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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 1934 
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2009.

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OF 15
(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
FOR 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 GSpokane 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 March 31, 2009105,159,138shares 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 | 22  
|                               |                                                                                             |     
|ITEM 3.                        | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
      AND HEDGING ACTIVITIES     | 26  
|                               |                                                                                             |     
|ITEM 4.                        | CONTROLS AND PROCEDURES                                                                     | 33  
|                               |                                                                                             |     
|PART II  OTHER INFORMATION    |                                                                                            
|                               |                                                                                             |     
|ITEM 1.                        | LEGAL PROCEEDINGS                                                                           | 35  

2

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Part I  Financial Information

Item 1. Financial Statements (unaudited)

Revett Minerals Inc. and SubsidiariesContents


|                                                                            | Page
|--------------------------------------------------------------------------- | ----
|                                                                            |     
|FINANCIAL STATEMENTS:                                                       |     
|                                                                            |     
|Consolidated
      balance sheets                                           | 4   
|                                                                            |     
|Consolidated
      statements of operations and comprehensive income (loss) | 5   
|                                                                            |     
|Consolidated
      statements of cash flow                                  | 6   
|                                                                            |     
|Consolidated
      statements of shareholders equity                       | 7   
|                                                                            |     
|Notes
      to consolidated financial statements                            | 8-21

3

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Revett Minerals Inc. Consolidated Balance Sheetsat March 31, 2009 and December 31, 2008(expressed in thousands of United States dollars except share
and per share amounts)

|                                                                                |   | March 31, 2009 |   |   | December 31, 2008 |  
|------------------------------------------------------------------------------- | - | -------------- | - | - | ----------------- | -
|                                                                                |   | (unaudited)    |   |   |                   |  
|Assets                                                                          |   |                |   |   |                   |  
|Current Assets                                                                  |   |                |   |   |                   |  
|Cash and cash equivalents                                                       | $ | 973            |   | $ | 1,633             |  
|Concentrate settlement and other receivable                                     |   | 2,310          |   |   | 224               |  
|Income tax receivable                                                           |   | -              |   |   | 99                |  
|Inventories (note 4)                                                            |   | 3,304          |   |   | 3,695             |  
|Prepaid expenses and deposits                                                   |   | 372            |   |   | 341               |  
|Total current assets                                                            |   | 6,959          |   |   | 5,992             |  
|Property, plant, and equipment (net) (note
      5)                             |   | 55,403         |   |   | 63,228            |  
|Restricted cash                                                                 |   | 7,626          |   |   | 7,597             |  
|Other long term assets                                                          |   | 1,083          |   |   | 1,125             |  
|                                                                                |   |                |   |   |                   |  
|Total assets                                                                    | $ | 71,071         |   |   | 77,942            |  
|                                                                                |   |                |   |   |                   |  
|Liabilities and shareholders
      equity                                      |   |                |   |   |                   |  
|Current liabilities                                                             |   |                |   |   |                   |  
|Trade accounts payable                                                          | $ | 2,195          |   | $ | 3,532             |  
|Payroll liabilities                                                             |   | 1,081          |   |   | 1,251             |  
|Income, property and mining taxes                                               |   | 1,276          |   |   | 1,060             |  
|Concentrate settlement payable                                                  |   | -              |   |   | 1,965             |  
|Other accrued liabilities                                                       |   | 1,596          |   |   | 1,093             |  
|Note payable (note 6)                                                           |   | 4,292          |   |   | -                 |  
|Current portion of long term debt                                               |   | 1,274          |   |   | 1,569             |  
|Total current liabilities                                                       |   | 11,714         |   |   | 10,470            |  
|                                                                                |   |                |   |   |                   |  
|Long-term portion of debt (note 7)                                              |   | 1,431          |   |   | 579               |  
|Reclamation and remediation liability (note
      9 (b))                        |   | 7,681          |   |   | 7,526             |  
|Future income tax                                                               |   | -              |   |   | 5,917             |  
|Total liabilities                                                               |   | 20,826         |   |   | 24,492            |  
|                                                                                |   |                |   |   |                   |  
|Non-controlling interest                                                        |   | 975            |   |   | 5,253             |  
|                                                                                |   |                |   |   |                   |  
|Shareholders' equity                                                            |   |                |   |   |                   |  
|Preferred stock, no par value, unlimited authorized,                            |   |                |   |   |                   |  
|nil issued and outstanding                                                      |   |                |   |   |                   |  
|Common stock, no par value unlimited authorized,                                |   |                |   |   |                   |  
|105,159,138 (2008- 75,210,697) shares
      issued and outstanding (note 8 (a)) |   | 58,162         |   |   | 56,899            |  
|Warrants (note 8 (a))                                                           |   | 241            |   |   | -                 |  
|Contributed surplus                                                             |   | 2,216          |   |   | 1,788             |  
|Deficit                                                                         |   | (11,349        | ) |   | (10,490           | )
|Total equity                                                                    |   | 49,270         |   |   | 48,197            |  
|                                                                                |   |                |   |   |                   |  
|Total liabilities and shareholders equity                                      | $ | 71,071         |   | $ | 77,942            |  

See accompanying notes to unaudited interim consolidated
financial statements.

4

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Revett Minerals Inc.Consolidated Statement of
Operations and Comprehensive Income (Loss)Three months ended
March 31, 2009 and 2008(expressed in thousands of United
States dollars except share and per share amounts) (unaudited)

|                                                                  |   | Three month period   |   |   | Three month period   |  
|----------------------------------------------------------------- | - | -------------------- | - | - | -------------------- | -
|                                                                  |   | ended March 31, 2009 |   |   | ended March 31, 2008 |  
|                                                                  |   |                      |   |   |                      |  
|                                                                  |   |                      |   |   |                      |  
|                                                                  |   |                      |   |   |                      |  
|Revenues                                                          | $ | 7,139                |   | $ | 12,034               |  
|Expenses:                                                         |   |                      |   |   |                      |  
|Cost of sales (note 4)                                            |   | 6,916                |   |   | 8,278                |  
|Depreciation and depletion                                        |   | 627                  |   |   | 392                  |  
|Exploration and development                                       |   | 74                   |   |   | 355                  |  
|General & administrative                                          |   | 708                  |   |   | 986                  |  
|Accretion of reclamation and
      remediation liability          |   | 155                  |   |   | 146                  |  
|                                                                  |   | 8,480                |   |   | 10,157               |  
|Income (loss) from operations                                     |   |                      |   |   |                      |  
|                                                                  |   | (1,341               | ) |   | 1,877                |  
|                                                                  |   |                      |   |   |                      |  
|Other income (expenses):                                          |   |                      |   |   |                      |  
|Interest expense                                                  |   | (169                 | ) |   | (274                 | )
|Interest and other income                                         |   | 101                  |   |   | 255                  |  
|Foreign exchange loss                                             |   | (26                  | ) |   | (216                 | )
|Total
      other income (expenses)                               |   | (94                  | ) |   | (235                 | )
|                                                                  |   |                      |   |   |                      |  
|Net income (loss) before non controlling
      interest and taxes |   | (1,435               | ) |   | 1,642                |  
|                                                                  |   |                      |   |   |                      |  
|Income tax recovery                                               |   | 269                  |   |   | 426                  |  
|                                                                  |   |                      |   |   |                      |  
|Net income (loss) before non controlling
      interest           |   | (1,166               | ) |   | 2,068                |  
|                                                                  |   |                      |   |   |                      |  
|Non controlling interest                                          |   | 307                  |   |   | (661                 | )
|                                                                  |   |                      |   |   |                      |  
|Net income (loss) and comprehensive (loss)
      for the period   | $ | (859                 | ) | $ | 1,407                |  
|                                                                  |   |                      |   |   |                      |  
|Basic earnings (loss) per share                                   | $ | (0.01                | ) | $ | 0.02                 |  
|                                                                  |   |                      |   |   |                      |  
|Diluted earnings (loss) per share                                 | $ | (0.01                | ) | $ | 0.02                 |  
|                                                                  |   |                      |   |   |                      |  
|Weighed average number of shares outstanding                      |   | 80,089,847           |   |   | 74,761,856           |  
|                                                                  |   |                      |   |   |                      |  
|Weighted average number of diluted shares
      outstanding       |   | 80,089,847           |   |   | 75,071,221           |  

See accompanying notes to unaudited interim consolidated
financial statements.

