SPOKANE VALLEY, WA, April 1 /PRNewswire-FirstCall/ -- Revett Minerals Inc., ("TSX-RVM") ("Revett" or the "Company") has issued 20,553,500 Common shares and 2,077,665 warrants in exchange for an equivalent number of Revett Silver Class B Common Shares and warrants.
As announced in a press release dated March 19, 2009, Revett Silver invited its shareholders to request a redemption of their Class B Common Shares in exchange for common shares of Revett Minerals. Revett Silver is now a 94% owned subsidiary of Revett Minerals Inc.
Mr. John Shanahan, President and CEO, noted "We are very pleased with the high level of participation of Revett Silver Class B shareholders. As we move forward with streamlining the Company's corporate structure, we are hopeful that the remaining Revett Silver Class B common shares will be exchanged in the second quarter."
About Revett
Revett Minerals, through its subsidiaries, owns and operates the Troy Mine and development-stage Rock Creek Project, both located in northwestern Montana, USA. These projects host significant copper and silver mineral reserves and resources and will form the basis of our plan to become a solid mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.
John Shanahan President & CEO
Except for the statements of historical fact contained herein, the information presented in this press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. There is no guarantee that our efforts to streamline the corporate structure of the company will be successful in that neither Revett Minerals nor Revett Silver has the right to cause the exchange of the Class B Shares of Revett Silver for common shares of Revett Minerals or to cause the exchange of warrants in Revett Silver for warrants of Revett Minerals. Actual results and developments could be affected by the holders of Class B Common Shares and/or warrants not exercising their rights due to tax or other reasons. Although Revett Minerals has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
REVETT MINERALS INC.
CONTACT: Doug Ward, VP Corporate Development; Monique Hayes,
Corporate/Investor Communications, (509) 921-2294; http://www.revettminerals.com/
