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    Hecla Mining to Acquire Revett Mining for $20 Million

    Charlotte McLeod
    Mar. 27, 2015 04:00PM PST
    Silver Investing

    Hecla Mining Co. (NYSE:HL) and Revett Mining Company Inc. (TSX:RVM,NYSEMKT:RVM) announced that they have entered into a merger agreement under which Hecla will acquire Revett.

    Hecla Mining Co. (NYSE:HL) and Revett Mining Company Inc. (TSX:RVM,NYSEMKT:RVM) announced that they have entered into a merger agreement under which Hecla will acquire Revett.

    Each outstanding Revett share will be exchanged forĀ 0.1622 of a common share of Hecla, which represents a 32-percent premium to Revett’s 20-day volume-weighted average price. The deal is reportedly worth $20 million.

    As quoted in the press release:

    The parties currently expect the transaction to close late in the second quarter, 2015. The transaction is subject to approval by Revett shareholders and to the satisfaction of other closing conditions contained in the merger agreement.

    Following closing of the merger, Hecla intends to continue to advance permitting of theĀ Rock CreekĀ project. Located inNorthwest Montana,Ā Rock CreekĀ is considered one of the largest undeveloped silver and copper deposits inĀ North America. Revett has reported inferred resources of 229 million ounces of silver and 2.0 billion pounds of copper. The project is approximately 50 miles north of Hecla’sĀ Lucky Friday MineĀ inĀ Idaho. A Supplemental Environmental Impact Statement (SEIS) is in process and theĀ U.S. Forest ServiceĀ schedule indicates that the SEIS will be issued later this year for public comment.

    Phillips S. Baker, Jr., president and CEO of Hecla, commented:

    We are acquiring Revett with an eye to the future, asĀ Rock CreekĀ is a world-class silver-copper deposit that we see becoming anotherĀ Greens Creek.Ā Our experience ofĀ Greens Creekoperating in a National Monument inĀ AlaskaĀ since 1997 will be invaluable as we take a patient and persistent approach to permitting and then responsibly operating theĀ Rock Creek Mine. Combining this operational expertise with our financial strength, and an unwavering commitment to safety and building strong community relationships, gives us confidence that we are well-positioned to moveĀ Rock CreekĀ forward, to the benefit of all stakeholders.

    John Shanahan, president and CEO of Revett, said:

    Current market conditions do not allow us to maintain theĀ Troy MineĀ on care and maintenance and pursue our objective of developingĀ Rock Creek. We share similar core values with Hecla and see them as the company with the financial and technical capabilities to develop the potentially world-classRock CreekĀ deposit in an efficient and responsible manner. We believe our shareholders, along with the communities of northwestĀ MontanaĀ who have been so supportive in our endeavors, will benefit greatly from this merger.

    Click here to read the fullĀ Hecla Mining Co. (NYSE:HL) and Revett Mining Company Inc. (TSX:RVM,NYSEMKT:RVM) press release.

    Hecla Mining CompanyĀ (NYSE:HL) is a leading low-cost U.S. silver producer with operating mines inĀ AlaskaĀ andĀ Idaho, and is a growing gold producer with an operating mine inĀ Quebec, Canada. The Company also has exploration and pre-development properties in five world-class silver and gold mining districts in the U.S.,Ā Canada, andĀ Mexico, and an exploration office and investments in early-stage silver exploration projects inĀ Canada.

    copper depositsrevett mininghecla mining companynyse:hltsx:rvmcanadarevett mining company
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