Revett Minerals Inc., a Spokane Valley-based mining company, says it has completed a roughly $3 million private placement that will help it accelerate exploration and further development of its silver and copper mine near Troy, Mont.

Revett says the fundraising consisted of about 12 million equity units, each of which included a share of the company's common stock and a warrant to buy a second share. The company, whose shares are traded on the Toronto Stock Exchange and over the counter in the U.S., says the private placement raised about $3.4 million (Cdn.), which last week equated to about $3.2 million (U.S.).

"We are pleased to announce this placement, and are eager to accelerate our exploration efforts at Troy, which will hopefully culminate in significant extension in the life of the Troy Mine," says John Shanahan, president and CEO.

The Troy Mine, located southeast of Troy in northwestern Montana, produced about 1.1 million troy ounces of silver last year and 8.6 million pounds of copper.

Revett also has been working to develop a silver and copper property, called the Rock Creek Project, about 25 miles southeast of the Troy Mine, but that project has been slowed by environmental appeals.

Revett reported recently that for the six months ended June 30, it had a net loss of $100,000, or zero cents per share, compared with a net loss of $1.9 million, or 2 cents a share, in the year-earlier period. It said lower production so far this year has been offset by higher metals prices. It posted record sales of $21.4 million in the first half of this year, compared with $16.9 million in the year-earlier period.