Revett Minerals crushed after update on Troy mine development

|About: Revett Mining Company, Inc. (RVM)|By:, SA News Editor

Revett Minerals (RVM -44.1%) shares are cut nearly in half after the company says it will not resume mining operations using the Lower Quartzite haulage route at the Troy mine in Montana and instead will construct a new development decline to the North C Bed and I-Bed deposits in the Lower Revett Formation.

RVM believes it can construct the new decline through previously unmined areas without incurring the structural issues that have hampered its ability to return to production since operations at Troy were suspended in December.