5

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Revett Minerals Inc.Consolidated Statement of
Cash FlowsThree months ended March 31, 2009 and 2008(expressed in thousands of United States dollars except share
and per share amounts) (unaudited)

|                                                              |   | Three month period   |   |   | Three month period   |  
|------------------------------------------------------------- | - | -------------------- | - | - | -------------------- | -
|                                                              |   | ended March 31, 2009 |   |   | ended March 31, 2008 |  
|                                                              |   |                      |   |   |                      |  
|                                                              |   |                      |   |   |                      |  
|                                                              |   |                      |   |   |                      |  
|Cash flows from operating
      activities:                   |   |                      |   |   |                      |  
|Net income (loss) for the period                              | $ | (859                 | ) | $ | 1,407                |  
|Adjustment to reconcile net
      income to net cash used by  |   |                      |   |   |                      |  
|operating activities:                                         |   |                      |   |   |                      |  
|Depreciation and amortization                                 |   | 627                  |   |   | 392                  |  
|Accretion of reclamation and remediation
      liability      |   | 155                  |   |   | 146                  |  
|Foreign exchange loss                                         |   | 26                   |   |   | 216                  |  
|Stock based compensation                                      |   | 11                   |   |   | 80                   |  
|Loss on disposal of fixed
      assets                        |   | 243                  |   |   | 74                   |  
|Future income tax recovery                                    |   | (269                 | ) |   | (623                 | )
|Non controlling interest                                      |   | (307                 | ) |   | 661                  |  
|Accrued interest from reclamation trust fund                  |   | (28                  | ) |   | (86                  | )
|Amortization of prepaid
      insurance premium               |   | 41                   |   |   | 32                   |  
|Change in fair value of derivative contracts                  |   | 24                   |   |   | -                    |  
|Changes in:                                                   |   |                      |   |   |                      |  
|Concentrate settlement and other receivable                   |   | (2,086               | ) |   | (5,031               | )
|Income tax receivable                                         |   | -                    |   |   | 1,250                |  
|Inventory                                                     |   | 391                  |   |   | (182                 | )
|Prepaid expenses and other                                    |   | 68                   |   |   | (65                  | )
|Accounts payable and accrued liabilities                      |   | 1,079                |   |   | 404                  |  
|Net cash used by operating
      activities                   |   | (884                 | ) |   | (1,325               | )
|                                                              |   |                      |   |   |                      |  
|                                                              |   |                      |   |   |                      |  
|Cash flows from investing activities:                         |   |                      |   |   |                      |  
|Proceeds (purchase) of short
      term investments           |   | -                    |   |   | 2,953                |  
|Other long term assets                                        |   | 2                    |   |   | (3                   | )
|Purchase of plant and
      equipment                         |   | (289                 | ) |   | (6                   | )
|Net cash provided (used) by investing
      activities        |   | (287                 | ) |   | 2,944                |  
|                                                              |   |                      |   |   |                      |  
|Cash flows from financing activities:                         |   |                      |   |   |                      |  
|Proceeds form the issuance of
      common stock, net         |   | 564                  |   |   | -                    |  
|Proceeds from long term debt                                  |   | -                    |   |   | -                    |  
|Repayment of debt                                             |   | -                    |   |   | (6,625               | )
|Repayment of capital leases                                   |   | (27                  | ) |   | (295                 | )
|Net cash from (used by)
      financing activities            |   | 537                  |   |   | (6,920               | )
|                                                              |   |                      |   |   |                      |  
|Effects of foreign
      exchange on cash held                |   |                      |   |   |                      |  
|In foreign currencies                                         |   | (26                  | ) |   | (216                 | )
|                                                              |   |                      |   |   |                      |  
|Net (decrease) increase in cash and cash
      equivalents    |   | (660                 | ) |   | (5,517               | )
|Cash and cash equivalents,
      beginning of period          |   | 1,633                |   |   | 14,055               |  
|Cash and cash equivalents, end of period                      | $ | 973                  |   | $ | 8,538                |  
|                                                              |   |                      |   |   |                      |  
|Supplementary cash flow information:                          |   |                      |   |   |                      |  
|Cash paid for interest
      expense                          | $ | 144                  |   | $ | 404                  |  
|Cash received for interest income                             | $ | -                    |   | $ | 374                  |  
|Non cash transactions:                                        |   |                      |   |   |                      |  
|Note payable in lieu of concentrate
      settlement payable  | $ | 4,292                |   | $ | -                    |  
|Common stock issued to
      acquire non controlling interest | $ | 1,398                |   | $ | 556                  |  
|Reduction of reclamation and remediation
      liability      | $ | -                    |   | $ | 251                  |  
|Acquisition of plant and
      equipment under capital lease  | $ | 1,082                |   | $ | -                    |  
|Redemption of shares for a royalty interest                   | $ | 41                   |   | $ | -                    |  

See accompanying notes to unaudited interim consolidated
financial statements.

6

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Revett Minerals Inc.Consolidated Statements of
Shareholders EquityThree months ended March 31, 2009 and year
ended December 31, 2008(expressed in thousands of United
States dollars except share and per share amounts) (unaudited)

|                                           |  | Common Shares |   |   |        |   |   | Contributed |  |   |         |  |   |         |  
|------------------------------------------ |  | ------------- | - | - | ------ | - | - | ----------- |  | - | ------- |  | - | ------- | -
|                                           |  | Shares        |   |   | Amount |   |   | Warrants    |  |   | Surplus |  |   | Deficit |  
|Balance, December 31, 2007                 |  | 74,295,702    |   | $ | 56,315 |   | $ | -           |  | $ | 1,556   |  | $ | (3,800  | )
|Issued to acquire non controlling interest |  | 707,000       |   |   | 556    |   |   | -           |  |   | -       |  |   | -       |  
|Issued to settle severance obligations     |  | 207,995       |   |   | 28     |   |   | -           |  |   | -       |  |   | -       |  
|Stock-based compensation on options        |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|granted                                    |  | -             |   |   | -      |   |   | -           |  |   | 232     |  |   | -       |  
|Net loss for the period                    |  | -             |   |   | -      |   |   | -           |  |   | -       |  |   | (6,690  | )
|Balance, December 31, 2008                 |  | 75,210,697    |   | $ | 56,899 |   | $ | -           |  | $ | 1,788   |  | $ | (10,490 | )
|                                           |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|Issued to acquire non controlling interest |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|(note 3(a))                                |  | 20,553,500    |   |   | 1,398  |   |   | -           |  |   | -       |  |   | -       |  
|Issue of units (note 7(a))                 |  | 10,000,000    |   |   | 323    |   |   | 241         |  |   | -       |  |   | -       |  
|Redemption of shares (note 3(b))           |  | (605,059      | ) |   | (458   | ) |   | -           |  |   | 417     |  |   | -       |  
|Stock-based compensation on options        |  |               |   |   |        |   |   |             |  |   |         |  |   |         |  
|Granted                                    |  | -             |   |   | -      |   |   | -           |  |   | 11      |  |   | -       |  
|Net loss for the period                    |  | -             |   |   | -      |   |   | -           |  |   | -       |  |   | (859    | )
|Balance, March 31, 2009                    |  | 105,159,138   |   | $ | 58,162 |   | $ | 241         |  | $ | 2,216   |  | $ | (11,349 | )

See accompanying notes to unaudited interim consolidated financial
  statements

7

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Revett Minerals Inc. 
  Notes to Consolidated Financial Statements Three months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)

1. Basis of Presentation and going concern

In the opinion of management, the accompanying unaudited
interim consolidated balance sheet and consolidated statements of operations,
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 March 31, 2009, and the results of its operations and its cash
flows for the three month period ended March 31, 2009. The operating and
financial results for Revett Minerals for the three months ended March 31, 2009
are not necessarily indicative of the results that may be expected for the year
ended December 31, 2009.

Except as discussed in note 2 below, these unaudited interim
financial statements are prepared using the same accounting policies and methods
of application as those disclosed in note 2 to the Companys audited financial
statements for the year ended December 31, 2008. These financial statements have
been prepared in accordance with Canadian generally accepted accounting
principles for interim financial statements and accordingly, these interim
financial statements do not include all the notes to the financial statements
required in audited annual financial statements and as such these statements
should be read in conjunction with the most recently completed audited annual
financial statements and notes of the Company for the year ended December 31,
2008. These statements have been prepared in accordance with accounting
principles generally accepted in Canada (Canadian GAAP). Material differences
between Canadian GAAP and generally accepted accounting principles in the United
States (US GAAP) are disclosed in note 11. All currency is reported in United
States dollars unless otherwise specified.

At March 31, 2009, the Company had negative working capital of
$4.8 million and the Company incurred a loss for the three months ended March
31, 2009 of $0.9 million. In addition the Company owes $1.1 million in
royalties. Declines in the price of copper and silver could result in a further
reduction in working capital and cash flows. These conditions raise substantial
doubt regarding the Companys ability to continue as a going concern. The
Company has entered into an agreement with its customer to defer payment of $4.3
million until June 30, 2009 (note 6) and is in arrears on royalty obligation
totally $1.1 million. At current copper and silver prices the Company would be
able to generate a modest positive cash flow but would not be able to pay off
the note payable or the $1.1 million in royalty payments owing. The Company
continues to have discussions with its customers and suppliers to manage its
cash flows. The Company is currently investigating a number of alternative means
of raising additional capital with potential lenders and investors. However, no
assurance can be given that these efforts will prove to be successful. Given
current market conditions, the Company may experience difficulties in raising
sufficient external financing to meet its obligations. Because of the Companys
need to conserve cash, all discretionary capital spending and exploration
spending has been placed on hold. Furthermore, the Company does not have
sufficient cash to undertake any activities at Rock Creek at this time.

