The financial results are based on US GAAP and all currencies are in United States dollars unless otherwise indicated.

Second Quarter 2014 Summary:

  • Cash and short term investments as at June 30, 2014 were $6.1 million compared to $8.0 million as at December 31, 2013.
  • Net loss for the second quarter of 2014 was $1.6 million, or $0.04 per share basic. Net loss for the second quarter of 2013 was $4.1 million or $0.12 per share basic.
  • The Company’s working capital at June 30, 2014 was $8.5 million.

Consolidated Financial Results

Expenses during the second quarter were on budget as planned I Bed development and Rock Creek permitting efforts advance. I Bed development costs at the Troy Mine during the second quarter of 2014 was roughly $1.7 million. The total costs of the I Bed development since commencement in November 2013 has been approximately $4.4 million.

Troy Mine I Bed Development

The Company is nearing completion of the initial phase of development to resume production at Troy. Steel-reinforced concrete arches have been successfully stood through the B Faults in both the east and west drives. As of August 8, 2014, the Company has completed 5,622 feet of development against 7,500 feet of planned development. The east decline is approximately 812 feet from the mineralized area of the North C Bed orebody. The project remains on schedule and within budget for development of the North C Beds before the end of this quarter with re-start of the mill and limited commercial production anticipated in the fourth quarter of this year.

From the North C Beds, an additional 5,900 feet of single decline is required to access the I Beds. If development continues as planned, it is estimated that full production may resume by mid-2015

John Shanahan, Revett’s President and CEO stated "We remain very pleased with our development efforts at Troy as we look to return to a limited level of commercial production in the fourth quarter. Our crews are to be congratulated for the work that has been done to date. Returning to operation at Troy will enable us to meet our key objectives of being a safe and efficient operator at Troy while completing permitting and developing the Rock Creek project".