Mr. John Shanahan reports

REVETT CLOSES $3.4 MILLION PRIVATE PLACEMENT FOR TROY MINE EXPLORATION AND DEVELOPMENT

Revett Minerals Inc. has closed a non-brokered private placement of its shares to accelerate continuing exploration and development at the Troy mine. The private placement consisted of the sale of 12,094,368 equity units at a price of 28 cents per unit for gross proceeds to the company of $3,386,423.

Each unit consists of one common share and one-half of a common share purchase warrant, each whole warrant entitling the holder to acquire an additional common share at a price of 35 cents per share for a 36-month period.

In connection with $386,426 of the private placement, the company has paid a finder's fee of 6 per cent and issued 41,403 warrants exercisable at 35 cents for a period of 36 months.

Proceeds from this private placement will be used for continuing exploration and development at the Troy mine, in particular, acceleration of the exploration of the extensive land position in the immediate mine area and for general working capital purposes.

John Shanahan, president and chief executive officer, stated: "We are pleased to announce this placement and are eager to accelerate our exploration efforts at Troy, which will hopefully culminate in a significant extension in the life of the Troy mine. We remain mindful of the extensive and valuable infrastructure at the Troy mine and are focused on realizing its full potential."