The Companys continuing operations and 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 continued forbearance of its creditors
and/or the completion of additional financing in order to address its working
capital deficiency, obtaining the necessary financing to complete exploration
and development of the Rock Creek property,

8

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Revett Minerals Inc. 
  Notes to Consolidated Financial Statements Three months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)

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.

These financial statements are prepared on a going concern
basis. The financial statements do not reflect adjustments that would be
necessary if the going concern assumption was not appropriate. If going concern
basis was not appropriate for these financial statements, then adjustments would
be necessary in the carrying value of assets and liabilities, the reported
revenues and expenses, and the balance sheet classifications used.

2. Change in Accounting Policy

In February 2008, the CICA issued Section 3064, Goodwill and
Intangible Assets, which replaces Section 3062, Goodwill and Other Intangible
Assets and Section 3450, Research and Development Costs. The new Section
establishes standards for the recognition, measurement and disclosure of
goodwill and intangible assets. Concurrent with the introduction of this
standard, the CICA withdrew EIC 27, Revenues and Expenses during the
pre-operating period. The new requirements were adopted by the Company on
January 1, 2009. The adoption of these standards did not have a material impact
on the consolidated financial statements.

In February 2008, the Canadian Accounting Financial Standards
Board confirmed that Canadian public companies will be required to adopt
International Financial Reporting Standards (IFRS) for fiscal years beginning on
or after January 1, 2011. The adoption of IFRS will require the Company to
change certain accounting policies and disclosures. The Company is in the
process of evaluating the impact of adopting IFRS for its financial statements.

3. Acquisition of non-controlling interest and conversion of
shares to royalty:

| | (a) | Acquisition of non-controlling interest:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     | During the month of March, 2009, the Company exchanged
      20,553,500 of its common shares for an equal number of Class B common
      shares of Revett Silver Company (Revett Silver) increasing the Companys
      interest in Revett Silver from 69.8% to 94.2%. This transaction was
      accounted for as a step acquisition of the non-controlling interest using
      the purchase method. The consideration paid was $1.4 million being the
      fair value of the Companys common shares exchanged based on the quoted
      market value of the shares. The purchase price was allocated as
      follows:

| | Cost of acquisition, at fair value of
      shares issued of $0.07 per share | $ | 1,398  |  
| | ---------------------------------------------------------------------------- | - | ------ | -
| |                                                                              |   |        |  
| | Non-controlling interest acquired                                            | $ | 3,868  |  
| | Mineral property, plant and equipment                                        |   | (8,148 | )
| | Future income tax asset                                                      |   | 5,678  |  
| |                                                                              | $ | 1,398  |  

9

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Revett Minerals Inc. 
  Notes to Consolidated Financial Statements Three months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)

| |     | The reduction in the mineral property, plant and
      equipment was allocated to the individual categories of mineral property,
      plant and equipment for Troy and to the mineral property acquisition cost
      of Rock Creek on a pro-rata basis based on their carrying
values.                                                                                                                                                                                                              
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (b) | Conversion of shares to royalty                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     | On January 5, 2009, Royal Gold Inc. exercised its option
      to convert its 605,059 common shares of the Company and 728,274 common
      shares of Revett Silver into a one percent net smelter royalty on future
      production of Rock Creek.                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |     | The conversion of the 605,059 common shares of the
      Company was accounted for as a redemption of shares at a cost of $0.04
      million being the fair market value of the common shares exchanged based
      on their quoted market value on the conversion date. This cost was
      allocated to the Rock Creek property and the difference between the cost
      of redemption and the stated or assigned value of the common shares was
      allocated to contribute surplus as follows:

| | Redemption value of common shares | $ | 41   |  
| | --------------------------------- | - | ---- | -
| |                                   |   |      |  
| | Stated value of common shares     | $ | (458 | )
| | Contributed surplus               |   | 417  |  
| | Allocated to mineral property     | $ | 41   |  

The conversion of the Revett Silver
shares was accounted for as an acquisition of non-controlling interest similar
to the transaction described in note 3(a). The acquisition cost, being the fair
market value of the Companys common shares into which the Revett Silver shares
were convertible based on the quoted market value of those shares on the
conversion date, was allocated as follows:

| | Cost of acquisition                   | $ | 48  |  
| | ------------------------------------- | - | --- | -
| |                                       |   |     |  
| | Non-controlling interest acquired     | $ | 103 |  
| | Mineral property, plant and equipment |   | (89 | )
| | Future income tax asset               |   | 34  |  
| |                                       | $ | 48  |  

10

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Revett Minerals Inc. 
  Notes to Consolidated Financial Statements Three months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts))

4. Inventory

The major components of the Companys inventory accounts
  at March 31, 2009 and December 31, 2008 are as follows:

March 31, 2009
      
      
      Dec. 31, 2008(unaudited)Concentrate inventory
    $
      318
    
    $
      380Material and supplies
    
      2,986
    
    
      3,315$
      3,304
    
    $
      3,695


Cost of goods sold for the quarters ending March 31, 2009 and
2008 is comprised of the following:

| | Nature of expense                     |   | March 31, 2009 |  |   | March 31, 2008 |  
| | ------------------------------------- | - | -------------- |  | - | -------------- | -
| |                                       |   | (unaudited)    |  |   | (unaudited)    |  
| | Raw materials and consumables used    | $ | 2,530          |  | $ | 3,169          |  
| | Labor costs                           |   | 2,606          |  |   | 2,952          |  
| | Other costs                           |   | 1,718          |  |   | 2,229          |  
| | Net change in concentrate inventories |   | 62             |  |   | (72            | )
| | Total cost of goods sold              | $ | 6,916          |  | $ | 8,278          |  

5. Mineral Property, Plant, Equipment and Mine Development

The major components of the Companys mineral property,
  plant, and equipment accounts at March 31, 2009, and December 31, 2008 are as
  follows:

| |                                                  |   | March 31, 2009 |   |   | Dec. 31, 2008 |  
| | ------------------------------------------------ | - | -------------- | - | - | ------------- | -
| |                                                  |   | (unaudited)    |   |   |               |  
| | TROY:                                            |   |                |   |   |               |  
| | Property acquisition and development
      costs | $ | 6,491          |   | $ | 8,989         |  
| | Plant and equipment                              |   | 13,145         |   |   | 12,105        |  
| | Buildings and structures                         |   | 3,840          |   |   | 3,840         |  
| | ROCK CREEK:                                      |   |                |   |   |               |  
| | Property acquisition costs                       |   | 34,772         |   |   | 40,044        |  
| | OTHER, corporate                                 |   | 4,133          |   |   | 4,059         |  
| | OTHER, mineral properties                        |   | 118            |   |   | 118           |  
| |                                                  |   | 62,499         |   |   | 69,155        |  
| | Accumulated depreciation and depletion:          |   |                |   |   |               |  
| | Troy Property acquisition and development costs  |   | (3,170         | ) |   | (2,927        | )
| | Troy plant and equipment                         |   | (2,869         | ) |   | (2,598        | )
| | Troy buildings and structures                    |   | (435           | ) |   | (322          | )
| | Other corporate assets                           |   | (622           | ) |   | (80           | )
| |                                                  |   | (7,096         | ) |   | (5,927        | )
| |                                                  | $ | 55,403         |   | $ | 63,228        |  

11

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Revett Minerals Inc. 
  Notes to Consolidated Financial Statements Three months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)

No drilling costs were incurred and capitalized to convert
mineral resources to reserves at the Rock Creek property and the Troy mine
during the periods presented. As the result of acquisition of non-controlling
interest and the royalty conversion (note 3(a) and 3(b)) mineral property, plant
and equipment was decreased by $8.3 million.

6. Note Payable

On January 23, 2009, the Company entered into a Senior Floating
Rate Note (Note) for $4.3 million with an interest rate of LIBOR plus five
percent with its primary concentrate sales customer which delayed the due date
of concentrate settlement otherwise payable. Interest payments are due on the
last day of each quarter, commencing March 31, 2009 with computation commencing
January 1, 2009. The outstanding principle balance of this Note is due on June
30, 2009. The Company granted a first-priority mortgage on certain lands
acquired for the Rock Creek project. If the lands are sold by the Company, the
proceeds must be used to repay the note.

