Company has completed
construction of the office and core shed at the Rock Creek property.

    ABOUT REVETT
    ------------

    Revett, through its subsidiaries, owns both the Rock Creek Project and
the Troy Mine both of which are located in northwest Montana. Based on the
drilling to date, Rock Creek contains an estimated inferred resource of 137
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 Mr. Jean-Francois Couture, P.Geo. and Mr. Ken Reipas, P.Eng. of SRK
Consulting (Canada). Both Mr. Couture and Mr. 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 and with
the SEC on EDGAR.

    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 applicable Canadian securities legislation
and 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 effect on the Company's
operations of pending or planned legal challenges, the timing and amount of
estimated future production, industrial accidents, and costs of production,
all involve known and unknown risks, uncertainties and other factors which may
cause 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. Generally, these
forward looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects", or "does not expect", "is expected",
"is not expected", "budget", "plans", "schedule", "estimates", "forecasts",
"intends", "anticipates", "or does not anticipate" or "believes" or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward looking statements are subject to known and known risks, uncertainties
and other factors. Such other factors may include, among others, ground
control problems and flooding, metallurgical recovery problems, ore grade or
tonnage shortfalls, labor disruptions or shortages of skilled labor, risks
relating to environmental laws and regulations, the actual results of
exploration activities, actual results of current reclamation activities,
conclusions of economic evaluations, changes in project parameters as plans
continue to be refined, future metal prices, changes in the quantity and costs
of producing copper concentrate as well as those factors discussed in the
section entitled "Risk Factors" in the annual Form 10-Kfiled on SEDAR at
www.sedar.com and with the SEC on EDGAR. 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 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
does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
securities laws.

    
    Revett Minerals Inc.
    Consolidated Balance Sheets
    at June 30, 2008 and December 31, 2007
    (expressed in thousands of United States dollars)
    (unaudited)

                                                June 30, 2008   December 31,
                                                   (unaudited)         2007

                                 Assets

    Current Assets

    Cash and cash equivalents                      $   13,106     $  14,055
    Short term investments                                  -         3,955
    Accounts receivable                                 3,941           970
    Income taxes receivable                                50         1,250
    Inventories                                         4,767         4,519
    Prepaid expenses and deposits                         601           498
                                                  ---------------------------
      Total current assets                             22,465        25,247

    Mineral property, plant, equipment and
     mine development (net)                            60,364        60,714
    Restricted cash                                     7,538         7,386
    Other long term assets                              1,197         1,264
                                                  ---------------------------
      Total assets                                 $   91,564     $  94,611
                                                  ---------------------------
                                                  ---------------------------
              Liabilities and shareholders equity

    Current liabilities

    Trade accounts payable                         $    2,347     $   1,985
    Payroll liabilities                                 1,062           806
    Income, property and mining taxes                   1,698         1,161
    Concentrate settlement payable                        416           526
    Other accrued liabilities                           1,438           852
    Current portion of long term debt                   3,025         9,719
                                                  ---------------------------
      Total current liabilities                         9,986        15,049

    Long-term portion of debt                             597         1,784
    Reclamation and remediation liability               7,231         7,141
    Future income taxes                                 8,450         8,391
                                                  ---------------------------
      Total liabilities                                26,264        32,365
                                                  ---------------------------
    Non controlling interest                            9,072         8,175
                                                  ---------------------------

                       Shareholders' equity

    Preferred stock, no par value, unlimited
     authorized, nil issued and outstanding
    Common stock, no par value unlimited
     authorized, 75,002,702
     (2007- 74,295,702) shares issued and
     outstanding                                       56,871        56,315
    Contributed surplus                                 1,675         1,556
    Deficit                                            (2,318)       (3,800)
                                                  ---------------------------
                                                       56,228        54,071
                                                  ---------------------------
       Total liabilities and shareholders equity   $   91,564     $  94,611
                                                  ---------------------------
                                                  ---------------------------


