---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549___________

FORM 10-Q

[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934FOR THE QUARTERLY PERIOD
ENDEDJUNE 30, 2011.

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OF
15 (d) OF THESECURITIES EXCHANGE ACT OF 1934FOR THE
TRANSITION PERIOD FROM ___________TO__________.

REVETT MINERALS INC.(Exact name of small business issuer in its charter)

|Canada                                         | Not Applicable                   
|---------------------------------------------- | ---------------------------------
|(State or other jurisdiction of incorporation) | (IRS Employer Identification No.)

11115 East Montgomery, Suite G Spokane Valley, Washington
99206(Address of principal executive offices)

Registrants telephone number: (509) 921-2294

Indicate by check mark whether registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for a shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [X] yes[ ] no

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definition of large accelerated filer, accelerated
filer and smaller reporting company in rule 12b-2 of the Exchange Act. (Check
One)

|Large accelerated filer [ ] | Accelerated filer [ ]        
|--------------------------- | -----------------------------
|Non-accelerated filer [ ]   | Smaller reporting company [X]

Indicate by check whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act. [ ] yes [X] No

At August 11, 201134,010,936shares of common stock were
issued and outstanding.

1



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INDEX

|                               |                                                                                             | PAGE
|------------------------------ | ------------------------------------------------------------------------------------------- | ----
|PART I  FINANCIAL INFORMATION |                                                                                            
|                               |                                                                                            
|ITEM 1.                        | FINANCIAL STATEMENTS                                                                        | 4   
|                               |                                                                                             |     
|ITEM 2.                        | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
      CONDITION AND RESULTS OF OPERATIONS | 18  
|                               |                                                                                             |     
|ITEM 3.                        | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
      AND HEDGING ACTIVITIES     | 28  
|                               |                                                                                             |     
|ITEM 4.                        | CONTROLS AND PROCEDURES                                                                     | 28  
|                               |                                                                                             |     
|PART II  OTHER INFORMATION    |                                                                                            
|                               |                                                                                            
|ITEM 1.                        | LEGAL PROCEEDINGS                                                                           | 29  

2

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Part I  Financial Information

Item 1. Financial Statements (unaudited)

|Revett Minerals
      Inc. and Subsidiaries
|-------------------------------------------
|Contents                                   

|                                                                           | Page
|-------------------------------------------------------------------------- | ----
|                                                                           |     
|FINANCIAL STATEMENTS:                                                      |     
|                                                                           |     
|Consolidated
      balance sheets                                          | 4   
|                                                                           |     
|Consolidated
      statements of operations and comprehensive income(loss) | 5   
|                                                                           |     
|Consolidated
      statements of cash flows                                | 6   
|                                                                           |     
|Consolidated
      statements of shareholders equity                      | 7   
|                                                                           |     
|Notes
      to consolidated financial statements                           | 8-17

3

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Revett Minerals Inc.Consolidated Balance Sheetsat June 30, 2011 and December 31, 2010(expressed in thousands of United States dollars)(unaudited)

|                                                                                                                                                                                                                                     |   | June 30, 2011 |   |   | December 31, 2010              |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | - | ------------- | - | - | ------------------------------ | -
|                                                                                                                                                                                                                                     |   |               |   |   | **(recast  note
      2(a))** |  
|Assets                                                                                                                                                                                                                               |   |               |   |   |                                |  
|Current Assets                                                                                                                                                                                                                       |   |               |   |   |                                |  
|Cash and cash equivalents                                                                                                                                                                                                            | $ | 14,680        |   | $ | 8,766                          |  
|Concentrate settlement and
      other receivable                                                                                                                                                                                    |   | 6,065         |   |   | 3,553                          |  
|Inventories (note 3)                                                                                                                                                                                                                 |   | 5,164         |   |   | 3,674                          |  
|Prepaid expenses and deposits                                                                                                                                                                                                        |   | 470           |   |   | 392                            |  
|Total current assets                                                                                                                                                                                                                 |   | 26,379        |   |   | 16,385                         |  
|Property, plant, and
      equipment (net) (note 4)                                                                                                                                                                                  |   | 57,695        |   |   | 57,444                         |  
|Restricted cash (note 8 (a))                                                                                                                                                                                                         |   | 6,507         |   |   | 6,498                          |  
|Available for sale securities
      (note 5)                                                                                                                                                                                         |   | 750           |   |   | -                              |  
|Other long term assets                                                                                                                                                                                                               |   | 752           |   |   | 931                            |  
|                                                                                                                                                                                                                                     |   |               |   |   |                                |  
|Total assets                                                                                                                                                                                                                         | $ | 92,083        |   | $ | 81,258                         |  
|                                                                                                                                                                                                                                     |   |               |   |   |                                |  
|Liabilities and shareholders equity                                                                                                                                                                                                 |   |               |   |   |                                |  
|Current liabilities                                                                                                                                                                                                                  |   |               |   |   |                                |  
|Trade accounts payable                                                                                                                                                                                                               | $ | 2,397         |   | $ | 2,624                          |  
|Payroll liabilities                                                                                                                                                                                                                  |   | 1,061         |   |   | 547                            |  
|Income, property and mining taxes                                                                                                                                                                                                    |   | 1,928         |   |   | 1,398                          |  
|Royalty payable                                                                                                                                                                                                                      |   | 752           |   |   | 544                            |  
|Current portion of capital lease obligations                                                                                                                                                                                         |   | 448           |   |   | 624                            |  
|Total current liabilities                                                                                                                                                                                                            |   | 6,586         |   |   | 5,737                          |  
|                                                                                                                                                                                                                                     |   |               |   |   |                                |  
|Long-term portion of capital
      lease obligations                                                                                                                                                                                 |   | 590           |   |   | 768                            |  
|Reclamation and remediation liability (note 8
      (a))                                                                                                                                                                             |   | 8,284         |   |   | 7,946                          |  
|Future income taxes                                                                                                                                                                                                                  |   | 1,729         |   |   | -                              |  
|Warrant derivative liability (note 6)                                                                                                                                                                                                |   | 1,192         |   |   | 5,876                          |  
|Total liabilities                                                                                                                                                                                                                    |   | 18,381        |   |   | 20,327                         |  
|                                                                                                                                                                                                                                     |   |               |   |   |                                |  
|Temporary equity  shares
      redeemable at option of holder (note 8 (b))                                                                                                                                                          |   | -             |   |   | 676                            |  
|Total liabilities and temporary equity                                                                                                                                                                                               |   | 18,381        |   |   | 21,003                         |  
|                                                                                                                                                                                                                                     |   |               |   |   |                                |  
|                                                                                                                                                                                                                                     |   |               |   |   |                                |  
|Shareholders' equity                                                                                                                                                                                                                 |   |               |   |   |                                |  
|Preferred stock, no par value, unlimited
      authorized, nil issued and outstanding Common stock, no par value
      unlimited authorized, 34,000,936 (December 31, 2010- 33,177,884)
      shares issued and outstanding (note 7) |   | 72,689        |   |   | 69,190                         |  
|Contributed surplus                                                                                                                                                                                                                  |   | 11,907        |   |   | 5,842                          |  
|Accumulated other comprehensive income                                                                                                                                                                                               |   | 20            |   |   | -                              |  
|Deficit                                                                                                                                                                                                                              |   | (10,914       | ) |   | (14,777                        | )
|                                                                                                                                                                                                                                     |   | 73,702        |   |   | 60,255                         |  
|Commitments and contingencies
      (note 8)                                                                                                                                                                                         |   |               |   |   |                                |  
|                                                                                                                                                                                                                                     |   |               |   |   |                                |  
|Total liabilities and shareholders
      equity                                                                                                                                                                                     | $ | 92,083        |   | $ | 81,258                         |  

See accompanying notes to interim consolidated financial
statements.

4

---

Revett Minerals Inc.Consolidated Statements of
Operations and Comprehensive IncomeThree and six months ended
June 30, 2011 and 2010(expressed in thousands of United
States dollars except share and per share amounts)(unaudited)

