Increased Productivity Contines At The Troy Mine

SPOKANE VALLEY, WA - Revett Minerals Inc. reported full year operating results for the Troy Mine, located in northwest Montana. Revett is proud to have achieved its sixth consecutive year of increased productivity at its 100% owned Troy Mine. Highlights from 2011 include the following: Net cash provided from operations before capital expenditures was $29.2 million. A 140% increase over 2010 net cash from operations of $12.2 million. Continued improvement in our safety record. Through the first nine months of 2011, our MSHA calculated incidence rate was 0.68 compared to the national underground mine average rate of 2.21. By end 2011, over 10 months and 300,000 man hours were completed without a lost time accident. Record mill throughput with 1.4 million tons processed, averaging 3,957 tpd for 2011 as compared to 3,807 tpd in 2010. Record silver production of 1.29 million ounces of silver and 10.65 million pounds of copper, an improvement of 28% and 21% respectively over 2010. Continued exploration efforts at Troy resulted in a mine development plan to access the I Bed area which is scheduled to commence in mid 2012.

The overall production increase for the year was a result of significant productivity improvements and grade control. Production improved steadily during the year from 3,277 tons per day in the first quarter to 4,208 tons per day in the fourth quarter.

The Troy ore body was discovered by Bear Creek Mining (Kennecott) in the early 1960's, and was later optioned to ASARCO to develop and operate. Revett Silver acquired the property in two transactions in 1999 consolidating ownership to 100%.  Previously Troy was held 75% by ASARCO and 25% by Kennecott.

Originally developed as an underground room and pillar operation, Asarco operated the Troy Mine from 1980 until early 1993.  The mine plan was based on mining the 60 foot thick middle quartzite ore zone with a 20 foot thick topslice advanced first followed by the mining of a 40 foot bench, similar to an open pit operation. The thicker ore zone coupled with shorter haulage routes to the crusher provided a higher production rate of 8,000 tons per day (tpd). After mining the majority of the middle quartzite ore zone and a significant decline in metal prices, ASARCO shut down the mine and placed it on care-and-maintenance with the intent of reopening once economics warranted.

Late in 2003 as metals prices began to improve Revett made the decision to go back into production. Hiring and rehabilitation commenced in May 2004 with first concentrate being produced in December 2004.  Since resuming production in late 2004, the Troy Mine has produced 6.4M ounces of silver and 44M pounds of copper. Based on the current mine plan with mining averaging 30 to 40 foot thick and production coming primarily from the topslice, mill throughput is anticipated to average 4,000 tpd for 2011.

Higher metal prices and a successful ongoing drill program have allowed the Company to add resources and reserves each year. 

The company has the distinct exploration & growth advantage of owning the fully permitted and producing Troy Mine located within one of the most prospective regions in the world for stratabound copper and silver deposits.

In addition to Troy and Rock Creek, the Company has acquired the mineral rights to six exploration stage properties, grouped as three projects; the "Adjacent Properties" at Rock Creek, the "JF Property" near Troy, and the "Vermilion River/Simms Creek Properties" south of Rock Creek. All of these properties are geologically similar to Troy and Rock Creek being Revett Formation hosted stratabound copper targets.

In addition to development of the I Beds, we will continue to re-assay and re- log core from the JF property in 2012 and continue to develop exploration plans for anomalous targets within our existing claims group to the north and east of our Troy Mine operations. The Company will provide updated year end Troy Mine Reserve and Resource information this month.

Production is estimated to be 1.4 million ounces of silver and 11.5 million pounds of copper. Using plan metal prices of $20.00 per ounce for silver and $3.25 per pound of copper, 2012 production costs on a net of by-product basis are expected to be $4.89 per ounce of silver and $1.54 per pound of copper and on a co-product basis costs are estimated to be $13.79 per ounce of silver and $2.24 per pound of copper.

John Shanahan, President and CEO, said "2011 was a wonderful operating year based on all measurements. Although just fractionally short of our guidance, 2011 was a record year of production and cash flow which saw significant increases in silver and copper output. These achievements and our focus on safety is a credit to our employees."

The company╒s address is 11115 East Montgomery, Suite G, Spokane Valley, WA 99206, (509) 921-2294, fax: (509) 891-8901.