Revett Reports Q1 2015 Financial and Operating Results

SPOKANE VALLEY, WASHINGTON--(Marketwired - May 5, 2015) - 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.

Consolidated Financial Results

As at March 31, 2015 the Company has working capital of negative $0.8 million. Due to suspension of mining operations because of lower metals prices, the Company was unable to generate expected revenues which resulted in a net loss. The net loss for the first quarter of 2015 reflects costs related to mining activities in January and shutdown of mining and milling operations in February, 2015.