|                                                            |   | Three month   |   |   | Three month                    |   |   | Six month     |   |   | Six month                      |  
|----------------------------------------------------------- | - | ------------- | - | - | ------------------------------ | - | - | ------------- | - | - | ------------------------------ | -
|                                                            |   | period ended  |   |   | period ended                   |   |   | period ended  |   |   | period ended                   |  
|                                                            |   | June 30, 2011 |   |   | June 30, 2010                  |   |   | June 30, 2011 |   |   | June 30, 2010                  |  
|                                                            |   |               |   |   | **(recast  note
      2(a))** |   |   |               |   |   | **(recast  note
      2(a))** |  
|Revenues                                                    | $ | 18,752        |   | $ | 9,322                          |   | $ | 31,520        |   | $ | 21,449                         |  
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Expenses:                                                   |   |               |   |   |                                |   |   |               |   |   |                                |  
|Cost of sales (note 3)                                      |   | 9,747         |   |   | 8,633                          |   |   | 18,519        |   |   | 17,388                         |  
|Depreciation and depletion                                  |   | 722           |   |   | 706                            |   |   | 1,306         |   |   | 1,421                          |  
|Exploration and development                                 |   | 201           |   |   | 178                            |   |   | 506           |   |   | 273                            |  
|General & administrative:                                   |   |               |   |   |                                |   |   |               |   |   |                                |  
|Stock based compensation                                    |   | 12            |   |   | 21                             |   |   | 3,389         |   |   | 863                            |  
|Other                                                       |   | 854           |   |   | 618                            |   |   | 1,751         |   |   | 1,210                          |  
|Accretion of reclamation and remediation
      liability    |   | 169           |   |   | 173                            |   |   | 338           |   |   | 347                            |  
|                                                            |   | 11,705        |   |   | 10,329                         |   |   | 25,809        |   |   | 21,502                         |  
|Income (loss) from operations                               |   | 7,047         |   |   | (1,007                         | ) |   | 5,711         |   |   | (53                            | )
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Other income (expenses):                                    |   |               |   |   |                                |   |   |               |   |   |                                |  
|Interest expense                                            |   | (7            | ) |   | (122                           | ) |   | (27           | ) |   | (247                           | )
|Interest and other income                                   |   | 52            |   |   | 22                             |   |   | 81            |   |   | 49                             |  
|Gain on warrant derivatives
      (note 6)                  |   | 2,329         |   |   | -                              |   |   | 1,331         |   |   | -                              |  
|Foreign exchange loss                                       |   | (12           | ) |   | (39                            | ) |   | (22           | ) |   | (31                            | )
|Total other income (expenses)                               |   | 2,362         |   |   | (139                           | ) |   | 1,363         |   |   | (229                           | )
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Net income (loss) before
      income taxes                 |   | 9,409         |   |   | (1,146                         | ) |   | 7,074         |   |   | (282                           | )
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Income tax recovery (expense)                               |   | (1,485        | ) |   | 5                              |   |   | (1,998        | ) |   | (36                            | )
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Net income (loss)                                           | $ | 7,924         |   | $ | (1,141                         | ) | $ | 5,076         |   | $ | (318                           | )
|Other comprehensive income:                                 |   |               |   |   |                                |   |   |               |   |   |                                |  
|Unrealized gain on
      marketable security                |   | 20            |   |   | -                              |   |   | 20            |   |   | -                              |  
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Comprehensive income (loss)                                 | $ | 7,944         |   | $ | (1,141                         | ) | $ | 5,096         |   | $ | (318                           | )
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Basic income (loss) per share
      (note 10)               | $ | 0.23          |   | $ | (0.04                          | ) | $ | 0.15          |   | $ | (0.01                          | )
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Diluted income (loss) per
      share (note 10)             | $ | 0.16          |   | $ | (0.04                          | ) | $ | 0.10          |   | $ | (0.01                          | )
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Weighed average number of
      shares outstanding          |   | 33,827,172    |   |   | 26,279,136                     |   |   | 33,544,467    |   |   | 26,145,493                     |  
|                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Weighted average number of
      diluted shares outstanding |   | 35,362,850    |   |   | 26,279,136                     |   |   | 35,163,469    |   |   | 26,145,493                     |  

See accompanying notes to interim consolidated financial
statements.

5

---

Revett Minerals Inc.Consolidated Statements of
Cash FlowsThree and six months ended June 30, 2011 and 2010(expressed in thousands of United States dollars)(unaudited)

|                                                                                  |   | Three month   |   |   | Three month                    |   |   | Six month     |   |   | Six month                      |  
|--------------------------------------------------------------------------------- | - | ------------- | - | - | ------------------------------ | - | - | ------------- | - | - | ------------------------------ | -
|                                                                                  |   | period ended  |   |   | period ended                   |   |   | period ended  |   |   | period ended                   |  
|                                                                                  |   | June 30, 2011 |   |   | June 30, 2010                  |   |   | June 30, 2011 |   |   | June 30, 2010                  |  
|                                                                                  |   |               |   |   | **(recast  note
      2(a))** |   |   |               |   |   | **(recast  note
      2(a))** |  
|                                                                                  |   |               |   |   |                                |   |   |               |   |   |                                |  
|Cash flows from operating
      activities:                                       |   |               |   |   |                                |   |   |               |   |   |                                |  
|Net income (loss) for the period                                                  | $ | 7,924         |   | $ | (1,141                         | ) | $ | 5,076         |   | $ | (318                           | )
|Adjustment to reconcile
      net income to net cash used by operating activities |   |               |   |   |                                |   |   |               |   |   |                                |  
|Depreciation and depletion                                                        |   | 722           |   |   | 706                            |   |   | 1,306         |   |   | 1,421                          |  
|Accretion of
      reclamation and remediation liability                          |   | 169           |   |   | 164                            |   |   | 338           |   |   | 347                            |  
|Accretion of debt                                                                 |   | -             |   |   | 60                             |   |   | -             |   |   | 118                            |  
|Foreign exchange loss                                                             |   | 12            |   |   | 39                             |   |   | 22            |   |   | 31                             |  
|Stock based compensation                                                          |   | 12            |   |   | 21                             |   |   | 3,389         |   |   | 863                            |  
|Loss on disposal of
      fixed assets                                            |   | -             |   |   | -                              |   |   | 2             |   |   | -                              |  
|Future income tax expense (recovery)                                              |   | 1,485         |   |   | -                              |   |   | 1,864         |   |   | -                              |  
|Gain on warrant
      derivative                                                  |   | (2,329        | ) |   | -                              |   |   | (1,331        | ) |   | -                              |  
|Accrued interest from reclamation trust
      fund                                |   | (2            | ) |   | (7                             | ) |   | (9            | ) |   | (16                            | )
|Amortization of prepaid
      insurance premium                                   |   | 32            |   |   | 41                             |   |   | 59            |   |   | 88                             |  
|Gain on settlement of forward contracts                                           |   | -             |   |   | (734                           | ) |   | -             |   |   | (734                           | )
|Changes in:                                                                       |   |               |   |   |                                |   |   |               |   |   |                                |  
|Concentrate settlement and other
      receivables                                |   | (3,314        | ) |   | 837                            |   |   | (2,512        | ) |   | (565                           | )
|Inventories                                                                       |   | (602          | ) |   | 163                            |   |   | (1,490        | ) |   | 142                            |  
|Prepaid expenses and deposits                                                     |   | 19            |   |   | 61                             |   |   | (78           | ) |   | (246                           | )
|Accounts payable and
      accrued liabilities                                    |   | 815           |   |   | 1,100                          |   |   | 952           |   |   | 1,066                          |  
|Net cash provided by operating
      activities                                   |   | 4,944         |   |   | 1,310                          |   |   | 7,588         |   |   | 2,197                          |  
|                                                                                  |   |               |   |   |                                |   |   |               |   |   |                                |  
|                                                                                  |   |               |   |   |                                |   |   |               |   |   |                                |  
|Cash flows from investing
      activities:                                       |   |               |   |   |                                |   |   |               |   |   |                                |  
|Purchase of available for sale
      securities                                   |   | (730          | ) |   | -                              |   |   | (730          | ) |   | -                              |  
|Other long term assets                                                            |   | 120           |   |   | -                              |   |   | 120           |   |   | -                              |  
|Purchase of plant and equipment                                                   |   | (388          | ) |   | (1,709                         | ) |   | (1,559        | ) |   | (2,568                         | )
|Net cash provided (used)
      by investing activities                            |   | (999          | ) |   | (1,709                         | ) |   | (2,169        | ) |   | (2,568                         | )
|                                                                                  |   |               |   |   |                                |   |   |               |   |   |                                |  
|Cash flows from financing
      activities:                                       |   |               |   |   |                                |   |   |               |   |   |                                |  
|Proceeds form the issuance of common
      stock, net                             |   | 739           |   |   | 31                             |   |   | 869           |   |   | 1,257                          |  
|Repayment of debt                                                                 |   | -             |   |   | (16                            | ) |   | -             |   |   | (16                            | )
|Repayment of capital leases                                                       |   | (174          | ) |   | (156                           | ) |   | (352          | ) |   | (311                           | )
|Net cash provided (used)
      by financing activities                            |   | 565           |   |   | (141                           | ) |   | 517           |   |   | 930                            |  
|                                                                                  |   |               |   |   |                                |   |   |               |   |   |                                |  
|Effects of foreign
      exchange on cash held                                    |   |               |   |   |                                |   |   |               |   |   |                                |  
|In foreign currencies                                                             |   | (13           | ) |   | (39                            | ) |   | (22           | ) |   | (31                            | )
|                                                                                  |   |               |   |   |                                |   |   |               |   |   |                                |  
|Net increase (decrease) in cash and cash
      equivalents                        |   | 4,497         |   |   | (579                           | ) |   | 5,914         |   |   | 528                            |  
|Cash and cash
      equivalents, beginning of period                              |   | 10,183        |   |   | 3,729                          |   |   | 8,766         |   |   | 2,622                          |  
|Cash and cash equivalents, end of
      period                                    | $ | 14,680        |   | $ | 3,150                          |   | $ | 14,680        |   | $ | 3,150                          |  
|                                                                                  |   |               |   |   |                                |   |   |               |   |   |                                |  
|Supplementary cash flow information:                                              |   |               |   |   |                                |   |   |               |   |   |                                |  
|Cash paid for interest
      expense                                              | $ | 18            |   | $ | 67                             |   | $ | 38            |   | $ | 137                            |  
|Non cash transactions:                                                            |   |               |   |   |                                |   |   |               |   |   |                                |  
|Common stock issued to
      acquire a royalty right (note 8 (b))                 |   | -             |   |   | -                              |   |   | 676           |   |   | -                              |  
|Debt repayment from settlement of
      forward contracts                         |   | -             |   |   | 734                            |   |   | -             |   |   | 734                            |  
|Shares issued for
      compensation                                              |   | -             |   |   | -                              |   |   | 65            |   |   | 359                            |  
|Acquisition of plant and equipment
      under capital lease                      |   | -             |   |   | -                              |   |   | -             |   |   | 44                             |  

See accompanying notes to interim consolidated financial
statements.