7. Long-term debt

At March 31, 2009 and December 31, 2008 the balance of the Companys
  long term debt and capital lease obligations were as follows:

March 31, 2009
      
      
      Dec. 31, 2008(unaudited)Royal Gold royalty
    $
      491
    
    $
      989Capital leases
    
      2,214
    
    
      1,1592,705
    
    
      2,148Current portion
    
      (1,274
    )
    
      (1,569
    )$
      1,431
    
    $
      579


Royal Gold Inc. Royalty

In October 2004, Revett Silver, a 94.2% owned subsidiary of the
Company, sold Royal Gold two royalties on production from the Troy Mine for
$7.25 million (the production payment) and $0.25 million (the tail royalty),
respectively. The production payment royalty is a 7% gross smelter return
royalty payable in cash on production and limited to the lesser of 90%
production revenue to be received on proven and probable reserves existing for
Troy as at October 13, 2004 or $10.5 million. The tail royalty is payable in
cash at the rate of 6.1% on the gross smelter returns from Troy for production
revenue between 100% and 115% of its proven and probable reserves existing as at
October 13, 2004 and then at the rate of 2% of production revenue on production
revenues in excess of 115% of proven and probable reserves as at October 13,
2004. At March 31, 2009, the Company had not paid royalty obligations totally
$1.1 million. This $1.1 million is included in accrued liabilities. The Company
is currently negotiating a deferral of this payment or arranging other means to
settle this obligation.

12

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Revett Minerals Inc. 
  Notes to Consolidated Financial Statements Three months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States dollars, except
  share and per share amounts)

8. 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 March 31, 2009, the Company had 105,159,138 shares
of common stock outstanding. During March 2009, the Company exchanged 20,553,500
of its common shares for an equal number of Class B common shares of Revett
Silver (note 3(a)). At March 31, 2009, Revett Silver had 5,029,987 Class B
common shares outstanding which are exchangeable into common shares of the
Company, on a one for one basis. In addition, Revett Silver had 1,065,000 stock
options and 990,318 warrants outstanding which, if exercised into common shares
of Revett Silver, would be exchangeable into common shares of the Company on a
one for one basis.

On January 5, 2009, Royal Gold Inc. exercised its option to convert
  its 605,059 common shares of the Company and 728,274 common shares of Revett
  Silver into a one percent net smelter royalty from future production at Rock
  Creek (note 3(b)).

On February 12, 2009, the Company closed a private placement of
10 million Equity Units for $0.06 per Unit or gross proceeds of $0.6 million.
Each Unit consists of one common share of the Company, plus three-quarters of
one purchase warrant. Each full purchase warrant allows holder to acquire one
common share of the Company for a period of two years for $0.10 per full
purchase warrant. If the closing price of the common shares of the Company is
above CAD$0.50 per share for fifteen consecutive trading days, the Company may
accelerate the expiry of the warrants by issuing a press release to the effect
that the warrants will expire 30 days following the date of such press release.
The proceeds of the Units were allocated between the common shares and the
warrants based on their relative fair values. The fair value of the common
shares was based on the quoted market price and the fair value of the warrants
was determined using the Black-Scholes option pricing formula with the following
assumptions: stock price volatility  70%; risk free interest rate  0.89%;
expected life  2 years; and dividend rate  nil.

(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 March 31, 2009, 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, 8,000,000 shares of common stock, less
that number of shares reserved for issuance pursuant to stock options granted
under the Revett Silver stock option plan. As at March 31, 2009 Revett Silver
had a total of 1,065,000 stock options exercisable into Class B common shares of

13

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

Revett Silver at a weighed average price of $0.75 per share and
expiring at various dates in 2009. During the three months ended March 31, 2009,
100,000 of the Revett Silver options expired. Revett Silver will not grant any
further stock options pursuant to this plan.

There were no stock options granted during the three months
ended March 31, 2009 by the Company. At March 31, 2009, the Company had a total
of 3,665,000 stock options outstanding at a weighted average exercise price of
Can $1.01 and 3,565,000 options are currently exercisable with a weighted
average exercise price of Can $1.01. During the three months ended March 31,
2009, 75,000 options were cancelled or expired.

The table below identifies the key attributes of the stock
options granted by the Company and the options vested as at March 31, 2009.

Options
    
    Options
    
    
    Exercise
    
    
    ExpiryGranted
    
    Exercisable
    
    
    Price (Can $)
    
    
    Date100,000
    
    100,000
    
    
    0.76
    
    
    January 25, 2010600,000
    
    600,000
    
    
    0.76
    
    
    April 27, 201075,000
    
    75,000
    
    
    0.55
    
    
    July 19, 201040,000
    
    40,000
    
    
    1.25
    
    
    May 12, 201120,000
    
    20,000
    
    
    1.25
    
    
    September 15, 20111,445,000
    
    1,445,000
    
    
    1.10
    
    
    October 4, 201125,000
    
    25,000
    
    
    1.45
    
    
    December 4, 20111,050,000
    
    1,050,000
    
    
    1.11
    
    
    January 12, 201240,000
    
    40,000
    
    
    1.15
    
    
    March 5, 2012210,000
    
    140,000
    
    
    0.84
    
    
    November 19,201260,000
    
    30,000
    
    
    0.60
    
    
    April 29, 20133,665,000
    
    3,565,000


(d) Stock Purchase Warrants

The table below identifies stock purchase warrants outstanding
at March 31, 2009 for the purchase of common shares of Revett Minerals and
Revett Silver. The warrants of Revett Silver are exercisable into Class B common
stock of Revett Silver, which in turn are exchangeable into common stock of the
Company. During March 2009, 2,060,998 Revett Silver purchase warrants were
converted into Revett Minerals purchase warrants at an exercise price of $1.00
and with an expiration date of September 30, 2010.

WARRANT SUMMARY TABLENumber
      Exercise price
      
      ExpiryRevett Minerals
      2,875,000
      Can$ 1.36
      
      May 22, 2009Revett Silver (1)
      990,328
      US$ 1.00
      
      To be determinedRevett Minerals
      7,500,000
      US$ 0.10
      
      February 12, 2011Revett Minerals
      300,000
      Can $0.50
      
      October 20, 2011Revett Minerals
      2,060,998
      US$ 1.00
      
      September 30, 2010


(1) These warrants expire 18 months after Revett Silver becomes
listed on a public stock exchange

14

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

9. Commitments and Contingencies

a) Federal Mine Safety and Health Act Violations

The U.S. Federal Mine Safety and Health Administration (MSHA)
issued 53 safety related citations against a subsidiary of Revett Silver at
various times in August 2007. These citations related to a rock fall which
occurred at Troy on July 30, 2007. Three of these citations allege the
subsidiary company was negligent with respect to certain operations or
activities conducted while mining and two citations allege the subsidiary acted
in reckless disregard for the safety of the employees at the mine. The Company
disputes the allegations put forth by MSHA and is in the process of appealing
the findings and fines. The Company will vigorously defend its Actions in the
operations of Troy. The Company has accrued its best estimate of possible
penalties at March 31, 2009.

b) Reclamation

In accordance with the operating permit granted the Troy Mine,
the Montana DEQ is periodically required to review the ultimate bonding
requirements for the mine. The bonding requirement at Troy totals $12.9 million.
The following table shows the changes in the reclamation liability for the three
month period ended March 31, 2009.

| |                                                 |   | March 31,   |  |   | Dec. 31, |  
| | ----------------------------------------------- | - | ----------- |  | - | -------- | -
| |                                                 |   | 2009        |  |   | 2008     |  
| |                                                 |   | (unaudited) |  |   |          |  
| | Reclamation and remediation liability           |   |             |  |   |          |  
| | beginning of period                             | $ | 7,526       |  | $ | 7,141    |  
| | Reduction in present value of liability due     |   |             |  |   |          |  
| | to increase in mine life resulting from reserve |   |             |  |   |          |  
| | additions                                       |   | -           |  |   | (205     | )
| | Accretion expense, year to date                 |   | 155         |  |   | 590      |  
| | Ending balance                                  | $ | 7,681       |  | $ | 7,526    |  

c) Legal Proceedings

(1) Cabinet Resources Group, Inc. Plaintiff v. Montana
Department of Environmental Quality, Revett Minerals Inc. and Genesis Inc.,
Defendant.

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 the defendants have violated the
Montana Constitution and various state statutes and regulations by allowing
operations to continue. The plaintiffs seek a declaration that the Troy
operating permit and reclamation plan are void and invalid; alternatively it
seeks a writ of mandamus from the court requiring the DEQ to enforce the MMRA
and 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 without merit, particularly in view of on-going discussions with the
DEQ concerning proposed revisions to the existing reclamation plan at Troy and
the increase in the performance

15

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

bonds approved and accepted by the DEQ. The Company is
vigorously defending itself with respect to this action.

(2) Rock Creek Permitting Matters:

There are a number of legal challenges relating to the United
States Forest Service (USFS) and DEQ approving the Rock Creek record of
decision and supporting studies (including the recently re-affirmed biological
opinion) and analysis. These challenges have been filed by individuals and
organizations generally opposed to mining in the United States. The Company, in
general, is not a named defendant to these actions, but it typically has
requested and been granted intervener status due to the direct impact the
outcome of these cases could have on the Companys Rock Creek project. These
actions are either preliminary in nature, or where the Company has prevailed,
the decision of the court is being appealed. Therefore, the outcome of these
matters is not determinable. Although the Company believes that it will
ultimately retain its environmental and operating permits, it is possible that
successful challenges could delay or prevent the Company from advancing
development of the Rock Creek project which could result in the impairment and
write down of the carrying value related to Rock Creek.

