January 27, 2012
By Thom Calandra
VANCOUVER, Canada — Vancouver’s two January resources get-ups, Cambridge House for investors and B.C. Round Up for geos & technicians, gave us flogging five-day rains, one superb NHL hockey match … and plenty of hard-asset bravado:
- “I don’t own stocks any more; I own colored diamonds,” diamond seller Colin Ferguson told me at a private party I hosted with Cambridge House‘s Joe Martin. (I invite the guests and Joe entertains ’em.) Mr. Ferguson, a 51-year-old Vancouver Island resident, says we’ll see reports of diamond warehousing by aggressive hedge funds. Worldwide demand for diamonds is on track to exceed supply by 7 million carats. The “coloreds,” champagnes (cognac hues), pinks, blues and greens, are beginning to flash in fashion-minded markets. Colin will be at Mr. Martin’s Palm Springs investment conference at Indian Wells, California, in two weeks. I want to see more of these stones. (See: www. cambridgehouse.com)
Dr. Clarke At PMI Gold Booth
- “Poly-metallic mines and properties are always in demand,” Tom Macneill says. I came across Mr. Macneill, a lifelong Saskatchewan resident and longtime chief of 49 North Resources (FNR in Canada), across the street from Waterfront at lunchtime. Tom, sitting at a lunch counter, is sitting on his merchant bank’s 10-percent-plus ownership of surging DNI Metals (DNI). DNI is a northern Canada smorgasbord of elements in an expansive property portfolio. I am fortunate to own FNR and DNI after a fishing trip a couple years back with Tom, Bob Bishop, Doug Casey and others, way up there in Saskatchewan. (By the way, Mr. Macneill is hot on uranium prospectors right now — especially one big one whose first letter is C and its last O.)
- I tested my latest think on the exhibit floor at the Joe show; copper-gold porphyrys will outpace market gains of all metals equities in coming weeks. “When Dr. Copper is in the house, it’s a very, very, very good house,” says Don Mosher. Don represents Riverstone Resources (RVS), a Burkina Faso prospector whose shares look ready to bust out after a largely ignored resource report. A geologist I rely on for analysis, Dr. Peter Megaw of Minaurum (Gold (MGG), Candente Gold and others, told me, “Copper is a big-company business. A billion tonnes of half-percent copper with the gold credit blended in, that takes care of a lot of the risk of taking on a development.”
January 23, 2012
Revett Minerals Inc. (NYSE Amex:RVM; TSX: RVM) announced today full year operating results for the Company’s Troy Mine, located in northwest Montana. This marks the sixth consecutive year of increased productivity at the Company’s 100% owned Troy mine with total silver production of 1.29 million ounces and total copper production of 10.65 million pounds. Other key milestones reported in the release include: (i) Net cash from operations of $29.2 million, a 140% increase over 2010 net cash of $12.2 million (ii) Record mill throughput of 1.4 million tons processed and (iii) continued improvement in the Company’s safety rating.
In the release, Mr. John Shanahan, President and CEO, stated “2011 was a wonderful operating year based on all measurements. Although just fractionally short of our guidance, 2011 was a record year of production and cash flow which saw significant increases in silver and copper output. These achievements and our focus on safety is a credit to our employees.”
January 12, 2012
John Shanahan, President and CEO of Revett Minerals (NYSE-Amex: RVM; TSX: RVM) was part of the closing bell ceremonies at the NYSE and was interviewed thereafter.
January 11, 2012
Revett Minerals’ (NYSE-Amex: RVM; TSX: RVM) Jerry Cummings, a Team Leader in Revett’s Troy Mine Flotation Mill, rang the closing bell on the New York Stock Exchange on January 11th. Mr. Cummings was chosen to ring the closing bell after entering a raffle at the mine to raise funds for local charities. Jerry has worked at Revett’s Troy Mine for 7 years and will represent the 200 men and women working at the Troy Mine in Northwest Montana. As the winner of the raffle, Jerry will designate all funds raised to a local charity of his choice. Mr. Cummings will be joined by members of the Company’s management team and Board of Directors. The Company was listed on the NYSE Amex in May 2010.
December 19, 2011
Revett Minerals Inc. (AMEX: RVM; TSX: RVM) issued today 2012 operational guidance for production from its Troy silver and copper mine in northwestern Montana.
Production at the Troy Mine is expected to be approximately 1.4 million ounces of silver and 11.5 million pounds of copper for 2012. Based on the current mine plan, mill throughput is anticipated to average 4,000 tons per day and grades are expected to average around 1.15 ounces per ton silver and 0.47% copper. Production costs on a net of byproduct basis are estimated to be US$4.89 per ounce of silver and US$1.54 per pound of copper and on a co-product basis costs are estimated to be US$13.79 per ounce of silver and US$2.24 per pound of copper.
Revett has hedged approximately 25% of its 2012 copper production at US$4.00 per pound.
December 12, 2011
Revett Minerals Inc. (TSX: RVM; AMEX: RVM) announced today that its wholly-owned subsidiary, the Revett Silver Company, has entered into a revolving credit agreement with Societe Generale as administrative agent. The US$20 million credit facility is subject to interest at the London Interbank Offered Rate (“LIBOR”) plus 350 basis points for an initial three year term. The credit facility may be increased to US$30 million under specified circumstances.
The credit facility may be used for general corporate purposes, including I Bed development at the Troy Mine, Phase I development at Rock Creek, and the financing of eligible acquisitions. Letters of credit issued under the facility may also be used to satisfy reclamation bonding requirements at the Troy Mine and the Rock Creek project.
In the release, John Shanahan, President and CEO, stated “This credit facility gives us flexibility as we continue to develop and extend mine life at Troy and gear ourselves up for development at Rock Creek. It is important that we fully utilize cash flows from the Troy Mine to seed our next stage of growth, particularly at current low interest rates. This credit facility also enables us to enter into the debt markets and establish a track record as we plan our funding options for Phase II development of the Rock Creek project.”
November 30, 2011
Revett Minerals (NYSE-Amex: RVM; TSX: RVM) further discusses the November 16, 2011 opinion (www.ca9.uscourts.gov/datastore/opinions/2011/11/16/10-35596.pdf) issued by United States Court of Appeals Ninth Circuit, which upheld the May 2010 decision dismissing Endangered Species Act (ESA) challenges to the Company’s proposed Rock Creek silver and copper mine in northwest Montana.
The Company is currently working with the U.S. Forest Service to complete a Supplemental Environmental Impact Statement (SEIS) which will incorporate latest available project information and address administrative issues raised in the District Court’s May 2010 ruling. The Company anticipates release of the SEIS by mid 2012 and hopes to receive a revised Record of Decision (RoD) in late 2012. And while the Company believes that it cannot rule out further litigation once the revised RoD has been issued, it does believe that legal action is limited now that major issues such as the Endangered Species Act have been conclusively addressed. Upon the issuance of a revised RoD, along with the issuance of an individual MPDES storm water discharge permit for construction activities from the Montana DEQ, the company is planning for development of the Phase I evaluation adit in mid 2013.