6

---

Revett Minerals Inc.Consolidated Statements of
Shareholders EquitySix months ended June 30, 2011 and the year
ended December 31, 2010(expressed in thousands of United
States dollars)(unaudited)

|                                                           |  |               |  |   |             |  |   |               |   |   | Accumulated |  |   |         |   |   |        |  
|---------------------------------------------------------- |  | ------------- |  | - | ----------- |  | - | ------------- | - | - | ----------- |  | - | ------- | - | - | ------ | -
|                                                           |  | Common Shares |  |   | Contributed |  |   | Comprehensive |   |   |             |  |   |         |  
|                                                           |  | Shares        |  |   | Amount      |  |   | Surplus       |   |   | Income      |  |   | Deficit |   |   | Total  |  
|Balance, December 31, 2009
      (recast  note 2(a))      |  | 25,195,723    |  | $ | 60,312      |  | $ | 4,714         |   | $ | -           |  | $ | (14,163 | ) | $ | 50,863 |  
|Issue of units for cash                                    |  | 2,908,545     |  |   | 2,940       |  |   | 913           |   |   | -           |  |   | -       |   |   | 3,853  |  
|Issue of shares for cash                                   |  | 722,780       |  |   | 1,147       |  |   | -             |   |   | -           |  |   | -       |   |   | 1,147  |  
|Issue of shares for the settlement of accounts payable     |  | 166,836       |  |   | 359         |  |   | -             |   |   | -           |  |   | -       |   |   | 359    |  
|Issue of shares for exercise of warrants                   |  | 3,492,500     |  |   | 3,621       |  |   | (875          | ) |   | -           |  |   | -       |   |   | 2,746  |  
|Issue of shares for exercise
      of options              |  | 691,500       |  |   | 811         |  |   | (301          | ) |   | -           |  |   | -       |   |   | 510    |  
|Warrants issued on settlement of legal action              |  | -             |  |   | -           |  |   | 366           |   |   | -           |  |   | -       |   |   | 366    |  
|Stock-based compensation on
      options Granted          |  | -             |  |   | -           |  |   | 1,025         |   |   | -           |  |   | -       |   |   | 1,025  |  
|Net loss for the period                                    |  | -             |  |   | -           |  |   | -             |   |   | -           |  |   | (614    | ) |   | (614   | )
|Balance, December 31, 2010
      (recast note 2 (a))       |  | 33,177,884    |  |   | 69,190      |  |   | 5,842         |   |   | -           |  |   | (14,777 | ) |   | 60,255 |  
|                                                           |  |               |  |   |             |  |   |               |   |   |             |  |   |         |   |   |        |  
|                                                           |  |               |  |   |             |  |   |               |   |   |             |  |   |         |   |   |        |  
|Exchange of shares (Note 8(b))                             |  | 275,000       |  |   | 1,889       |  |   | -             |   |   | -           |  |   | (1,213  | ) |   | 676    |  
|Issue of shares for services                               |  | 13,052        |  |   | 65          |  |   | -             |   |   | -           |  |   | -       |   |   | 65     |  
|Issue of shares for exercise of options and
      warrants |  | 535,000       |  |   | 1,545       |  |   | (676          | ) |   | -           |  |   | -       |   |   | 869    |  
|Warrants reclassified from
      derivative liability      |  | -             |  |   | -           |  |   | 3,352         |   |   | -           |  |   | -       |   |   | 3,352  |  
|Unrealized gain on securities                              |  | -             |  |   | -           |  |   | -             |   |   | 20          |  |   | -       |   |   | 20     |  
|                                                           |  |               |  |   |             |  |   |               |   |   |             |  |   |         |   |   |        |  
|Stock-based compensation on option grant                   |  | -             |  |   | -           |  |   | 3,389         |   |   | -           |  |   | -       |   |   | 3,389  |  
|Net income for the period                                  |  | -             |  |   | -           |  |   | -             |   |   | -           |  |   | 5,076   |   |   | 5,076  |  
|                                                           |  |               |  |   |             |  |   |               |   |   |             |  |   |         |   |   |        |  
|Balance, June 30, 2011                                     |  | 34,000,936    |  | $ | 72,689      |  | $ | 11,907        |   | $ | 20          |  | $ | (10,914 | ) | $ | 73,702 |  

See accompanying notes to unaudited interim consolidated
financial statements

7

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

1. Basis of Presentation and going concern

In the opinion of management, the accompanying unaudited
interim consolidated balance sheet 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 Minerals Inc.
(Revett Minerals or the Company) as of June 30, 2011, and the results of its
operations and its cash flows for the three and six month periods ended June 30,
2011 and 2010. The operating and financial results for Revett Minerals for the
three and six months ended June 30, 2011 are not necessarily indicative of the
results that may be expected for the year ended December 31, 2011.

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.
The Company issued its audited annual consolidated financial statements for the
year ended December 31, 2010 in accordance with Canadian GAAP and also provided
a reconciliation on the differences between Canadian GAAP and U.S. GAAP in note
15 to those audited annual consolidated financial statements. The change in
generally accepted accounting principles is described in note 2 below. 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, 2010 filed with the appropriate securities
regulatory authorities.

These financial statements are prepared on a going concern
basis. At June 30, 2011, the Company had working capital of $19.8 million. The
Company has generated positive cash flows from operations for the six-months
ended June 30, 2011 and the year ended December 31, 2010. Improved ore grades
and favorable copper and silver prices have positively impacted the Companys
cash flows. In addition, the Company has sold forward a portion of 2011
production at fixed prices which, based on historic and expected future costs,
would result in profitable mining operations. Accordingly, the Company believes
it will be able to generate sufficient cash flows to continue as a going concern
beyond June 30, 2012.

The underlying value and recoverability of the mineral
property, plant and equipment of the Troy mine and the Rock Creek property are
dependent upon the existence of economically recoverable mineral reserves, the
ability of the Company to profitability operate the Troy Mine, obtaining the
necessary financing to complete exploration and development of the Rock Creek
property, obtaining the necessary operating permits for the Rock Creek property
and future profitable production or sufficient proceeds from the sale of the
Rock Creek property.

8

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

2. Changes affecting fiscal 2011 consolidated financial
statements and Future accounting Changes:

(a) Changes in generally accepted accounting policies:

The Company historically prepared its consolidated financial
statements in conformity with Canadian GAAP and provided a supplemental
reconciliation to U.S. GAAP. Effective January 1, 2011, the Company adopted U.S.
GAAP as its accounting framework for its consolidated financial statements.
These unaudited consolidated interim financial statements, including related
notes, have therefore been prepared in accordance with U.S. GAAP. All
comparative financial information contained herein has been recast to reflect
the Companys results as if the Company had historically reported in accordance
with U.S. GAAP. The adjustments resulted in an increase in deficit of $3.7
million, an increase in assets of $3.4 million, an increase in liabilities of
$5.9 million, an increase in temporary equity of $0.7 million, a decrease in
common stock of $0.7 million, and an increase in contributed surplus $1.3
million, all at January 1, 2011. In addition, net loss for the three and six
months ended June 30, 2010 was increased by $0.1 million and $0.2 million,
respectively. These differences are outlined in our annual consolidated
financial statements for the year ended December 31, 2010 in note 15.

There were no recent amendments by the Financial Accounting
Standards Board (FASB) to the Accounting Standards Codification that
materially impacted the Companys consolidated financial statements or
disclosures for the six months ended June 30, 2011.

(b) Future accounting changes

There were no new pronouncements issued by the FASB that are
expected to materially impact the Companys consolidated financial statements
for future periods.

3. Inventory

The major components of the Companys inventory accounts are as
follows:

|                      |   | June 30, 2011 |  |   | Dec. 31, 2010 | 
|--------------------- | - | ------------- |  | - | ------------- | 
|                      |   |               |  |   |               | 
|Concentrate inventory | $ | 2,161         |  | $ | 567           | 
|Material and supplies |   | 3
      ,003  |  |   | 3,107         | 
|                      | $ | 5,164         |  | $ | 3,674         | 

9

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

Cost of sales for the three and six months ended June 30, 2011
and 2010 is comprised of the following:

|                                      |   | Three month   |   |   | Three month   |  |   | Six month     |   |   | Six month     | 
|------------------------------------- | - | ------------- | - | - | ------------- |  | - | ------------- | - | - | ------------- | 
|                                      |   | period ended  |   |   | period ended  |  |   | period ended  |   |   | period ended  | 
|Nature of expense                     |   | June 30, 2011 |   |   | June 30, 2010 |  |   | June 30, 2011 |   |   | June 30, 2010 | 
|                                      |   |               |   |   |               |  |   |               |   |   |               | 
|Raw materials and consumables used    | $ | 3,535         |   | $ | 3,036         |  | $ | 6,772         |   | $ | 6,293         | 
|Labor costs                           |   | 3,511         |   |   | 3,136         |  |   | 6,877         |   |   | 6,254         | 
|Other costs                           |   | 3,345         |   |   | 2,216         |  |   | 6,464         |   |   | 4,572         | 
|Net change in concentrate inventories |   | (644          | ) |   | 245           |  |   | (1,594        | ) |   | 269           | 
|                                      | $ | 9,747         |   | $ | 8,633         |  | $ | 18,519        |   | $ | 17,388        | 