(3) Ivins litigation

Revett Silver and the Company have been served with a lawsuit
for damages in the amount of $18 million by the estate of an employee who, in
July 2007, was fatally injured during a rock fall incident while he was working
underground at the Troy mine. The Company plans on vigorously defending itself
against the claim brought and damages sought. As the outcome of this action and
any amounts payable are not determinable, no amounts have been accrued at March
31, 2009 in respect of this action.

(4) Possible Litigation:

Revett Silver Company believes that ASARCO LLC has filed or
intends to file a complaint in a Texas court against Revett Silver that alleges
certain amendments to the agreement, (but not the agreement itself) by which
Revett Silver acquired ASARCOs interest in Troy and Rock Creek, were invalid
because ASARCO was about to become insolvent. These amendments were negotiated
by the companies between 2000 and 2004 and were done at arms length. As of the
date of this report this complaint has not been served and is therefore not in
effect. The Company does not know if or when this complaint may be served. In
any event, because Revett Silvers dealings with ASARCO were years before ASARCO
had filed for bankruptcy, the Company believes that these allegations are
without merit and the Company plans on vigorously defending itself against these
allegations when and if the complaint is served.

d) Kennecott Royalty Option

Kennecott has the right to acquire a 2% net smelter return
royalty from the sale of metals from a defined area of the Companys Rock Creek
property at any time until the later of: (1) one year after the Rock Creek
Project achieves 80% of designed commercial capacity production or (2) December
31, 2015. Kennecott is required to surrender the 933,750 common shares of the
Company and 1,316,250 common shares of Revett Silver previously issued and not
yet exchanged for common shares of the Company in order to acquire this royalty.
The royalty

16

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

terminates upon Kennecotts recovery of $8 million in total
royalty payments, plus an adjustment related to changes in the consumer price
index.

10. Financial Instruments

The Company may be exposed to credit risk on copper and silver
forward contracts if its counterparty were not to honor its contractual
commitment at settlement. The Company attempts to manage this risk by
contracting only with reliable and reputable third parties known personally to
management. At March 31, 2009, the Company had three forward contracts to sell
1.3 million pounds of copper at a price of $1.84 per pound maturing in May, June
and July of 2009. These contracts have been recognized at their fair value with
a liability of $0.02 million recognized in accounts payable at March 31, 2009
with the corresponding loss recorded in the statement of operations.

11. Reconciliation to United States Generally Accepted
Accounting Principles:

The consolidated financial statements have been prepared in
accordance with Canadian GAAP, which differs in certain material respects from
those principles that the Company would have followed had its consolidated
financial statements been prepared in accordance with US GAAP.

The effect of the material measurement differences between
Canadian GAAP and US GAAP on the amounts reported in the consolidated balance
sheets, statements of operations and cash flows are as follows:

| |                                                       |   | March 31, |   |   | Dec. 31, |  
| | ----------------------------------------------------- | - | --------- | - | - | -------- | -
| |                                                       |   | 2009      |   |   | 2008     |  
| |                                                       |   |           |   |   |          |  
| | Total assets under Canadian GAAP                      | $ | 71,071    |   | $ | 77,942   |  
| | Adjustment to property, plant and equipment for       |   |           |   |   |          |  
| | acquisition of non controlling
      interest (e)(ii) |   | 4,191     |   |   | -        |  
| | Total assets under Canadian GAAP                      | $ | 75,262    |   | $ | 77,942   |  
| |                                                       |   |           |   |   |          |  
| | Liabilities and non controlling, interest             |   |           |   |   |          |  
| | under Canadian
      GAAP                             | $ | 21,801    |   | $ | 29,745   |  
| | Non-controlling interest (e)(ii)                      |   | (975      | ) |   | (5,253   | )
| | Adjustment to
      future tax liabilities for        |   |           |   |   |          |  
| | acquisition on non
      controlling interest(e) (ii) |   | 1,619     |   |   | -        |  
| | Shares
      redeemable at option of holder (a)       |   | 676       |   |   | 1,076    |  
| |                                                       |   |           |   |   |          |  
| | Liabilities, under US GAAP                            | $ | 23,121    |   | $ | 25,568   |  
| |                                                       |   |           |   |   |          |  
| | Shareholders equity, under Canadian GAAP             | $ | 49,270    |   | $ | 48,197   |  
| | Non-controlling interest                              |   | 975       |   |   | 5,253    |  
| | Adjustment to
      contributed surplus for           |   |           |   |   |          |  
| | acquisition of non
      controlling interest (e)(ii) |   | 2,572     |   |   | -        |  
| | Shares
      redeemable at option of holder (a)       |   | (676      | ) |   | (1,076   | )
| |                                                       |   |           |   |   |          |  
| | Shareholders equity, under US GAAP                   | $ | 52,141    |   | $ | 52,374   |  

17

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

There are no material differences between Canadian GAAP and US
GAAP with respect to net income and comprehensive income and total operating,
financing or investing cash flows in the consolidated statement of cash flows,
for any of the periods presented.

(a)      Redeemable shares:

As at March 31, 2009, the Company has 933,750 common shares and
1,316,250 Revett Silver has Class B shares outstanding which are redeemable, at
the option of the holder, into a net smelter return royalty as described in note
9 (d). Under Canadian GAAP, the Class B shares would be classified as equity and
the value attributable to the royalty (which was not material on issue of the
shares) is classified outside of equity. Under US GAAP, the full value
associated with the redeemable shares is classified as temporary equity. During
the three months ended March 31, 2009, 605,059 common shares and 728,274 Revett
Silver Class B shares were converted to a royalty. As a result, for U.S. GAAP
purposes, the temporary equity reduced by $0.4 million and contributed surplus
was increased by the same amount.

(b)      Income taxes:

For Canadian GAAP purposes, future income tax assets and
liabilities are calculated based on substantially enacted tax rates in effect in
the periods when the temporary differences are expected to reverse. For US GAAP
purposes, enacted tax rates are used to calculate future income tax assets and
liabilities. For all periods presented, there were no differences between the
tax rates used for Canadian and US GAAP purposes.

The Company has reviewed tax exposures pursuant to Financial
Interpretation No. 48, Accounting for Uncertainty in Income Taxes - An
Interpretation of SFAS Statement No. 109. Based on the review, the Company
does not believe that any income tax positions taken in its filings are subject
to material uncertainty if reviewed by the Internal Revenue Service or Canada
Revenue Agency. In cases where the Company is charged interest and penalties on
uncertain tax positions which do not meet the recognition criteria, the Company
includes these in interest expense and other operating expenses respectively.
Tax years subsequent to December 31,2004 remain open for examination by
the Internal Revenue Service and Canada Revenue Agency. However, in both
jurisdictions, if the Company utilizes tax loss carry forwards in the future,
those losses can be challenged in the year they are used even though the tax
year in which they were incurred is statute barred.

(c)      Common share units:

Under Canadian GAAP, the proceeds received on issuance of units
in November 2006, consisting of common shares and warrants, are not required to
be allocated to the individual common share and warrant components when the
instrument and its components are all determined to be equity instruments. Under
US GAAP, the Company is required to allocate the proceeds received on unit
offerings to the individual common share and warrant components on a relative
fair value basis when both components are determined to be equity classified.
The fair value of share purchase warrants issued in November 2006 was determined
to be $1.0 million using the Black-Scholes method based on the following
factors: risk free rate - 4.50%; volatility - 70%; expected life - 2.5 years;
expected dividend yield - nil. Accordingly, under US GAAP, share capital as at
March 31, 2009 and December 31, 2008 would be reduced and contributed surplus as
at these dates would

18

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

be increased by $1.0 million to reflect the relative fair
values of the shares and warrants. As at March 31, 2009, none of the warrants
had been exercised.

The $1.0 million was reclassified from contributed surplus to
deficit as a result of adoption of EITF 07-05 (note 10(e)(ii)).

(d) Stock option plan and compensation expense:

The weighed average intrinsic value of options exercised during
the three months ended March 31, 2009 was nil (2008- nil). At March 31, 2009,
the weighted average intrinsic value of options outstanding and exercisable was
nil and nil respectively.

At March 31, 2009, the total unrecognized compensation cost
related to unvested stock options is $0.02 million. This cost is expected to be
recognized over the next weighted average period of seven months.

At March 31, 2009, Revett Silver had 1,065,000 stock options
outstanding. The weighted averaged exercise price of Revett Silver options
granted and exercisable is $0.75 per share. All options granted have vested. As
at March 31, 2009 the estimated intrinsic value of the options granted and
vested was nil.

