SPOKANE VALLEY, WA, May 15 /PRNewswire-FirstCall/ - Revett Minerals Inc. (TSX-RVM) ("Revett" or the "Company") is pleased to report on its improving operating and financial performance for the three months ended March 31, 2008. All currency in this report is in United States dollars unless otherwise indicatedThe major highlights for the quarter ended March 31, 2008, included: - Troy (100% basis) achieved improved mill throughput averaging 3,332 tons per day compared to 2,309 tons per day during the three months ended December 31, 2007; - Troy (100% basis) produced 2.1 million pounds of copper and 231,912 ounces of silver compared to 1.1 million pounds of copper and 127,352 ounces of silver for the three months ended December 31, 2007; - Revett Minerals acquired the Kennecott term note leaving the consolidated company with only minimal non-royalty related fixed term debt, all of which relates to capital leases; - For the three months ended March 31, 2008, the Company reported income from operations of $1.9 million compared to a loss from operations of $6.5 million for the three months ended December 31, 2007; and - The Company reported net income of $1.4 million or $0.02 per share for the three months ended March 31, 2008 compared to a loss of $3.0 million or $0.04 per share for the three months ended December 31, 2007.
Bill Orchow, President and CEO of the Company, in commenting on the first quarter said "We are very pleased with the employees dedication in attaining continued production improvements which have had the added benefit of reducing our production costs on a metal produced basis. The management and staff at Troy are to be complemented for the efforts that they have made in improving the financial performance of the mine."
CONSOLIDATED RESULTS
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