4. Mineral Property, Plant, Equipment and Mine Development

The major components of the Companys mineral property, plant,
and equipment accounts are as follows:

|                                                |   | June 30, 2011 |   |   | Dec. 31, 2010 |  
|----------------------------------------------- | - | ------------- | - | - | ------------- | -
|                                                |   |               |   |   |               |  
|Troy:                                           |   |               |   |   |               |  
|Property acquisition and development costs      | $ | 13,810        |   | $ | 13,652        |  
|Plant and equipment                             |   | 14,273        |   |   | 13,730        |  
|Buildings and structures                        |   | 3,066         |   |   | 2,846         |  
|                                                |   | 31,149        |   |   | 30,228        |  
|Rock Creek:                                     |   |               |   |   |               |  
|Property acquisition costs                      |   | 34,822        |   |   | 34,822        |  
|Other, corporate                                |   | 4,260         |   |   | 3,685         |  
|Other, mineral properties                       |   | 118           |   |   | 118           |  
|                                                |   | 70,349        |   |   | 68,853        |  
|Accumulated depreciation and depletion:         |   |               |   |   |               |  
|Troy Property acquisition and development costs |   | (5,928        | ) |   | (5,307        | )
|Troy plant and equipment                        |   | (5,537        | ) |   | (5,032        | )
|Troy buildings and structures                   |   | (1,093        | ) |   | (977          | )
|                                                |   | (12,558       | ) |   | (11,316       | )
|Other corporate assets                          |   | (96           | ) |   | (93           | )
|                                                |   | (12,654       | ) |   | (11,409       | )
|                                                | $ | 57,695        |   | $ | 57,444        |  

10

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

5.Available for sale securities

Available for sale securities are comprised of common stocks
which have been valued using quoted market prices in active markets (Level 1 in
the fair value hierarchy). The following table summarizes the Companys
available for sale securities:

June 30, 2011
    
    
    Dec. 31, 2010Cost
    $
    730
    
    $
    -Unrealized gain
    
    20Fair value
    $
    750
    
    $
    -


6. Warrant derivative liability

Some of the Companys issued and outstanding common share
purchase warrants have exercise price denominated in a foreign currency
(Canadian dollar). These warrants are required to be treated as a derivative
liability as the amount of cash the Company will receive on exercise of the
warrants will vary depending on the exchange rate. These warrants are classified
as a derivative liability and recognized at fair value. Changes in the fair
value of these warrants are recognized in earnings until such time as the
warrants are exercised or expire. The Company recognized a gain of $1.3 million
from the change in fair value of the warrants for the six months ended June 30,
2011 (June 30, 2010 - $ nil). On June 30, 2011, the Company and a warrant holder
agreed to modify the terms of 1.1 million warrants to change the Canadian dollar
exercise price to a US dollar exercise price. As a result, these warrants no
longer require treatment as a derivative liability. The fair value of these
warrants on the date of the modification was $3.4 million and was reclassified
to contributed surplus.

The following table presents the fair value reconciliation of
the fair value of the warrants:

|                                                   |   | For the three |   |   | For the three |  |   | For the six |   |   | For the six | 
|-------------------------------------------------- | - | ------------- | - | - | ------------- |  | - | ----------- | - | - | ----------- | 
|                                                   |   | months        |   |   | months        |  |   | months      |   |   | months      | 
|                                                   |   | June 30,      |   |   | June 30, 2010 |  |   | June 30,    |   |   | June 30,    | 
|                                                   |   | 2011          |   |   |               |  |   | 2011        |   |   | 2010        | 
|                                                   |   |               |   |   |               |  |   |             |   |   |             | 
|Balance, beginning of Period                       | $ | 6,874         |   | $ | -             |  | $ | 5,876       |   | $ | -           | 
|Gain on derivatives                                |   | (2,329        | ) |   | -             |  |   | (1,331      | ) |   | -           | 
|Warrants reclassified to contributed
      surplus |   | (3,352        | ) |   | -             |  |   | (3,352      | ) |   | -           | 
|Balance, end of period                             | $ | 1,192         |   | $ | -             |  | $ | 1,192       |   | $ | -           | 

11

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

These common share purchase warrants do not trade in an active
securities market, and as such, the Company has estimated the fair value of
these warrants using the Black-Scholes option pricing model using the following
assumptions at June 30, 2011: weighted average risk-free interest rate 0.45%,
weighted average volatility 86.81%, expected dividend yield  nil, and weighted
average expected life (in years) 2.2. At December 31, 2010: weighted average
risk-free interest rate 1.02%, weighted average volatility 113%, expected
dividend yield  nil, and weighted average expected life (in years) 2.7. The
fair value estimate is classified as level 2 in the fair value hierarchy.

7. Share Capital

(a) Common Stock

The Company has one class of no par value common stock of which
an unlimited number are authorized for issue. The holders of common stock are
entitled to receive dividends without restriction when and if declared by the
board of directors. Holders of the Companys common stock are not entitled to
preemptive rights to acquire additional shares of common stock and do not have
cumulative voting rights. At June 30, 2011, the Company had 34,000,936 shares of
common stock outstanding.

During the first six months ended June 30, 2011, the Company
issued 275,000 common shares with a fair value of $1.2 million to acquire a
right to convert certain shares into a 2% royalty interest on future Rock Creek
production (note 8(b)), issued 13,052 shares for compensation to directors in
the amount of $ 0.07 million; issued 295,000 common shares on exercise of stock
options for cash proceeds of $0.4 million, and issued 240,000 common shares on
exercise of warrants for cash proceeds of $0.5 million.

(b) Preferred Stock

The Company is authorized to issue an unlimited number of no
par preferred stock. The Companys board of directors is authorized to create
any series and, in connection with the creation of each series, to fix by
resolution the number of shares of each series, and the designations, powers,
preferences and rights; including liquidation, dividends, conversion and voting
rights, as they may determine. At June 30, 2011, no preferred stock was issued
or outstanding.

(c) Stock options

The Companys Equity Incentive Plan authorizes the Company to
reserve and have available for issue 3,357,374 shares of common stock as at June
30, 2011 and 1,926,500 options are issued and outstanding. There were 922,000
stock options granted during the six months ended June 30, 2011 with an exercise
price of $4.98, expiring on March 30, 2016. The Company used the Black-Scholes
option pricing formula with a risk-free interest rate of 2.07%, volatility of
96% and an expected life of the options of 60 months to calculate the fair
values of the options. The weighted average fair value per share was $3.76.
During the six months ended June 30, 2011, 8,000 options were cancelled or
expired and 295,000 options were exercised. As at June 30, 2011, the intrinsic
value of options outstanding and exercisable was $2.0 million. As at June 30,
2011 and 2010, there was no unrecognized compensation cost related to unvested
stock options.

12

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

As at June 30, 2011, the following stock options were
outstanding:

Options
    Options
    Exercise
    ExpiryGranted
    Exercisable
    Price
    Date4,000
    4,000
    6.25 CDN
    September 15, 20116,000
    6,000
    2.15
    September 30, 2011169,000
    169,000
    5.50 CDN
    October 4, 20115,000
    5,000
    7.25 CDN
    December 4, 201190,000
    90,000
    5.55 CDN
    January 10, 20128,000
    8,000
    5.75 CDN
    March 5, 20126,000
    6,000
    3.00 CDN
    April 29, 201310,000
    10,000
    2.50
    November 1, 201335,000
    35,000
    4.30
    December 13, 201310,000
    10,000
    4.45
    February 25, 2014139,500
    139,500
    0.52 CDN
    March 31, 201434,000
    34,000
    0.45 CDN
    April 27, 2014110,000
    110,000
    0.45
    September 10, 201415,000
    15,000
    1.05
    November 2, 201430,000
    30,000
    1.65
    December 30, 2014312,000
    312,000
    2.15
    March 15, 201520,000
    20,000
    1.50
    June 17, 201520,000
    20,000
    2.50
    November 1, 2015900,500
    900,500
    4.98
    March 21, 20162,500
    2,500
    5.93
    April 8, 20161,926,500
    1,926,500
    3.76


(d) Stock Purchase Warrants

The following stock purchase warrants were outstanding at June
30, 2011 for the purchase of common shares of Revett Minerals.

WARRANT	SUMMARY	TABLE

Number
    
    
    Exercise price
    
    
    ExpiryRevett Minerals
    
    60,000
    
    
    CDN$ 2.50
    
    
    October 20, 2011Revett Minerals
    
    136,291
    
    
    CDN$ 1.75
    
    
    August 24, 2013Revett Minerals
    
    244,836
    
    
    CDN$ 1.75
    
    
    August 31, 2013Revett Minerals
    
    1,071,427
    
    
    $ 1.81
    
    
    August 24, 20131,512,554


During the six months ended June 30, 2011, 240,000 warrants
were exercised and 117,332 warrants expired.

13

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

8. Commitments and Contingencies

a) Reclamation

The following table shows the changes in the reclamation
liability for the periods indicated.

Three months ended
    
    
    Year endedJune 30, 2011
    
    
    Dec. 31, 2010Reclamation and remediation liability
      beginning of period
    $
    7,946
    
    $
    8,166Reduction in present value of liability due to mine life
      extension
    
    -
    
    
    (914
    )Accretion expense, year to date
    
    338
    
    
    694Ending balance
    $
    8,284
    
    $
    7,946


As at June 30, 2011, the Company has $6.5 million in restricted
cash which is collateral for the reclamation bond at the Troy Mine.

b) Kennecott Royalty Option

During 2002, Kennecott and Revett Silver, a wholly owned
subsidiary of the Company, agreed to amend the February 21, 2000 Asset Purchase
and Sale Agreement pursuant to which Revett Silver acquired Kennecotts interest
in Troy and Rock Creek. Among other things, the amendment granted Kennecott the
right to acquire a 2% net smelter return royalty (the NSR royalty) from the sale
of metals from a defined area of the Company's Rock Creek property anytime until
the later of one year after Rock Creek achieves 80% of designed commercial
capacity production or December 31, 2015. Kennecott was required to surrender
450,000 shares of the Company's common shares previously issued to acquire the
NSR royalty. On March 21, 2011, the Company purchased the right to convert the
450,000 shares to a 2% net smelter royalty interest on future Rock Creek
production that was previously owned by Kennecott in exchange for the issue of
an additional 275,000 of its common shares. The exchange was accounted for as an
exchange of the original 450,000 common shares with a conversion feature for
725,000 common shares without a conversion feature. The carrying values of the
original 450,000 shares of $676,000 has been transferred from temporary equity
to share capital. The fair value of the additional 275,000 common shares was
$1,213,000 and has been recorded in accumulated deficit as an equity
transaction.

c) Rock Creek Development

On May 29, 2010, the US District Court ruled that the Forest
Service's decision to approve the Rock Creek project is vacated and the 2003
Record of Decision (RoD) and 2001 Final

14

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

Environmental Impact Statement (FEIS) are set aside and
remanded to the Forest Service for further action. Based on the Company's review
of the judgment, the Company does not believe that the judgment prevents the
Company from developing the Rock Creek project but it may delay such development
until the Company is able to satisfactorily address the Courts concerns

Oral arguments were held July 14, 2011, in Portland, Oregon
with the U.S. Court of Appeals for the Ninth Circuit regarding the litigation of
Rock Creek Alliance, et al versus the U. S. Fish & Wildlife Service (USFWS).
The USFWS prevailed in the Federal District Court on the issues related to the
Endangered Species Act (ESA).