    Revett Minerals Inc.
    Consolidated Statements of Operations and Comprehensive income
    Three and six months ended June 30, 2008 and 2007
    (expressed in thousands of United States dollars except share and per
     share amounts)
    (unaudited)
                      Three month   Three month     Six month     Six month
                     period ended  period ended  period ended  period ended
                          June 30,      June 30,      June 30,      June 30,
                             2008          2007          2008          2007

    Revenues           $   13,377    $   15,903    $   25,411    $   26,619

    Expenses:
    Cost of sales           9,515         8,758        17,793        16,307
    Depreciation and
     amortization             454           449           846           835
    Exploration and
     development              958           625         1,310         1,100
    General and
     administrative         1,389         1,064         2,375         2,039
    Accretion of
     reclamation and
     remediation
     liability                148           162           295           323
                      -------------------------------------------------------
                           12,464        11,058        22,619        20,604
                      -------------------------------------------------------
      Income from
       operations             913         4,845         2,792         6,015
    Other income
     (expenses):
    Interest expense         (270)         (372)         (544)         (744)
    Interest and other
     income                   362           465           617           692
    Foreign exchange
     gain (loss)               35           838          (183)          966
                      -------------------------------------------------------
      Total other
       income
       (expenses)             127           931          (110)          914
                      -------------------------------------------------------
    Net income before
     non controlling
     interest
     and taxes              1,040         5,776         2,682         6,929
    Income tax
     expense                  496           953            71         1,329
                      -------------------------------------------------------
    Net income before
     non controlling
     interest                 544         4,823         2,611         5,600
    Non controlling
     interest                 469         1,096         1,129         1,571
                      -------------------------------------------------------
    Net income and
     comprehensive
     income for
     the period        $       75    $    3,727    $    1,482    $    4,029
                      -------------------------------------------------------
                      -------------------------------------------------------
    Basic earnings
     per share         $     0.00    $     0.05    $     0.02    $     0.06
                      -------------------------------------------------------
                      -------------------------------------------------------
    Diluted earnings
     per share         $     0.00    $     0.05    $     0.02    $     0.06
                      -------------------------------------------------------
                      -------------------------------------------------------
    Weighed average
     number of shares
     outstanding       75,002,702    72,863,666    74,882,279    72,863,666
                      -------------------------------------------------------
                      -------------------------------------------------------
    Weighted average
     number of
     diluted shares
     outstanding       75,028,702    73,585,032    74,908,279    73,250,995
                      -------------------------------------------------------
                      -------------------------------------------------------


    Revett Minerals Inc.
    Consolidated Statements of Cash Flow
    Three and six months ended June 30, 2008 and 2007
    (expressed in thousands of United States dollars)
    (unaudited)

                      Three month   Three month     Six month     Six month
                     period ended  period ended  period ended  period ended
                          June 30,      June 30,      June 30,      June 30,
                             2008          2007          2008          2007
    Cash flows
     from operating
     activities:

    Net income
     for the period    $       75    $    3,727    $    1,482    $   4,029
    Adjustments to
     reconcile net
     income to net
     cash provided
     by operating
     activities
      Depreciation
       and
       amortization           454           449           846          835
      Accretion of
       reclamation
       and
       remediation
       liability              148           162           295          323
      Foreign exchange
       loss (gain)            (35)         (838)          183         (966)
      Stock based
       compensation            39           154           119          497
      Loss (gain)
       on disposal
       of fixed assets         (7)            1            67            1
      Future income
       tax expense
       (recovery)             475           953          (147)       1,329
      Non controlling
       interest               469         1,096         1,129        1,571
      Accrued interest
       from reclamation
       trust fund             (67)          (85)         (153)        (168)
      Amortization of
       prepaid
       insurance premium       36            39            68           80
      Change in fair
       value of
       derivative
       contracts            2,142        (1,466)          109        1,641
    Changes in:
      Accounts receivable     (82)       (3,838)       (3,080)      (5,113)
      Income taxes
       receivable               -             -         1,250            -
      Inventory               (65)          605          (247)        (253)
      Prepaid expenses
       and other              (88)          126          (153)        (270)
      Accounts payable
       and accrued
       liabilities          1,229         5,187         1,631        1,061
                      -------------------------------------------------------
    Net cash
     generated by
     operating
     activities             4,723         6,272         3,399        4,597
                      -------------------------------------------------------
    Cash flows
     from investing
     activities:

