Reflecting on an interesting year
To the Editor:
The beginning of each year seems naturally to call on us to look back on the previous 12 months. We reflect and remember the great moments of the year; time with our families, the highlights of our work. We also recall the moments of sorrow; the loss of friends and loved ones.
At Revett Minerals, 2007 brought both. This was a year of great personal sadness for us. We lost two members of our family, Mike Ivins and Ken Walton Jr. We lost Mike at the end of July when he was working in our Troy mine. Despite their valiant efforts, there was nothing Mike's coworkers and rescue crews could do to save him. In mid-November we lost Ken in tragic traffic accident east of Libby, again highlighting how fragile life can be.
Mike and Ken were good men. They worked hard and were friends to their fellow employees and neighbors. Our prayers and thoughts are with their loving families.
As we move forward with operations at Troy, we have re-affirmed our duty and commitment to do everything in our power to ensure our operations are safe for our employees. Our operations at the Troy Mine continue to be an important part of the community, providing 180 good jobs and contributing greatly to the local economy.
We reflect back on the year confident and pleased in our commitment of being a responsible corporate citizen, of providing quality jobs, and of protecting the environment.
At Troy, our exploration efforts produced encouraging news. When we re-opened the mine in December 2004, we had adequate ore reserves to operate Troy for about 4 years, or until 2008; today, given current metal prices, we have enough reserves to continue operating until 2014, meaning more years of good-paying jobs in Northwest Montana.
Many of you have seen the recent educational materials and newspaper advertisements we produced regarding another planned operation - our Rock Creek mine near Noxon. We're proud of the work we have done at Rock Creek, including crafting the nation's leading grizzly bear mitigation and recovery plan, which we're funding as the Rock Creek mine proceeds. Unfortunately, those who oppose any kind of development have continued to spread myths about that and other aspects of our work. They've tried to create perceptions of potential environmental harm that just aren't supported based on our experience at Troy. For us, it's time to set the record straight.
In a milestone for Rock Creek, the U.S. Forest Service recently reaffirmed an earlier decision allowing us to move forward with the project. While this permit has been challenged in the courts, the first phase of development should now commence in 2008 when we will drive an evaluation adit into the ore body, with the objective of producing a revised technical and economic feasibility study.
This evaluation phase is expected to take two years, and the results are critical to any final decision to move forward.
Over the life of the mine, Rock Creek will produce some 6 million ounces of silver and 52 million pounds of copper annually for 20 years. This will provide a substantial economic boost to the local economy, employing upwards of 300 people over that time.
As we look back on 2007 and look forward to 2008, we are excited and confident about our business. We employ great people who are paid well for the hard work they do.
Our commitment to the environment and to the communities where we do business remains strong.
During this holiday season, we wish our friends and employees much peace, joy and good health in the coming year.
Bill Orchow
President and CEO of Revett Minerals.