Subsequently several environmental groups appealed that portion
of the District Courts May 2010 ruling to the Ninth Circuit. Since May 2010,
when the Federal District Judge vacated the FEIS and RoD because of noted
deficiencies related to the National Environmental Policy Act (NEPA), Revett has
been working with USFS to satisfy those issues identified in the Courts
Opinion. In cooperation with the U.S. Forest Service, a Supplemental EIS (SEIS)
study will be completed to correct the NEPA deficiencies identified by the Court
and the USFS has appointed a contractor for completion of the SEIS.

In a ruling issued on July 21, 2011, the Montana District Court
determined that the Company will be required to obtain an individual MPDES
discharge permit rather than a general permit as originally granted by the
Montana DEQ. This permit relates specifically to storm water management during
road reconstruction in Phase 1 of the mine project and not the ESA challenges
that are currently being defended in the Ninth Circuit Court of Appeals. The
Company will take steps to address the courts concerns with the State agencies
that are responsible for administration of the Montana Water Quality Act. A
decision whether to appeal the District Courts decision will be made in
consultation with the agencies in the coming weeks. The Company does not
anticipate that this ruling will affect the overall timeline of project
development and completion of a SEIS.

Although the Company believes that it will ultimately receive
environmental and operating permits, it is possible that successful challenges
could delay or prevent the Company from developing the Rock Creek project which
could result in the impairment and write-down of the carrying value related to
the Rock Creek property.

d) Cabinet Resources Group, Inc. (plaintiff) v. Montana
Department of Environmental Quality and Troy Mine, Inc. (defendants):

The plaintiffs suit alleges that Troy is being operated in
violation of the Montana Metal Mine Reclamation Act (MMRA) because of
deficiencies in its reclamation plan and that all of the defendants have
violated the Montana Constitution and various state statutes and regulations by
allowing such operations to continue. The plaintiff seeks a declaration that the
Troy operating permit and reclamation plan are void and invalid; alternatively
it seeks a writ of madamus from the court requiring the DEQ to enforce the MMRA
and presumably suspend or revoke Troys operating permit, declare a forfeiture
of the Companys performance bond and enjoin the Company from further operations
at Troy pending approval of a new reclamation plan. The Company believes this
action is

15

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

without merit, particularly in view of on-going discussions
with the DEQ concerning proposed revisions to the existing approved reclamation
plan at Troy and the increased performance bonds provided to the DEQ. The Court
has indicated that it will not set a trial date until DEQ has completed its
required review of the reclamation plan. The Company is vigorously defending
itself with respect to this action.

9. Financial Instruments

At June 30, 2011, the Company had two forward contracts to sell
2.65 million pounds of copper at a price of $3.55 per pound and 0.180 million
ounces of silver at an average price of $ 19.00 per ounce. These contracts
mature at various dates from September, 2011 through February 2012. All
contracts are with the Companys customer and have been designated as normal
purchase and sale contracts. Accordingly, the effect of these contracts are
accounted for in the period they are settled. The fair value of these forward
sales contracts, if settled at June 30, 2011 metal prices, would result in a
liability of approximately $4.8 million.

10. Earnings Per Common Share

The following table reconciles weighted average common shares
used in the computations of basic and diluted earnings (loss) per share for the
three-month and six-month periods ended June 30, 2011 and 2010 (thousands,
except per-share amounts):

|                                                                   |   | Three and Six Months Ended |  
|------------------------------------------------------------------ | - | -------------------------- | -
|                                                                   |   | June 30,                   |  
|                                                                   |   | 2011                       |  
|Numerator                                                          |   |                            |  
|Net income (loss) for basic earnings per share                     | $ | 7,924                      |  
|Gain on warrant derivative associated with
      dilutive warrants |   | (2,329                     | )
|Net income (loss) for diluted earnings per share                   | $ | 5,595                      |  
|Denominator                                                        |   |                            |  
|Basic weighted average common shares                               |   | 33,827,172                 |  
|Dilutive stock options and warrants                                |   | 1,535,678                  |  
|Diluted weighted average common shares                             |   | 35,362,850                 |  
|                                                                   |   |                            |  
|Basic income (loss) per share                                      | $ | 0. 23                      |  
|                                                                   |   |                            |  
|Diluted income (loss) per share                                    | $ | 0.16                       |  

16

---

Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree and Six months ended June 30, 2011 and
2010(expressed in thousands of United States dollars unless
otherwise stated)(unaudited)

Note 10  Earnings per share continued:

The gain on warrant derivative associated with dilutive
warrants is deducted for diluted earnings per share purposes because the gain
would not have been recognized had the warrants been converted at the beginning
of the period.

Options to purchase 1,181,000 shares of our common stock were
excluded from the computation of diluted earnings per share for the three-month
and six-month periods ended June 30, 2011. As the exercise price of the options
exceeded the average price of our stock during these periods and were
anti-dilutive.

For the three months and six month periods ended June 30, 2010,
options and warrants to purchase 5.9 million shares of our common stock were
excluded from the computation of diluted earnings per share because there
exercise prices exceeded the average price of our stock during the periods and
were anti-dilutive.

17

---

Managements Discussion and Analysis of Financial Condition
and Results of Operations as at August 11, 2011

This Managements Discussion and Analysis (MD&A) of the
financial results of Revett Minerals Inc. (Revett Minerals or the Company)
for the three month and six month periods ended June 30, 2011 should be read in
conjunction with the unaudited interim financial statements and notes as at and
for the three and six months ended June 30, 2011 which form part of this report.
In addition, this MD&A and related financial statements should be read in
conjunction with the 2010 audited consolidated financial statements, the related
Managements Discussion and Analysis, and the Form 10-K filed in Canada on SEDAR
or on file in the United States with the Securities and Exchange Commission
(SEC) or on EDGAR.

These unaudited interim consolidated 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 unless otherwise
stated, are presented in U.S. dollars. The Company issued its audited annual
consolidated financial statements for the year ended December 31, 2010 in
accordance with Canadian GAAP and also provided a reconciliation on the
differences between Canadian GAAP and U.S. GAAP in note 15 to those audited
annual consolidated financial statements. The change in generally accepted
accounting principles is described in note 2.

Some of the statements in this MD&A are forward looking
statements that are subject to risk factors set out in the cautionary note
contained in this MD&A.

Overview and Important Factors Influencing Results for the
Six Months Ended June 30, 2011

As at August 11, 2011, the Companys principal assets consisted
of a 100% interest in the Troy copper and silver mine (Troy) in northwest
Montana, USA and also a 100% interest in the undeveloped Rock Creek copper and
silver development project (Rock Creek) also located in northwest Montana.

Overall Performance

As at June 30, 2011 the Company increased cash and cash
equivalents on hand by 68% to $14.7 million compared to $8.8 million at December
31, 2010. For the six month period ended June 30, 2011, the Company reported net
profit of $5.1 million (which includes a $3.4 million non-cash charge for the
issuance of stock options during the period and a $1.3 million gain on the
valuation of warrant derivatives) or $0.15 income per share compared to a net
loss of $0.3 million or $0.01 per share for the six months ended June 30, 2010.

For the three months ended June 30, 2011, we had net income of
$7.9 million, or $0.23 per share compared to a net loss of $1.1, or $0.05 loss
per share for the three months ended June 30, 2010. This increase is primarily
due to improved metal grades and recoveries from increased production from the C
Bed area. Silver production was 342,822 ounces, a 65% increase from the same
period in 2010 and copper production was 3.03 million pounds, a 60% increase
from the same period in 2010. Net income for the three months ended June 30,
2011, also included a $2.3 million gain on valuation of warrant derivatives.

Exploration efforts continued in and around the Troy Mine with
additional resources added in the C Bed area.

18

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Results of Operations for the Three Months Ended June 30,
2011 Compared to the same period in 2010.

The major highlights for the quarter ended June 30, 2011,
included:

- Silver production of 342,822 ounces and over 3.03 million pounds of
  copper production resulting in a 65% increase in silver and a 60%
  increase in copper compared to the same period in 2010. Improved silver
  and copper grades along with higher metal recoveries resulted from
  increased production from the C Bed area.
- The Company achieved record quarterly revenues at $18.8 million for the
  three months ended June 30, 2011.
- Cash cost per ounce of silver and per pound of copper improved
  significantly with the improved metal production. Cash costs for the
  second quarter of 2011 calculated on a net of by-product basis were
  $3.38 per ounce for silver and $0.73 per pound of copper.
- The successful exploration program in and around the Troy Mine
  continues to add ore resource, including an additional 1,157,946 tons
  of indicated resource at a grade of 1.07 opt silver and 0.41% copper in
  the C Bed mining horizon, approximately a 50% increase of the C Bed
  inferred resources that were reported January 8, 2011.
- The Companys working capital has increased to $19.8 million at June
  30, 2011, an 86% increase since December 31, 2010.
- Production during the second quarter of 2011 was on plan at 3,964 tons
  per day.