(e) Impact of recent United States accounting pronouncements:

*(i)*In December 2007, FASB issued SFAS NO. 141 (R) Business
Combinations. This standard is effective, for the Company, for transactions
where the acquisition of control is on or after January 1, 2009. SFAS No. 141
(R) changes the accounting for assets acquired and liabilities assumed in a
business combination as follows:

- acquisition costs are generally expensed as incurred;
- non controlling interests are valued at fair value at the acquisition
  date;
- acquired contingent liabilities are recorded at fair value at the
  acquisition date and subsequently measured at either the higher of such amount
  or the amount determined under existing guidance for non acquired
  contingencies;
- in-process research and development is recorded at fair value as an
  indefinite-lived intangible asset at the acquisition date;
- restructuring costs associated with a business combination are generally
  expensed subsequent to the acquisition date; and
- changes in deferred tax asset valuation allowances and income tax
  uncertainties after the acquisition date affect income tax expense.

Adoption
of SFAS No 141 (R) did not have a material effect on the consolidated financial
statements.

(ii)    In December 2007, FASB issued SFAS N0.
160 Non Controlling Interests in Consolidated Financial Statements -
an amendment of No. ARB 51 and is effective for the Company on January 1,
2009. SFAS No. 160 amends ARB 51 to establish accounting and reporting standards
for the non controlling ownership interest in a subsidiary and for the
deconsolidation of a subsidiary. The adoption of these standards did not have a
material impact

19

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

on the consolidated financial statements except that for U.S.
GAAP purposes non controlling interest is classified as equity where as for
Canadian GAAP, it is classified between liabilities and equity. Also, income
(loss) before non-controlling interest, non-controlling interest and net income
(loss) would be labeled net income (loss), net income (loss) attributable to
non-controlling interest and net income (loss) attributable to the Company,
respectively.

The acquisition of the non-controlling interest for the three
months ended March 31, 2009 would be accounted for on an equity transaction
rather than a step acquisition using the purchase method. Accordingly, for U.S.
GAAP purposed, a reduction of mineral property, plant and equipment of $4.2
million and the reduction of the future income tax liability of $1.6 million
would not be made and instead $2.6 million would be included in contributed
surplus.

The following table shows the changes in the non-controlling
interest during the three months ended March 31, 2009 and 2008:

| |                                                        |   | Three months ended March 31, |  
| | ------------------------------------------------------ | - | ---------------------------- | -
| |                                                        |   | 2009                         |  
| |                                                        |   |                              |  
| | Balance beginning of period                            | $ | 5,253                        |  
| | Income (loss) attributable to non-controlling interest |   | (307                         | )
| | Acquisition of non-controlling interest                |   | (3,971                       | )
| | Balance end of period                                  | $ | 975                          |  

The following table shows the effect of changes to the
Companys interest in Revett Silver on shareholders equity attributable to the
Company:

| |                                              |   | Three months ended March 31, |  
| | -------------------------------------------- | - | ---------------------------- | -
| |                                              |   | 2009                         |  
| |                                              |   |                              |  
| | Net loss attributable to the Company         | $ | (859                         | )
| | Increase in contributed surplus on           |   |                              |  
| |                                              |   |                              |  
| | acquisition of non-controlling interest      |   | 2,572                        |  
| | Change in equity attributable to the Company | $ | 1,713                        |  

In June 2008, the EITF reached a conclusion in EITF 07-05 that
an equity-linked financial instrument would not be considered indexed to the
Companys own stock if the strike price is denominated in a currency other than
the issuers functional currency. The determination of whether an equity-linked
financial instrument is indexed to an entitys own stock is not affected by the
currency or currencies in which the underlying shares trade. The guidance is
effective for financial statements beginning on January 1, 2009. The adoption of
EITF 07-05 resulted in no material impact on the balance sheet or statement of
operations as the fair value of the warrants as at January 1, 2009 and at March
31, 2009 was NIL. However, certain warrants related to a previous Unit offering
had an assigned value of $1.0 million (note 10 (c)) for U.S. GAAP purposes
recognized in contributed surplus. This amount would have been reclassified from
contributed surplus to a liability on adoption of EITF 07-05 and then revalued
to fair value of NIL resulting in a credit to opening deficit of $1.0 million on
adoption of EITF 07-05.

20

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Revett Minerals Inc.Notes to Consolidated
Financial StatementsThree months ended March 31, 2009(Expressed in United States dollars, unless otherwise stated)(Tabular amounts expressed in thousands of United States
dollars, except share and per share amounts)

**12.
Subsequent events:**

On
April 20, 2009, one of the Companys shareholders acquired 3,855,558 common
shares for the proceeds of Cdn $0.3 million received by the Company which
increased the total outstanding common shares to 109,014,696.

21

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Managements Discussion and Analysis of Financial Condition
and Results of Operations as at May 14, 2009

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 period ended March 31, 2009 should be read in conjunction
with the unaudited interim financial statements and notes as at March 31, 2009
which form part of this report. In addition, this MD&A and related financial
statements should be read in conjunction with the 2008 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 financial
statements are expressed in United States dollars, unless otherwise stated, and
they are prepared in accordance with Canadian generally accepted accounting
principles. Material differences between Canadian and US GAAP are disclosed in
note 11 of the consolidated interim financial statements

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
Three Months Ended March 31, 2009

As at May 14, 2009, the Companys principal assets consisted of
a 94.2% interest in the Troy copper and silver mine (Troy) in northwest
Montana, USA and also a 94.2% interest in the undeveloped Rock Creek copper and
silver development project (Rock Creek) also located in northwest Montana.

Overall Performance

For the three month period ended March 31, 2009, Revett
Minerals reported net loss after taxes and non-controlling interest of $0.9
million or $0.01 per share compared to net income after taxes and
non-controlling interest of $1.4 million or $0.02 per share for the three months
ended March 31, 2008.

On a stand alone basis, Troy (100% basis) reported net loss
before taxes for the three month period ended March 31, 2009 of$1.2
million compared to net income before taxes of $3.2 million for the comparable
period in 2008. $0.9 million of this net loss is attributable to the
shareholders of Revett Minerals during the first quarter because of the non
controlling shareholdings in Revett Silver. This ownership interest increased
from 69.2% in December 2008 to 94.2% in March 2009.

Results of Operations for the Three Months Ended March 31,
2009 Compared to the Same Period in 2008.

The major highlights for the quarter ended March 31, 2009,
included:

- Troy (100% basis) achieved improved mill throughput averaging 3,811
  tons per day compared to 3,369 tons per day in the first quarter of
  2008;
- Troy (100% basis) produced 2.3 million pounds of copper and 321,149
  ounces of silver compared to 2.1 million pounds of copper and 231,912
  ounces of silver in the first quarter of 2008;

22

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- The Company continued efforts to streamline its corporate structure
  with the exchange of 20,553,500 common shares for an equivalent number
  of Revett Silver Class B common shares and warrants. The Company now
  owns 94.2% of the issued and outstanding Class B common shares of
  Revett Silver.

For the first quarter of 2009, Revett
Minerals reported a loss of $0.9 million or $0.01 per share on revenue of $7.1
million. This compared to a profit of $1.4 million or $0.02 per share during the
first quarter of 2008 on sales of $12.0 million.

Concentrate deliveries and sales during the first quarter of
2009 consisted of 2.2 million pounds of copper and 289,034 ounces of silver
compared to 2.0 million pounds of copper and 183,735 ounces of silver during the
first quarter of 2008.

Operating Results:

The table below illustrates certain key operating statistics
for Troy (100% basis) for the three months ended March 31, 2009, with a
comparison to the same three month period in 2008.

**Three****Months Ended** March
      31, **2009**
    Three Months
      Ended March 31, 2008Tons milled
    339,171
      299,863Tons milled per day
    3,811
      3,369Copper grade (%)
    0.40
      0.41Silver grade (opt)
    1.09
      0.87Copper recovery (%)
    86.3
      86.5Silver recovery (%)
    87.1
      89.0Copper produced (lbs)
    2,316,702
      2,129,522Silver produced (ozs)
    321,149
      231,912


Production during the first quarter of 2009 was significantly
improved at 3,811 ton per day, a 13% improvement over the first quarter of 2008
at 3,369 tons per day. With the increase in tons mined and improved silver grade
at 1.09 ounces per ton, metal production improved to 321,149 ounces of silver
and 2,316,702 pounds of copper as compared to 231,912 ounces of silver and
2,129,522 pounds of copper in 2008. An extensive employee training program was
instituted in 2008 which has resulted in productivity improvements in the first
quarter of 2009. Ore grades remain slightly lower than life of mine averages, as
was planned in the mine schedule, due to mining more quantity of ore from the
lower grade area known as the lower quartzite. Mill recoveries remain good but
slightly lower than plan at 87.1% silver and 86.3% for copper compared to
expected recoveries of 88.5% and 87.0% copper. The table below illustrates the
sensitivity of operating costs per ton milled.

Q1.09
    Q4.08
    Q3.08
    Q2.08
    Q1.08Tons milled
    339,171
    354,190
    321,696
    331,698
    299,863Cost per ton milled ($)
    18.69
    26.40
    26.83
    26.86
    28.39


As shown in the table, a decrease in operating costs have also
improved significantly with a 29% decrease realized in the first quarter of 2009
as compared to 2008.