      Proceeds
       (purchase)
       of short term
       investments          1,002        (1,465)        3,955       (1,944)
      Other long term
       assets                   3           541             -          583
      Purchase of plant
       and equipment         (149)       (2,450)         (155)      (2,708)
                      -------------------------------------------------------
    Net cash provided
     (used) by
     investing
     activities               856        (3,374)        3,800       (4,069)
                      -------------------------------------------------------

    Cash flows from
     financing
     activities:

      Proceeds form
       the issuance
       of common
       stock, net               -             -             -        1,327
      Proceeds from long
       term debt                -         1,838             -        1,839
      Repayment of debt      (763)       (1,602)       (7,388)      (2,342)
      Repayment of
       capital leases        (282)         (244)         (577)        (425)
                      -------------------------------------------------------
    Net cash from
     (used by)
     financing
     activities            (1,045)           (8)       (7,965)         399
                      -------------------------------------------------------
    Effects of
     foreign
     exchange
     on cash held
     In foreign
     currencies                35           838          (183)         966
                      -------------------------------------------------------
    Net increase
     (decrease)
     in cash and
     cash
     equivalents            4,569         3,728          (949)       1,893
      Cash and cash
       equivalents,
       beginning of
       period               8,537        18,027        14,055       19,862
                      -------------------------------------------------------
      Cash and cash
       equivalents,
       end of
       period          $   13,106    $   21,755    $   13,106    $  21,755
                      -------------------------------------------------------
                      -------------------------------------------------------
    Supplementary
     cash flow
     information:
      Cash paid
       for interest
       expense         $      148    $      242    $      552    $     787
      Common stock
       issued to
       acquire non-
       controlling
       interest        $        -    $        -    $      556    $       -
      Acquisition
       of plant and
       equipment under
       capital lease
       business
       acquisition     $        -    $        -    $       84    $       -


    Revett Minerals Inc.
    Consolidated Statement of Shareholders' Equity
    Six months ended June 30, 2008 and 2007
    (expressed in thousands of United States dollars)
    (unaudited)

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

    Balance, December
     31, 2006          71,904,088 $   53,989 $     816 $  (4,673) $  50,132
    Issued for
     cash on
     the exercise
     of share
     purchase
     warrants           1,293,615      1,327         -         -      1,327
    Stock-based
     compensation
     on options
     granted                    -          -       496         -        496
    Net income for
     the year                   -          -         -     4,029      4,029
                     --------------------------------------------------------
    Balance, June
     30, 2007          73,197,703 $   55,316 $   1,312 $    (644) $  55,984
                     --------------------------------------------------------
                     --------------------------------------------------------

    Balance, December
     31, 2007          74,295,702 $   56,315 $   1,556 $  (3,800) $  54,071
    Issued to acquire
     non controlling
     interest             707,000        556         -         -        556
    Issued for cash
     on the exercise
     of share purchase
     warrants                   -          -         -         -          -
    Stock-based
     compensation on
     options granted            -          -       119         -        119
    Net income for the
     period                     -          -         -     1,482      1,482
                     --------------------------------------------------------
    Balance, June
     30, 2008          75,002,702 $   56,871 $   1,675 $  (2,318) $  56,228
                     --------------------------------------------------------
                     --------------------------------------------------------
    
    %SEDAR: 00021518E




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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