SPOKANE VALLEY, WA, Nov. 30 /CNW Telbec/ - Revett Minerals Inc. ("Revett or the Company") ("TSX:RVM/OTCBB:RVMIF) today announced that it has entered into a Memorandum of Understanding (MOU) with Quaterra Resources ("Quaterra") (NYSE: Amex: QMM / TSXV:QTA) that could enhance each company's business objectives.
Through this MOU, Revett's objective is to gain exposure to Quaterra's pipeline of precious and base metal exploration projects in North America, including the MacArthur/Yerington copper project in Nevada, the Nieves silver property in Zacatecas, Mexico and, the Americas-Mirasol gold/silver property in Durango, Mexico. In turn, Quaterra could have the opportunity to gain a foothold into Revett's production and development stage silver/copper holdings in the USA.
Both companies stand to benefit from the core competencies of the other company. As a silver/copper producer, Revett's operating experience could be valuable in moving projects from final feasibility stage into production, while Quaterra's management has a proven track record of advancing projects from grass roots exploration to development stage. The companies may work together on a project by project basis, or at a corporate level via cross shareholdings, or with some other transaction which may prove to be of mutual benefit.
John Shanahan, President and CEO of Revett comments "We are delighted with our strategic alliance with Quaterra as we believe that our skill sets complement each other and will allow us to fully realize the potential of each company's assets".
"Revett's operating experience and world-class Rock Creek deposit, in combination with Quaterra's exploration focus and portfolio of early-stage projects, present an opportunity to unlock value for both companies" said Tom Patton, President and CEO of Quaterra.
Revett Minerals, through its subsidiaries, owns and operates the currently producing Troy Mine and development-stage Rock Creek Project, both located in northwestern Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project will form the basis of our plan to become a solid mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
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. 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 ", "occur" or "be achieved". Forward-looking statements contained in this press release include but are not limited to statements with respect to the expectation that Revett or Quaterra could enhance each other's ability to enhance business objectives or gain exposure to each others exploration/production expertise or properties. Actual results and developments could be affected by development risks and production risks, 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 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.
SOURCE REVETT MINERALS INC.
For further information: For further information: Doug Ward, VP Corporate Development; Monique Hayes, Corporate/Investor Communications, (509) 921-2294; www.revettminerals.com