23

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Financial Results:

| | a) | Revenue:For the first quarter of 2009 compared to
      the first quarter of 2008, revenue decreased from $12.0 million to $7.1
      million mostly due to the decrease in the price of copper and silver.
      During the quarter ended March 31, 2009, the price of copper and silver
      averaged $1.56 per pound and $12.62 per ounce, respectively, compared to
      average prices of $3.54 per pound and $17.68 per ounce, respectively in
      the first quarter of 2008. Offsetting these unfavorable price effects was
      higher physical metal sales. Copper sales during the first quarter were
      2.2 million pounds of copper and 289,034 ounces of silver. The physical
      metal sold represents an improvement of 13% and 39% for copper and silver
      respectively from the first quarter of 2008. The main factors which
      resulted in higher production and sales in the first quarter of 2009
      compared to that in 2008 were: (i) higher mill throughput of 14%; and (ii)
      an improvement in the grade of silver ore milled of 26%.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the first quarter revenue was $ 6.9 million, a decrease of
      $1.4 million over the same period in 2008. The main reasons for the
      improved operating cost in the first quarter of 2008 were lower labor
      costs due to a 10% reduction for all workers at the mine, lower cost of
      consumables such as fuel, explosives and milling reagents and other
      milling consumables. In addition, employees have been successful in
      reducing consumption of consumables through increased focus on obtaining
      the lowest overall costs possible.                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | c) | Depreciation and depletion:For the first quarter
      of 2009, these non cash charges were higher than the first quarter of
      2008, because of an increase year over year in the total cost of equipment
      being depreciated. The majority of the plant and equipment at Troy is
      depreciated using the units-of-production method and an increase in mill
      throughput also resulted in higher depreciation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | d) | Exploration and development:This expense
      decreased by $0.3 million because the Company has elected to defer its
      exploration program for 2009 and spending at Rock Creek was significantly
      lower in 2009 than it was in 2008 due to efforts to conserve
  cash.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | e) | General and administration costs:The decrease in
      corporate administration costs in the first quarter of 2009 over the
      comparable quarter in 2008 was mainly due to a twenty percent pay cut by
      corporate management and efforts to reduce all spending in order to
      conserve cash.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | f) | Accretion of reclamation and remediation liability:This expense is a marginal increase in the reclamation accretion at
      Troy, as planned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | g) | Income from operations:The lower metal pricing
      more than offset the decrease in costs. Revenues were $4.9 million lower
      in 2009 compared to the same period 2008 while costs were reduced by $1.7
      million. The net result was the Company recording $1.3 million in loss
      from operations compared to income from operation in 2008 of $1.9
      million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | h) | Other Expenses:This was a result of a $0.02
      million foreign exchange loss on the cash and investments held in Canada
      and denominated in Canadian dollars and net interest expense of $0.07
      million in the first quarter of 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

24

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| | i) | Income taxes:For the three month period ended
      March 31, 2009, the Company reported an income tax recovery of $0.3
      million which arose from the recognition of certain deferred tax assets,
      principally net operating loss carry forwards, that were not previously
      recognized and the on-going amortization of the fair market purchase price
      adjustment to property, plant and equipment.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                         
| | j) | Non-controlling interest:The non-controlling
      interest recovery of $0.3 million represents the after tax share of Revett
      Silvers loss attributable to the Class B shareholders of Revett Silver.
      This charge changes as Revett Silvers income changes and it is reduced as
      Revett Minerals ownership in Revett Silver increases.                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                         
| | k) | Net earnings:The Company recorded net loss of
      $0.9 million or $0.01 per share for the first quarter compared to net
      income of $1.4 million or $0.02 per share in the first quarter of
    2008.                                                                                                                                                                                                             

Summarized Financial Results by Quarter

2009
    2008
    2008
    2008
    2008
    2007
    2007
    2007Q1
    Q4
    Q3
    Q2
    Q1
    Q4
    Q3
    Q2Cu Production (million lbs)
    2.3
    2.7
    2.5
    2.1
    2.2
    1.1
    1.8
    3.5Ag Production (000s ozs)
    321
    380
    302
    260
    232
    127
    196
    372Total Sales (000s $)
    7,139
    3,101
    7,430
    13,377
    12,034
    3,130
    9,136
    15,903Net Income (000s $)
    (859)
    (5,193)
    (2,980)
    75
    1,407
    (3,037)
    (120)
    3,727EPS- Basic ($)
    (0.01)
    (0.07)
    (0.04)
    0.00
    0.02
    (0.04)
    (0.00)
    0.05EPS- Fully diluted ($)
    (0.01)
    (0.07)
    (0.04)
    0.00
    0.02
    (0.04)
    (0.00)
    0.05Cash and Cash Equivalents & s/t
      Investments ending (000s $)
    973
    1,633
    11,479
    13,106
    9,540
    18,010
    26,012
    27,639Total Assets ending (000s $)
    71,071
    77,942
    90,187
    91,563
    89,519
    94,611
    100,329
    102,398Total liabilities ending (000s $)
    20,826
    24,492
    28,943
    26,264
    24,801
    32,365
    33,959
    36,318Total Equity ending (000s $)
    49,270
    48,197
    53,306
    56,227
    56,114
    54,071
    56,017
    55,984


25

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Financing Activities

During the first quarter of 2009 the Company entered into
capital leases for the purchase of a CAT haul truck which cost $1.3 million and
will be financed over a six year period. 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
    
    
    moreRoyalty obligation
    
    491
    
    
    491
    
    
    
    
    
    -
    
    
    -Note payable
    
    4,292
    
    
    4,292Capital lease obligations
    
    2,214
    
    
    783
    
    
    1,016
    
    
    415Long term Reclamationcosts
    
    10,194
    
    
    -
    
    
    -
    
    
    -
    
    
    10,194Total contractualobligations
    
    17,191
    
    
    5,566
    
    
    1,016
    
    
    415
    
    
    10,194


Revett Silver has also entered into three different operating
leases for a total of 54 rail cars at an average cost of $458 per car per month.
The leases have different terms, the first lease for 33 cars expiring May 2011,
the second lease for 18 cars expires in February 2010 and the final lease for 6
cars expires in May 2010.

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 March 31, 2009, working capital was a negative $4.8 million of which $0.973
million was cash and cash equivalents. At March 31, 2009, net concentrate
receivable was $2.3 million.

As a result of significant decreases in both copper and silver
prices and the Companys lack of working capital, the Company was unable to
repay its customer for some of its concentrate sold upon final settlement. On
January 23, 2009, the Company issued a senior floating rate note in the
principal amount of $4.3 million related to amounts owing for shipments from
November 2008 and prior periods. The outstanding principal of the Note is due on
June 30, 2009. At todays copper and silver prices the Company is generating a
modest positive cash flow, however the Company may not be in position to pay off
the $4.3 million note that is due on June 30, 2009 or the $1.1 million in
royalty currently owing unless alternative financing is secured.

Further price declines in copper and silver could further erode
the Companys cash and working capital position and although it is currently
investigating means of raising additional capital with potential lendors and
investors, no assurance may be given if these efforts will prove successful.
Given market conditions in early 2009, it is likely that it will be extremely
difficult for the Company to secure sufficient external financing to meet its
obligations. These conditions raise substantial doubt regarding the Companys
ability to continue as a going concern. Because of the Companys need to
conserve cash, all discretionary capital spending and exploration spending have
been placed on hold. Furthermore, the Company does not have sufficient cash to
undertake any activities at Rock Creek at this time.

In February 2009, the Company completed a private placement of
10,000,000 units (each unit consisting of one share of common stock and three
quarters of one common stock purchase warrant) and realized gross proceeds of
approximately $0.6 million. If fully exercised, the

26

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warrants would result in the issuance of 7,500,000 additional
shares of common stock. The exercise price for a full warrant is $0.10 and the
warrants expire on February 13, 2011.

Off Balance Sheet Arrangements

During 2002, Kennecott and Revett Silver 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 from the sale of metals from a defined area of the Companys Rock Creek
property at any time until the later of: (i) one year after Rock Creek achieves
80% of designed commercial production capacity or, (ii) December 31, 2015. The
amendment requires Kennecott to surrender 933,750 common shares of the Company
and 1,316,250 Class B common shares of Revett Silver previously issued for this
royalty. The royalty terminates upon Kennecotts recovery of $8 million in total
royalty payments, plus an adjustment related to changes in the consumer price
index.

In October 2004, Revett Silver sold Royal Gold 1,333,333 common
shares for gross proceeds of $1.0 million. Royal Gold has the right to convert
these common shares into a perpetual, non-participating 1% net smelter return
royalty from production from Rock Creek. This conversion must be made within a
specified period of time after the Company makes a decision to develop Rock
Creek. On January 5, 2009, Royal Gold exercised its right and converted these
common shares into a perpetual, non-participating 1% net smelter return royalty
from production from Rock Creek.

