Revett Minerals (RVM.TO, NYSEMKT:RVM) has released an update on the progress at their 100% owned Troy Mine in Montana.
We hoped the mine would restart production sometime later this month, but the target date has now been pushed back towards the end of this quarter. This delay is mainly caused by the later than expected regulatory approvals. The Mine Safety and Health Administration (MSHA) has now cleared the company to initiate access through the B fault.
Revett says the geophone monitoring is very encouraging as ongoing recordings suggest no detrimental effects to the lower quartzite workings. Additional inspections in the haulage route will be needed to confirm there is no structural damage.
When dewatering will be completed and mine ventilation established, Revett will have to submit a plan of operations to MSHA for final approval before re-starting the operations again at Troy. Revett expects this to happen before the end of this quarter, and we hope Troy will produce silver-copper concentrate from H2 2013 on. We revise our guidance to 400koz silver and 3M lbs of copper.
Disclosure: Revett Minerals Inc. is a sponsoring company. Please see our disclaimer for current positions.
