Revett Minerals Inc. (NYSE Amex: RVM; TSX: RVM) announced today net income for the three months ended September 30, 2011 of $2.6 million or $0.08 per share. Quarterly revenues were $16.7 million, a 35% increase compared to the same period last year. The Company has also increased its cash and cash equivalents on hand at the end of the third quarter to $19.9 million from $8.8 million at the beginning of the year.
Silver production totaled 402,700 ounces and copper production totaled 3,272,526 pounds, representing increases of 45% for silver and 39% for copper over the same period last year.
Cash costs for the third quarter of 2011 on a net of by-product basis were $4.34 per ounce of silver and $0.71 per pound of copper.
In the release, Revett President and Chief Executive Officer John Shanahan stated, “We are well on our way to meeting our objectives for 2011 and we look forward to commencing 2012 as an established and growing producer of silver and copper. Our goals in the upcoming twelve months are very clear; continue to extend the mine life at Troy while operating to the highest degree of safety, along with taking the necessary steps to advance the development of Rock Creek.”