SPOKANE VALLEY, Wash., March 30, 2015 (GLOBE NEWSWIRE) -- Revett Mining Company, Inc. (NYSE MKT: RVM / TSX: RVM) ("Revett" or the "Company") announced today its consolidated operating and financial results for the year ended December 31, 2014. The financial results are based on US GAAP and all currencies are in United States dollars unless otherwise indicated.
- Cash and short term investments on hand was $2.9 million as of December 31, 2014.
- The Company's working capital was $1.6 million as of December 31, 2014.
- Revett continues to progress permitting for the Rock Creek project. Awaiting the issuance of a draft supplemental EIS for public comment which is expected in mid-2015.
- An orderly shutdown of mining and milling operations at the Troy Mine and the transition to care and maintenance was completed during February 2015.
- On March 27, 2015 the Company announced it had entered into a merger agreement pursuant to which Hecla will acquire Revett. In the proposed merger, each outstanding common share of Revett will be exchanged for 0.1622 of a common share of Hecla. Based on Hecla's closing price of $3.23 on March 25, 2015 (the day prior to signing the agreement) this represents a 32% premium to Revett's 20 day VWAP (volume weighted average price) through March 25, 2015. The proposed transaction is more fully described in the Company's Form 8-K filed March 27, 2015 on EDGAR.
Consolidated Financial Results
Net loss for the year was $61.9 million or $1.63 per share, compared to a net loss of $11.6 million or $0.33 per share for 2013. The increased loss resulted primarily from the $54.7 million impairment of the Company's property, plant and equipment in 2014
Selected Financial Highlights:
|Revenue||$6 T||$73 T|
|Working Capital||$1.6 M||$10.6 M|
|Net loss||$61.9 M||$11.0 M|
|EPS (fully diluted)||($1.63)||($0.33)|
|Cash & short term investments||$2.9 M||$8.0 M|
The Company has scheduled a conference call to review the results on Monday, March 30, 2015 at 11:30am (EDT). To participate in the call, North American callers can call (877) 930-8096 and International callers can call (253) 336-8121. Please dial in to the call approximately five to ten minutes prior to the scheduled start time of the call. The conference call and all questions and answers will be recorded and made available until April 13, 2015. To listen to the recording, call toll free (855) 859-2056 or (404) 537-3406 and enter the access code 15383858.
Revett, 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.
President & CEO
For more information, please contact: Monique Hayes, Corporate Secretary/Director Investor Relations at: (509) 921-2294 or visit our website at www.revettmining.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
509-921-2294 fax 509-891-8901
Source:Revett Minerals Inc.