Operating Results:

The table below illustrates certain key operating statistics
for Troy for the three months ended June 30, 2011, with a comparison to the same
three month period in 2010.

|                      | Three Months Ended June 30,
      2011 | Three Months Ended June 30,
      2010
|--------------------- | -------------------------------------- | --------------------------------------
|Tons milled           | 352,818                                | 354,359                               
|Tons milled per day   | 3,964                                  | 3,982                                 
|Copper grade (%)      | 0.52                                   | 0.33                                  
|Silver grade (opt)    | 1.14                                   | 0.70                                  
|Copper recovery (%)   | 82.0                                   | 81.0                                  
|Silver recovery (%)   | 85.0                                   | 84.0                                  
|Copper produced (lbs) | 3,028,252                              | 1,888,935                             
|Silver produced (ozs) | 342,822                                | 207,948                               

Production during the second quarter of 2011 was on plan at
3,964 tons per day and very close to the production of 3,982 tons per day in the
second quarter of 2010. Due to significantly higher metal grades from mining
more production from the C Bed area, metal production was significantly
improved. Copper production was higher at 3,028,252 pounds while silver
production increased to 342,822 ounces as compared to 207,948 ounces of silver
and 1,888,935 pounds of copper in the second quarter of 2010. Mining in the C
Beds continued as planned and metal grades in the C Beds are also as expected.
For the second quarter, ore grades increased 63% for silver and 58% for copper
as compared to the second quarter of 2010. Although recoveries are still
somewhat lower than plan of 87% for silver and 85% for copper, recoveries in the
second quarter of 2011 improved to 85.04% for silver and 82.36% for copper
compared to recoveries of 83.9% for silver and 80.7% for copper in the second
quarter of 2010. Metallurgical

19

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studies evaluating grind size and non-sulfide content are
continuing to determine if further modifications can be made to improve metal
recoveries.

Financial Results:

|a) | Revenue:For the second quarter of 2011 compared
      to the second quarter of 2010, revenue increased from $9.3 million to
      $18.8 million primarily due to the increase in the price of copper and
      silver and higher copper and silver production. During the quarter ended
      June 30, 2011, the LME price of copper and silver averaged $4.15 per pound
      and $38.17 per ounce, respectively, compared to average prices of $3.19
      per pound and $18.32 per ounce in the second quarter of 2010. Due to the
      fixed pricing the Company had in place, the net price received for the
      metals was lower than the average prices during the period. Copper sales
      during the second quarter were 2.9 million pounds of copper and 315,396
      ounces of silver. The physical metal sold represents an increase of 61%
      for copper and an increase of 65% for silver from the second quarter of
      2010.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|b) | Cost of Sales:The cost of sales increased by 13%
      in the second quarter when compared to the same period in 2010. A
      significant increase in treatment and refining charges, higher mining
      taxes due to increased revenues and a restructured production royalty were
      the primary reasons for this increase.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|c) | General and administration costs:The 2011
      increase during the quarter is primarily a result of higher legal and
      consulting fees along with a modest increase in investor relations
      expenditures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|d) | Gain on warrant derivatives:The $2.3 million gain
      on warrant derivatives reflects the change in fair value of this warrant
      derivative between March 31, 2011 and June 30, 2011. A lower closing share
      price and lower volatility reduced the fair value of the derivative
      liability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|e) | Net income:The Company recorded a net income of
      $7.9 million or $0.23 per share for the second quarter compared to net
      loss of $1.1 million or $0.05 per share in the second quarter of 2010. The
      primary reason for this increase is improved metal sales and favorable
      metals pricing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

The table below illustrates certain key operating statistics
for Troy for the six months ended June 30, 2011, with a comparison to the same
six month period in 2010.

|                      | Six Months Ended June 30,
      2011 | Six Months Ended June 30,
      2010
|--------------------- | ------------------------------------ | ------------------------------------
|Tons milled           | 644,508                              | 733,951                             
|Tons milled per day   | 3,621                                | 4,123                               
|Copper grade (%)      | 0.48                                 | 0.36                                
|Silver grade (opt)    | 1.09                                 | 0.78                                
|Copper recovery (%)   | 80.0                                 | 83.0                                
|Silver recovery (%)   | 84.0                                 | 86.0                                
|Copper produced (lbs) | 5,026,662                            | 4,345,125                           
|Silver produced (ozs) | 587,890                              | 495,207                             

20

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Financial Results:

|a) | Revenue:For the first six months of 2011
      compared to the same period in 2010, revenue increased from $21.4 million
      to $31.5 million primarily due to the increase in the price of copper and
      silver and higher copper and silver production. During the six months
      ended June 30, 2011, the LME price of copper and silver averaged $4.26 per
      pound and $34.92 per ounce, respectively, compared to average prices of
      $3.23 per pound and $17.62 per ounce in the first six months of 2010. Due
      to the fixed pricing the Company had in place, the net price received for
      the metals was lower than the average prices during the period. Copper
      sales were 4.9 million pounds of copper and 540,858 ounces of silver. The
      physical metal sold represents an increase of 12% for copper and an
      increase of 9% for silver from the first six months of 2010.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|b) | Cost of Sales:The cost of sales increased by 7%
      in the first six months when compared to the same period in 2010. A
      significant increase in treatment and refining charges, higher mining
      taxes due to increased revenues and a restructured production royalty were
      the primary reasons for this increase.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|c) | General and administration costs:The 2011
      increase during the six month period is a result of non-cash stock option
      expense of $3.4 million compared to 2010 stock option expense of $0.9
      million in 2010. The stock option expense was calculated by using the
      Black Scholes pricing model.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|d) | Gain on warrant derivatives:The $1.3 million gain
      on warrant derivatives reflect the change in fair value of this warrant
      derivative between December 31, 2010 and June 30, 2011. A lower closing
      share price and lower volatility reduced the fair value of the derivative
      liability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|g) | Net income:The Company recorded a net income of
      $5.1 million or $0.15 per share for the first six months compared to net
      loss of $0.3 million or $0.01 per share in the same period 2010. The
      primary reason for this increase is improved metal sales and favorable
      metals pricing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

21

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Summarized Financial Results by Quarter

2009
    2009
    2010
    2010
    2010
    2010
    2011
    2011Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2Cu Production (million lbs)
    1.9
    2.0
    2.5
    1.9
    2.3
    2.1
    2.0
    3.0Ag Production (000s ozs)
    251
    253
    287
    208
    277
    235
    245
    343Total Sales (millions)
    $ 8.1
    $8.1
    $12.1
    $9.3
    $12.4
    $13.2
    $12.8
    $18.8Cash Flow from Operations(1)(millions)
    $0.2
    $0.3
    $2.7
    $0.8
    $4.2
    $4.7
    $3.4
    $7.4Net Income (loss) (millions)
    ($1.1)
    ($0.9)
    $0.8
    ($1.1)
    $0.7
    ($1.3)
    ($2.8)
    $7.9EPS- Basic
    ($0.05)
    ($0.05)
    $0.03
    ($0.05)
    $0.00
    ($0.04)
    ($0.09)
    $0.23EPS- Fully diluted
    ($0.05)
    ($0.05)
    $0.03
    ($0.05)
    $0.00
    ($0.04)
    ($0.09)
    $0.16Cash and Cash Equivalents & Short term Investments
      ending(millions)
    $2.5
    $2.6
    $3.7
    $3.2
    $6.6
    $8.8
    $10.2
    $14.7Total Assets ending (millions)
    $74.4
    $71.9
    $74.8
    $74.1
    $79.4
    $81.3
    $83.4
    $92.1Total liabilities ending (millions)
    $22.0
    $19.8
    $19.5
    $19.8
    $21.6
    $20.3
    $21.8
    $18.4Total Equity ending (millions)
    $52.4
    $52.1
    $55.3
    $54.2
    $57.8
    $60.3
    $61.7
    $73.7


(1) This is a non-GAAP measurement. These amounts reflect the
net cash flow from the Troy Mine before capital spending and equipment payments and changes in working capital.

Financing Activities

During the first six months of 2011, the Company did not enter
into any new capital leases. Revett Silver had entered into the following
contractual financial obligations (in thousands of USD):

Current
    
    
    1 to 3
    
    
    3 to 5
    
    
    5 years orContractual obligation
    
    Total
    
    
    portion
    
    
    years
    
    
    years
    
    
    moreCapital lease obligations
    
    1,038
    
    
    448
    
    
    590Long term Reclamation costs (undiscounted)
    
    12,900
    
    
    -
    
    
    -
    
    
    -
    
    
    12,900Total contractual obligations
    
    13,938
    
    
    448
    
    
    590
    
    
    -
    
    
    12,900


22

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Revett Silver has also entered into a number of operating
leases relating to the production and transportation of the copper concentrate
produced at Troy. All such leases expire in 2011 and some may be renewed
annually. The obligations in 2011 under the terms of these leases are $0.4
million.

Liquidity and Capital Resources

The Companys liquidity position is directly related to the
level of concentrate production, cost of this production and the provisional and
final prices received for the copper and silver in the concentrate that is sold.
At June 30, 2011, working capital was $19.8 million, including cash and cash
equivalents of $14.7 million. At June 30, 2011, net concentrate receivable was
$5.6 million compared to $3.4 million at December 31, 2010 and copper
concentrate inventory (stated at cost) was $2.2 million compared to $0.6 million
at December 31, 2010. The net realizable value or liquidation value of the
concentrate inventory at June 30, 2011, was approximately $5.1 million.

