Revett Provides Rock Creek Permitting Update
SPOKANE VALLEY, WASHINGTON -- (Marketwire) -- 07/25/11 -- Revett Minerals Inc. (TSX: RVM) (NYSE Amex: RVM) today announced clarification from a recent ruling in the Montana District Court regarding a storm water permit issued by the Montana DEQ for Phase 1 construction of the Rock Creek Mine.
The Montana DEQ used their normal process of review for issuance of a 'general storm water permit' which covers construction activities for any new project. This permit covers only specific activities of the construction phase and is not intended to cover the full project. Revett, through the implementation of sediment catch basins, rolling dips in the road, silt fences and other Best Management Practices (BMP's) has an extensive sediment mitigation plan that covers both the construction and operation phases of the project, Revett believes it will offset any new impacts and improve current sediment conditions.
In a ruling issued on July 21st, the court determined that the company will be required to obtain an 'individual MPDES discharge permit' rather than a 'general permit' as originally granted by the Montana DEQ. This permit relates specifically to storm water management during road reconstruction in Phase 1 of the mine project and not the Endangered Species Act (ESA) challenges that are currently being defended in the Ninth Circuit Court of Appeals. The company received notice of the ruling on late Friday afternoon, July 22, 2011 and will take steps to address the court's concerns with the State agencies that are responsible for administration of the Montana Water Quality Act. A decision whether to appeal the District Courts' decision or not will be made in consultation with the agencies in the coming weeks. Revett does not anticipate that this ruling will effect the overall timeline of project development stemming from a decision from the Ninth Circuit Court of Appeals and completion of a Supplemental EIS.
John Shanahan, President and Chief Executive Officer, said 'We were disappointed with the state courts ruling, but we must remember that the main body of work regarding critical habitat during the construction and operation of the Rock Creek mine remains the Biological Opinion issued by the US Fish & Wildlife Service in October, 2006. We believe that the Rock Creek mine, just like our operating Troy Mine, can operate at the highest possible level of environmental compliance and will be a source of pride for the state and communities of northwest Montana. We remain extremely grateful to the state agencies, and local businesses and organizations that strongly support the development of this project.'
About Revett
Revett Minerals, through its subsidiaries, owns and operates the Troy Mine and development-stage Rock Creek Project, both located in northwestern Montana, USA. These projects host significant copper and silver mineral reserves and resources and 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.
John Shanahan, CEO & President
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 '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, anticipated grades and production at the Troy Mine, extending the life of mine at Troy Mine and anticipated production of the C-bed. Actual results and developments could be affected by development risks and production risks, , 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.
Contacts:
Revett Minerals Inc.
Monique Hayes
Corporate Secretary/Director Investor Relations
(509) 921-2294
Revett Minerals Inc.
Ken Eickerman
CFO
(509) 921-2294
www.revettminerals.com