SPOKANE VALLEY, Wash., May 5, 2015 (GLOBE NEWSWIRE) -- Revett Mining Company, Inc. (NYSE MKT:RVM / TSX:RVM) announced today its consolidated operating and financial results for the first quarter ended March 31, 2015. The financial results are based on US GAAP and all currencies are in United States dollars unless otherwise indicated. First Quarter 2015 Summary:
- Cash and short term investments as at March 31, 2015 were $0.7 million compared to $2.9 million as at December 31, 2014.
- Net loss for the first quarter of 2015 was $2.5 million, or $0.06 per share basic. Net loss for the first quarter of 2014 was $.8 million or $0.02 per share basic.
- An orderly shutdown of mining and milling operations at the Troy mine and the transition to care and maintenance were completed during February 2015. The Company is continuing its efforts to obtain permits and approvals for its Rock Creek project. The U.S. Forest Service is expected to issue a Draft Supplemental Environmental Impact Statement for public comment in mid-2015.
- As previously reported, the Company has entered into an agreement and plan of merger dated March 26, 2015 with Hecla Mining Company and Hecla's wholly-owned merger subsidiary, RHL Holdings, Inc. pursuant to which, and subject to Revett stockholder approval, a subsidiary of Hecla will be merged with and into Revett (with Revett surviving the merger as a wholly-owned subsidiary of Hecla) and each outstanding share of common stock of Revett will be exchanged for 0.1622 of a share of common stock of Hecla.
- As previously reported, the Company entered into a loan and security agreement with Hecla on April 17, 2015. The term loan is secured by a mortgage on lands owned by the Company's Revett Holdings, Inc. second-tier subsidiary and allows the Company to borrow up to $1.5 million at Libor plus 5%. The term loan matures on June 30, 2015.
Selected Financial Highlights:
|Q1 2015||Q1 2014|
|EPS (fully diluted)||($0.06)||($0.02)|
|Cash & short term investments||$0.7m||$9.0m|
About RevettRevett, through its subsidiaries, owns and operates the Troy mine currently on care and maintenance in Lincoln County, Montana and the permitting-stage Rock Creek Project located in Sanders County, Montana, USA. John Shanahan President and Chief Executive Officer For more information, please contact: Ken Eickerman, Chief Financial Officer or Monique Hayes, Corporate Secretary/Director Investor Relations at (509) 921-2294 or visit our website a www.revettminerals.com. Except for the statements of historical fact contained herein, the information presented in this news 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", "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 contained in this news release include but are not limited to those relating to the completion of the merger, the risk that the permitting process for the Rock Creek project could be more difficult than anticipated and our expectation that the SEIS will be issued by mid-year for public comment. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business and economic uncertainties, risks and contingencies and those factors discussed in the section entitled "Risk Factors" in the Company's Form 10-K filed on March 30, 2015 with the Securities and Exchange Commission (SEC) and also 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 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 Mining Company does not undertake to update any forward-looking statements except as required by applicable securities laws. 11115 East Montgomery, Suite G,Spokane Valley, WA 99206
Tel: 509-921-2294Fax 509-891-8901 HUG#1918686