At todays copper and silver prices the Company is generating
positive cash flow. Declines in copper and silver prices could erode the
Companys cash and working capital position. For the remainder of 2011, the
Company has sold forward approximately 50% of copper production at an average
price of $3.55 per pound and approximately 25% of silver production at an
average price of $19.00 per ounce. (see Off Balance Sheet Arrangements)

Off Balance Sheet Arrangements

During 2002, Kennecott and Revett Silver, a wholly owned
subsidiary of the Company, agreed to amend the February 21, 2000 Asset Purchase
and Sale Agreement pursuant to which Revett Silver acquired Kennecotts interest
in Troy and Rock Creek. Among other things, the amendment granted Kennecott the
right to acquire a 2% net smelter return royalty (the NSR royalty) from the sale
of metals from a defined area of the Company's Rock Creek property anytime until
the later of one year after Rock Creek achieves 80% of designed commercial
capacity production or December 31, 2015. Kennecott was required to surrender
450,000 shares of the Company's common shares previously issued to acquire the
NSR royalty. On March 21, 2011, the Company purchased the right to convert the
450,000 shares to a 2% net smelter royalty interest on future Rock Creek
production that was previously owned by Kennecott in exchange for the issue of
an additional 275,000 of its common shares. The exchange was accounted for as an
exchange of the original 450,000 common shares with a conversion feature for
725,000 common shares without a conversion feature. The carrying values of the
original 450,000 shares of $676,000 has been transferred from temporary equity
to share capital. The fair value of the additional 275,000 common shares was
$1,213,000 and has been recorded in accumulated deficit as an equity
transaction.

The Company has forward contracts to sell 2.65 million pounds
of copper and 0.180 million ounces of silver at fixed prices of $3.55 per pound
and $19.00 per ounces, respectively, which have been designated as normal
purchase and sales contracts. The fair value of these contracts at June 30,
2011, is a liability of $4.8 million which is not recognized in the balance
sheet (see Financial instruments, hedging activities and other instruments).

Related Party Transactions

There were no related party transactions during the first six
months of 2011.

23

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Proposed Transactions

There were no proposed transactions during the first six months
of 2011.

Principal Risks and Uncertainties

Revett Minerals is a speculative investment, for many
reasons, and the following risk factors should be carefully considered in
evaluating it. In addition, this report contains forward-looking statements that
involve known and unknown risks and uncertainties. These forward-looking
statements include statements of our plans, objectives, expectations and
intentions. Actual results could differ from those discussed in the
forward-looking statements as a result of certain factors, including those set
forth below. You should carefully consider the risks and uncertainties described
below and the other information in this report before investing.

We have a limited operating history and had losses in
prior years.We have been engaged in commercial mining operations at
Troy for just over six years and have not yet attained a consistent record of
profitability. In the first six months of 2011 we incurred net income of $5.1
million on revenues of $31.5 million. For the 2010 year, we incurred a loss of
$0.6 million on revenues of $47.0 million. In 2009, we incurred a loss of $3.7
million on $29.5 million in revenues. In 2008, we incurred a loss of $6.7
million on revenues of $35.9 million. In 2007, we earned approximately $0.9
million on revenues of approximately $39 million. Our loss in 2009 and 2008 was
primarily a result of a rapid decrease in copper and silver pricing during the
second half of 2008 and lower than expected metals production.

Environmental challenges could prevent us from ever
developing Rock Creek.Our proposed development of Rock Creek has been
challenged on environmental grounds by several regional and national
environmental organizations at various times subsequent to the Forest Services
issuance of a Record of Decision approving our plan of operation in 2003. Some
of these challenges are substantial and ongoing, and allege violations of the
procedural and substantive requirements of a variety of federal and state laws
and regulations pertaining to our permitting activities at Rock Creek, including
ESA, NEPA, the 1872 Mining Law, the Federal Land Policy Management
Act, the Wilderness Act, the National Forest Management Act,
the Clean Water Act, the Forest Service Organic Act of 1897 and
the Administrative Procedural Act. Although we have generally been
successful in addressing most of the environmental challenges to our operations,
we cannot predict with any degree of certainty how the pending challenges will
be resolved. Rock Creek is potentially the more significant of our two mining
assets. Continued court challenges to the Record of Decision and its
accompanying biological opinion have delayed us from proceeding with our planned
development. If we are successful in defending these challenges, we still must
comply with a number of requirements and conditions as development progresses,
failing which we could be denied the ability to continue with our proposed
activities at Rock Creek. (See the section of this report entitled Legal
Proceedings.)

Our reclamation liability at Troy could be
substantial. In acquiring Troy, we agreed to indemnify ASARCO and hold
it harmless from all of the liabilities associated with the reclamation,
restoration and closure of the mine. This entailed our procurement of a $12.9
million performance bond. We have submitted a revised reclamation plan for Troy
to the Montana DEQ and they have been in the process of completing environmental
analysis in cooperation with the Forest Service. The Agencies have given notice
that an Environmental Impact Statement will be completed and subsequently
changes may be made to the estimated reclamation costs and the amount of the
performance bond. We do not presently know whether our revised plan will
actually result in increased reclamation costs at Troy. Laws governing the
closure of mining operations in Montana have become more stringent since Troy
was first placed into production, and could include provisions requiring us to
perpetually treat all of the discharged water from the mine. These factors could
result in the imposition of a higher

24

---

performance bond. Further, our reclamation liability at Troy is
not limited by the amount of the performance bond itself. The bond serves only
as security for the payment of these obligations; any substantial increase in
actual costs over and above the $16.8 million maximum allowed under the current
surety agreement would necessarily be borne by the Company. Payment of such
costs could have a material adverse effect on our financial condition.

We presently do not have the financial resources to
develop Rock Creek.At June 30, 2011 we had cash and cash equivalents
and short term investments of $14.7 million. We do not have sufficient cash to
fund our evaluation program at Rock Creek and we do not have sufficient funds to
allow us to develop a mine or begin mining operations should it prove feasible
to do so. The estimated capital cost of constructing a mine at Rock Creek is in
the range of $250 to $275 million and could change materially.

The Rock Creek mineral resources are not equivalent to
reserves. This report includes information concerning the estimated size
of our mineral resource at Rock Creek and the amount of ore that may be produced
from the project were it to be developed. Since no ore has been produced from
Rock Creek, these estimates are preliminary in nature. This report also includes
information concerning mineral resources at Troy. Although we believe these
amounts are significant, it does not mean the mineral resource can be
economically mined. A mineral resource is not equivalent to a commercially
mineable ore body or proven reserves or probable reserves under standards
promulgated by the SEC, principally because they are less certain and not
necessarily amenable to economic development. We will not be able to determine
whether Rock Creek contains a commercially mineable ore body until our
evaluation program has been completed and we have obtained a final, economic and
technical feasibility study that will include an analysis of the amount of ore
that can be economically produced under then-prevailing market conditions.
United States investors are cautioned that the terms measured mineral
resources, indicated mineral resources and inferred mineral resources are
not recognized by the SEC. The estimation of mineral resources involves greater
uncertainty as to their existence and economic feasibility than the estimation
of proven and probable reserves. United States investors are cautioned not to
assume that mineral resources will ever be converted into reserves.

There are other formidable risks to mining.We
are subject to all of the risks inherent in the mining industry, including
industrial accidents, labor disputes, unusual or unexpected geologic formations,
cave-ins, surface subsidence, flooding, power disruptions and periodic
interruptions due to inclement weather. These risks could result in damage to or
destruction of its mineral properties and production facilities, personal
injury, environmental damage, delays, monetary losses and legal liability. In
addition, we are subject to competition for new minerals properties, management
and skilled miners from other mining companies, many of which have significantly
greater resources than we do. We also have no control over changes in
governmental regulation of mining activities, the speculative nature of mineral
exploration and development, operating hazards, fluctuating metals prices, and
inflation and other economic conditions.

Copper and silver prices fluctuate markedly.Our
operations are significantly influenced by the price of copper and silver.
Copper and silver prices fluctuate widely and are affected by numerous factors
that are beyond our control, such as the strength of the United States dollar,
global and regional industrial demand, and the political and economic conditions
of major producing countries throughout the world. Since 1990, world average
copper prices have fluctuated from a low of $0.71 per pound in 2002 to a high of
$4.48 per pound in 2011, and world average annual silver prices have fluctuated
from a low of $3.95 per ounce in 1992 to a high of $41.96 per ounce in 2011. As
at June 30, 2011, we have contracts outstanding to sell 2.65 million

25

---

pounds of copper at an average price of $3.55 per pound and
180,000 ounces of silver at an average price of $19.00. These contracts mature
at various dates from September 2011 to February 2012.

Currency fluctuations will affect our
competitiveness. The price of copper and silver are denominated
in U.S. dollars even though most production originates in countries whose
currencies are independently valued. Fluctuations in the value of the U.S.
dollar relative to the values of these host country currencies could affect the
competitiveness of our operations.

Accounting Changes

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.
Revett Minerals Inc. (the Company) issued its audited annual consolidated
financial statements for the year ended December 31, 2010 in accordance with
Canadian GAAP and also provided a reconciliation on the differences between
Canadian GAAP and U.S. GAAP in note 15 to those audited annual consolidated
financial statements. Effective January 1, 2011, the Company began presenting
its financial statements in accordance with US GAAP and prior period financial
statements were restated to be presented in accordance with US GAAP. All
financial information stated herein has been presented in accordance with US
GAAP.

