Revett now a U.S. company, alters name to Revett Mining

Revett is now an American company, and with that jurisdictional change comes a new name, Revett Mining Co.

As of Feb. 18, Revett changed its jurisdiction of incorporation from Canada to Delaware, and it has officially changed its name from Revett Minerals, Inc., to Revett Mining, Co., Inc.

For shareholders the transition will be seamless, as each common share of Revett Minerals, the Canadian corporation, has been automatically converted into one share of common stock of Revett Mining Company, the Delaware corporation.

It is not necessary for stockholders to exchange their existing share certificates for stock certificates of the U.S. corporation.

This change in jurisdiction of incorporation was approved by shareholders at a special meeting Jan. 24. The change in jurisdiction will not result in any change in Revett’s business operations and management, or any changes to its assets and liabilities.

Meanwhile, the company continues to advance its I-bed development on schedule and within budget, officials said last week when meeting with Lincoln County commissioners. Through February, the company has advanced more than 3,000 feet  toward an alternate route to continue ore extraction, which is slated for the end of the third quarter or early fourth quarter.

The project remains on track for development of the north C-beds in the third quarter of this year with a return to limited commercial production in the fourth quarter of the year.

Revett Mining, Co., CEO John Shanahan remains optimistic.

“We remain pleased with our progress to date, both in terms of the rate of advance and budget,” Shanahan said. “As each month progresses, we move closer to returning to production which is critically important for our near and long-term plans. We remain fully committed to returning to being a safe and efficient operator at Troy and to finalizing permitting and developing and operating Rock Creek.”

Underground work at Troy Mine stopped in December 2012 after concerns surfaced with falling rock.

The company has tried several methods to get to the silver deposits. Last fall, the company announced plans to excavate a new passage to the I-bed, which it estimated would take nearly a year.

Revett, through its subsidiaries, owns and operates the Troy Mine and the development-stage Rock Creek project located in Sanders County. Its goal is to resume commercial production of the proven reserves at the Troy Mine and develop the significant resources at the Rock Creek project.