Basis of Presentation

9 Months Ended

Sep. 30, 2014

Basis of Presentation [Text Block]

1. Basis of Presentation:

In the opinion of management, the accompanying unaudited interim consolidated balance sheets and consolidated statements of operations and comprehensive income (loss), cash flows, and shareholders’ equity contain all adjustments, consisting of normal recurring items, necessary to present fairly, in all material respects, the financial position of Revett Mining Company, Inc. (“Revett Mining Company” or the “Company”) as of September 30, 2014, and the results of its operations and its cash flows for the three and nine month periods ended September 30, 2014 and 2013. The operating and financial results for Revett Mining Company for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014.

These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP) and are presented in U.S. dollars. These unaudited interim consolidated financial statements do not include all note disclosures required by U.S. GAAP on an annual basis, and therefore should be read in conjunction with the annual audited consolidated financial statements for the year ended December 31, 2013 filed with the appropriate securities regulatory authorities.

Revett Mining Company, Inc. (formerly known as Revett Minerals Inc.) was incorporated in Canada in August 2004 to acquire Revett Silver Company and undertake a public offering of its common shares, transactions that were completed in February 2005. Revett Silver Company, a Montana corporation, was organized in April 1999 to acquire the Troy mine (“Troy”) and the Rock Creek project (“Rock Creek”) from ASARCO Incorporated and Kennecott Montana Company, transactions that were completed in October 1999 and February 2000. Revett Mining Company changed its jurisdiction of incorporation (from Canada to Delaware) and its name (from Revett Minerals, Inc. to Revett Mining Company, Inc.) on February 18, 2014, following approval by shareholders at a special meeting held on January 24, 2014. The Company conducts business through four Montana corporations, all subsidiaries of its wholly-owned Revett Silver Company subsidiary: Troy Mine, Inc., RC Resources, Inc., Revett Exploration, Inc. and Revett Holdings, Inc.

Troy is an underground silver and copper mine located in Lincoln County in northwestern Montana. ASARCO operated the mine from 1981 to 1993, and then placed it on care and maintenance because of low metals prices. We restarted mining operations in late 2004 and commenced commercial production in early 2005. We operated Troy continuously until December 2012, when operations were suspended due to unstable underground conditions in portions of the mine. After an unsuccessful attempt to find an alternative route to our reserve mining areas, a decision was made to construct a new decline from the service adit to the North C Beds, giving access to the A and C Beds, and then continue to the undeveloped I Bed mining areas. In late September of 2014, we reached the North C Bed orebody and have started to stockpile ore for milling in the fourth quarter of 2014.

The Rock Creek project is located in Sanders County in northwestern Montana, approximately sixteen air miles southeast of the Troy Mine. Our proposed development of Rock Creek will occur in two phases. The first phase entails a two year evaluation program to reconfirm geotechnical assumptions and better define the economic and technical viability of the project.

The second phase will encompass underground mine and surface mill and ancillary facilities construction. We cannot begin the evaluation program until we receive final permits and approvals from the various Federal and State agencies that exercise jurisdiction over the project.