Future accounting changes

There were no new pronouncements issued by the FASB that may
materially impact the Companys consolidated financial statements for future
periods.

Financial Instruments, Hedging Activities and Other
Instruments

The largest market risk the Company is exposed to are changes
in the prices of copper and silver which will have a significant effect on
revenue, cash flow and the value of concentrate receivables or payables because
a significant portion of the Companys sales are subject to a future pricing
mechanism. Changes in metal prices will change both revenue and the value of
concentrate receivables or payables. The Company does have a hedging policy
which permits the Company to fix the sales price of concentrate to be produced
in the future or for which concentrate has been sold and for which final
settlement has not occurred.

For financial statement purposes, the Company records at fair
value the amount of silver and copper in concentrate sold to its customer for
which final prices have not yet been determined. At each month-end, the Company
adjusts its revenue to account for expected future prices and the corresponding
expected future revenue and cash flow. In order to do this, the Company must
make estimates of the future prices expected to prevail when final settlement
occurs. The Company uses published forward prices for the period of expected
settlement to estimate these expected prices.

As at June 30, 2011, the Company had contracts outstanding to
sell 2.65 million pounds of copper at an average price of $3.55 per pound and
180,000 ounces of silver at an average price of $19.00. These contracts mature
at various dates from September, 2011 to February, 2012. All contracts are with
the Companys customer and have been designated as normal purchase and sale
contracts.

26

---

Accordingly, the effect of these contracts are accounted for in
the period they are settled. The fair value of these forward sales contracts, if
settled at June 30, 2011 metal prices, would result in a liability of
approximately $4.8 million.

Forward Looking Statements

Cautionary Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995. With the exception of historical
matters, the matters discussed in this report are forward- looking statements
that involve risk and uncertainties that could cause actual results to differ
materially from projections or estimates contained herein. The words believe,
estimate, anticipate, expect, and project and similar expressions are
included to identify forward-looking statements. Such forward looking-statements
include statements regarding future production levels and operating costs at the
Troy mine, future levels of capital expenditures at both Troy and Rock Creek,
the reserve and resource estimates at both Troy and Rock Creek, the adequacy of
the financial resources and funds to cover operating and exploration costs at
Troy and the cost of exploration at Rock Creek, the timing of certain litigation
activities which have delayed exploration activities at Rock Creek, the adequacy
of third party financing to complete certain corporate development activities,
and the expectation that the Troy mine will be able to generate positive cash
flow in future periods. Factors that could cause actual results to differ
materially from these forward looking statements include, among others:

- changes in copper and silver prices;
- the operating performance of the Troy mine;
- geological conditions at the Troy mine;
- the need for copper concentrate by copper smelters and the costs
  associated with selling such concentrate to the smelters;
- the ability of the Company to complete exploration activities at the Rock
  Creek project;
- activities of certain environmental groups opposed to the Companys
  activities in the United States;
- changes in the planned Rock Creek project parameters;
- changes in estimates of the reserves and resources at all the properties
  owned or controlled by the Company;
- economic and market conditions;
- future financial needs and the Companys ability to secure such financing
  under reasonable terms and conditions;
- changes in federal or state legislation and regulations governing our
  operations and projects;
- risks of future unknown lawsuits respecting future planned activities on
  our projects or past activities by the Company.

as well as other factors described elsewhere in our annual Form
10-K and the various regulatory filings done with United States and Canadian and
provincial regulatory bodies which are available in Canada at www.sedar.com or
in the United States on EDGAR. Future events and actual results could differ
materially from those set forth in, contemplated by, or underlying the
forward-looking statements. Most of these factors are beyond our ability to
predict or control. Future events and actual results could differ materially
from those set forth in, contemplated by, or underlying the forward looking
statements. We disclaim any obligation to update any forward-looking statement
made here-in except as required by law. Readers are cautioned not to put undue
reliance on forward looking statements.

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Quantitative and Qualitative Disclosures About Market Risk

Our earnings and cash flow are significantly affected by changes in the market price of copper and silver. The prices of both metals can fluctuate widely and are influenced by numerous factors such as demand, production levels, and world political
and economic events and the strength of the US dollar. During the past eighteen years the average annual price of copper has ranged from a low of $0.71 per pound to a high of $4.48 per pound. Average annual silver prices over this same
period have ranged from a low of $3.95 per ounce to a high of $41.96. Should the price of copper or silver decline substantially, the value of Troy and Rock Creek could fall dramatically and the future operation of Troy and the future
exploration and development at Rock Creek could both be at risk.

During the six months ended June 30, 2011, we reported sales revenue of $31.5 million on sales of approximately 4.9 million pounds of payable copper and 0.54 million ounces of payable silver. During this period copper and silver prices averaged
$4.26 per pound and $34.92 per ounce respectively.  Had the price of copper or silver changed by $1.00 each, revenue would have changed by approximately $2.1 million.

A substantial portion of our cash and short term investments are invested in certificates of deposit or high quality government and corporate fixed income securities, all of which are denominated in US dollars.  With the uncertainty in the financial
markets the value of these fixed income securities could change. Approximately $1.9 million of our cash equivalents are in the form of certificates of deposit issued by a major Canadian chartered bank and are denominated in Canadian dollars
which exposes us to some foreign exchange risk.

Controls and Procedures

Management of the Company is responsible for adopting an internal control system that gives it and the board of directors reasonable assurance that the Company’s financial statements present fairly its financial position and activities.
Management is also responsible for establishing and maintaining disclosure controls and procedures that provide reasonable assurance the material information concerning the Company and its consolidated subsidiaries is appropriately disclosed.

Disclosure Controls and Procedures.  The Company’s disclosure controls and procedures are designed to ensure that information the Company is required to disclose in its periodic reports and other information filed under the
Securities Exchange Act, as amended (“the Exchange Act”) is recorded, processed, summarized and accurately reported within the time periods prescribed by the Securities and Exchange Commission’s rules. They include, without
limitation, controls and procedures designed to ensure that such information is accumulated and promptly communicated to the Company’s management, including its chief executive officer, its chief financial officer and other principal
accounting officers, so such persons can make timely decisions regarding disclosure.

The Company evaluated the effectiveness of the design and operation of its disclosure controls and procedures as required by Exchange Act Rules 13 (a) - 15 (e) and 15 (d) – 15 (e).  This evaluation was performed under the supervision and with
the participation of its management, including the chief executive officer and its chief financial officer. Based upon this evaluation, the chief executive officer and the chief financial officer concluded that the design and operation of the
Company’s disclosure controls and procedures are effective as at June 30, 2011 to ensure that information required to be disclosed by us in reports that we file under the Exchange Act, is 28

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gathered, reported, processed, summarized and reported within
the time periods specified in the Securities and Exchange Commissions rules and
forms and is accumulated and communicated to management of Revett Minerals,
including the CEO and CFO, to allow timely decisions regarding required
disclosure as specified under U.S. and Canadian securities laws.

Internal Controls over Financial
Reporting. Management is responsible for establishing and
maintaining adequate internal control over financial reporting as defined in
Rules 13a-15(f) and 15d-15(f) under the Securities Act of 1934.Our
internal control over financial reporting is designed to provide reasonable
assurance regarding the reliability of our financial reporting and preparation
of our financial statements for external purposes in accordance with generally
accepted accounting principles. Our internal control over financial reporting
includes those policies and procedures that: pertain to the maintenance of
records that in reasonable detail accurately and fairly reflect our transactions
and disposition of assets; provide reasonable assurance that transactions are
recorded as necessary to permit preparation of our financial statements in
accordance with generally accepted accounting principles and that receipts and
expenditures of our assets are being made only in accordance with the
authorizations of management and directors; and provided reasonable assurance
regarding prevention or timely detection of unauthorized acquisitions, use or
disposition of assets that could have a material effect on our financial
statements. Because of inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to risk that controls
may become inadequate because of changes in conditions or that degree of
compliance with the policies and procedures may deteriorate.

The Company has evaluated the effectiveness of the design of
internal controls over financial reporting and concluded they are designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements as at June 30, 2011.

Changes in Internal Controls. During the second
quarter of 2011, no changes occurred in the Companys internal control over
financial reporting that have affected, or are reasonably likely to material
affect, the Companys internal control over financial reporting.

PART II: Other InformationLegal proceedings

Refer to Note 8 (b) in the June 30, 2011 financial statements
which discusses the changes with regards to Legal proceedings from that reported
in the December 31, 2010 Form 10-K.

Item #2: Unregistered sales of equity securities and Use of
proceeds

Not Applicable

Item #3: Defaults Upon Senior Securities

Not Applicable

Item #4: Submission To A Vote of Securities Holders

Not Applicable.

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Item #5: Other Information

Not Applicable

Item #6: Exhibits

(a) Exhibits:

|31.1 | Certification of Chief
      Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act                           
|---- | ---------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                            
|31.2 | Certification of Chief
      Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act                           
|     |                                                                                                                            
|32.1 | Certification of the Chief
      Executive Officer pursuant to 18 U.S.C., 1350 (Section 906 of the
      Sarbanes-Oxley Act
|     |                                                                                                                            
|32.2 | Certification of the Chief
      Financial Officer pursuant to 18 U.S.C., 1350 (Section 906 of the
      Sarbanes-Oxley Act

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

|                      | REVETT MINERALS INC.                 
|--------------------- | -------------------------------------
|                      |                                      
|                      |                                      
|Date: August 11, 2011 | By: /s/John Shanahan                 
|                      | John Shanahan                        
|                      | President and Chief Executive Officer
|                      |                                      
|                      |                                      
|Date: August 11, 2011 | By: /s/ Ken Eickerman                
|                      | Ken Eickerman                        
|                      | Chief Financial Officer              

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