Related Party Transactions

There were no related party transactions during the first three
months of 2009.

Proposed Transactions

In accordance with the Agreement and Plan of Reorganization
approved by the shareholders of Revett Silver, Revett Silver anticipates it may
either redeem its Class B common shares for cash or exchange them for common
shares of Revett Minerals. In February 2009, Revett Silver shareholders
exchanged 20,553,500 Class B common shares of Revett Silver for a like number of
common shares of Revett Minerals, which increased Revett Minerals ownership in
Revett Silver to 94.2% .

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 may not be able to continue as a going concern.Our consolidated financial statements have been prepared on the basis
that we will continue as a going concern. At March 31, 2009, we had negative
working capital of approximately $4.8 million, which may not be sufficient to
meet our planned business objectives. The Company has entered into an agreement
with its customer to

27

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defer payment of $4.3 million until June 30, 2009 (note 6). At
current copper and silver prices the Company would be able to generate a modest
positive cash flow but would not be able to pay off the note payable or the $1.1
million in royalty payments owing. Management recognizes that the Company will
need to generate additional financial resources in order to meet its objectives.
If the Company is not able to generate positive cash flows and profits or obtain
adequate additional financing, it will be required to curtail operations and
exploration activities. Furthermore, its inability to continue as a going
concern would require it to restate its assets and liabilities on a liquidation
basis, which could differ significantly from the going concern basis.

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 four years and have not yet attained a significant level of
earnings. 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. In 2006, we incurred a loss of approximately $1.7
million on revenues of approximately $31.4 million, and in 2005 we incurred a
loss of approximately $2.9 million on revenues of approximately $21.1 million.
Our loss in 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. Our losses in 2006 and 2005 were partially attributable to the fact
that production levels at Troy have not attained projected levels due to
geotechnical problems, a shortage of skilled employees, problems in obtaining
necessary repair parts for its equipment, and other factors common to
underground hard rock mining operations. This ongoing shortfall in production
has resulted in higher than anticipated operating costs.

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 an administrative 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
will inevitably delay us from proceeding with our planned development, and a
successful challenge to either could prevent us from developing the project at
all. 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.

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 to ensure that sufficient funds would be available to
meet these obligations. We are currently preparing a revised reclamation and
restoration plan for Troy, which, when completed, may result in changes to the
estimated reclamation and restoration costs and the amount of the performance
bond. One of the key issues that has yet to be resolved is the extent to which
we may be required to treat water from Troy after mining operations have ceased.
Another issue is whether we are required to prepare and file an EIS in
conjunction with any action taken with respect to our revised reclamation plan.
We have advised the DEQ that we will fund the cost of an EIS, but believe the
study should be postponed until such time as mining operations at Troy are
actually projected to cease and more current information concerning the

28

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scope of any required remediation is known. We do not presently
know whether our revised plan will actually result in increased reclamation and
restoration costs at Troy, although it is probable that it will. Laws governing
the closure of mining operations in Montana have become more stringent since
Troy was first placed into production, and in the case of Troy, 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 performance
bond. Further, our reclamation and restoration 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 amount of the bond would necessarily be borne by the Company.
Payment of such costs could have a material adverse effect on its financial
condition.

We presently do not have the financial resources to
develop Rock Creek.At March 31, 2009 we had cash and cash equivalents
and short term investments of approximately $0.9 million. At this time 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 the mine or begin mining operations
should it prove feasible to do so. Moreover, we do not have any commitments for
additional funding. The forecasted capital cost of constructing a mine at Rock
Creek is currently estimated to be in the range of $220 to $270 million and
could change materially.

The Rock Creek mineral resources are not equivalent to
reserves. This report includes information concerning our estimated size
of the 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. And 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 United States Securities and Exchange Commission (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. Investors are cautioned not to
assume that our mineral resource estimates for Rock Creek will ever be converted
into reserves.

Non-U.S. persons owning our stock could be subject to
U.S. taxes if we are treated as a United States company.Section 7874 of
the Internal Revenue Code of 1986, as amended (the Code), provides that, under
certain instances, a non-U.S. corporation such as Revett Minerals could be
treated as a U.S. corporation for U.S. tax purposes. A consequence of this
treatment for non-U.S. persons owning common stock of such a corporation is that
they could be subject to U.S. tax on any gain they receive from the sale of such
stock unless they qualify for a statutory exemption. Were these to occur, it is
unlikely that this potential U.S. tax liability would be credited against the
shareholders tax liability in his or her country of domicile, meaning that the
shareholder would likely suffer double taxation on any such gain. Management
does not believe Revett Minerals will be treated as a U.S. corporation for tax
purposes, but cannot offer any assurance that such treatment would not occur.
There is presently uncertainty surrounding the interpretation of Section 7874.
The Internal Revenue Service could challenge Revett Minerals interpretation of
the guidance that has been provided to date, or it could write implementing
regulations that differ from that guidance.

We could be treated as a passive foreign income company
for tax purposes.Section 1297 of the Code provides that a foreign
corporation such as Revett Minerals may be a passive foreign investment company
(PFIC) if (a) 75% or more of its gross income is passive income or (b) the

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average percentage of the corporations assets (by value) held
by it during the taxable year that produce passive income or are held for the
production of passive income is at least 50%. (For purposes of Section 1297,
passive income could include income derived by Revett Minerals from the
operations of its majority-owned Revett Silver subsidiary.) If a U.S. taxpayer
shareholder receives an excess distribution from a PFIC, that distribution is
generally subject to an interest charge unless the shareholder has elected to
treat its interest in the corporation as an interest in a qualified electing
fund or QEF, or makes an election to mark to market his or her PFIC stock at
the close of each taxable year. An excess distribution for purposes of Section
1297 and regulations promulgated there-under is the amount of any current
distribution that exceeds the normal level of a PFICs distributions. The
purpose of the interest charge is to enable a recapture of the benefit of any
U.S. income tax deferral to a U.S. shareholder while the investment income
(presumably untaxed) was accumulated by the foreign investment company.

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. We do
not maintain insurance covering environmental or other catastrophic liabilities,
and we do not expect to procure such insurance unless and until it is
economically feasible to do so. Insurance against environmental risks (including
pollution or other hazards resulting from the disposal of waste products
generated from exploration and production activities) is generally not
available. 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 inflation, the strength of the United
States dollar relative to foreign currencies, global and regional demand,
commodity funds and speculators and the political and economic conditions of
major producing countries throughout the world. Since 1990, world average copper
prices fluctuated from a low of $0.71 per pound in 2002 to a high of $3.23 per
pound in 2007, and world average annual silver prices fluctuated from a low of
$3.95 per ounce in 1992 to a high of $15.03 per ounce in 2008.

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.

Recently Adopted Accounting Standards

In February 2008, the CICA issued Section 3064, Goodwill and
Intangible Assets, which replaces Section 3062, Goodwill and Other Intangible
Assets and Section 3450, research and Development Costs. The new Section
establishes standards for the recognition, measurement and disclosure of
goodwill and intangible assets. Concurrent with the introduction of this
standard, the CICA withdrew EIC 27, Revenues and Expenses during the
pre-operating period. The new requirements

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were adopted by the Company on January 1, 2009. The adoption of
this standard did not have a material impact on the consolidated financial
statements.

In December 2007, FASB issued SFAS N0. 160 Non Controlling
Interests in Consolidated

Financial Statements - an amendment of No. ARB 51 and
is effective for the Company on January 1, 2009. SFAS No. 160 amends ARB 51 to
establish accounting and reporting standards for the non controlling ownership
interest in a subsidiary and for the deconsolidation of a subsidiary. The
adoption of these standards did not have a material impact on the consolidated
financial statements except that for US GAAP purposes non controlling interest
is classified as equity where as for Canadian GAAP, it is classified between
liabilities and equity. FAS 160 also affected the accounting for the acquisition
of the non-controlling interest in March, 2009.

In December 2007, FASB issued SFAS NO. 141 (R) Business
Combinations. This standard is effective for the Company for transactions
where the acquisition of control is on or after January 1, 2009. SFAS No. 141
(R) changes the accounting for assets acquired and liabilities assumed in a
business combination as follows:

- acquisition costs are generally expensed as incurred;
- non controlling interests are valued at fair value at the acquisition
  date;
- acquired contingent liabilities are recorded at fair value at the
  acquisition date and subsequently measured at either the higher of such amount
  or the amount determined under existing guidance for non acquired
  contingencies;
- in-process research and development is recorded at fair value as an
  indefinite-lived intangible asset at the acquisition date;
- restructuring costs associated with a business combination are generally
  expensed subsequent to the acquisition date; and
- changes in deferred tax asset valuation allowances and income tax
  uncertainties after the acquisition date affect income tax expense.

Adoption of SFAS No 141 (R) did
not have a material effect on our consolidated financial statements.

In June 2008, the EITF reached a conclusion in EITF 07-05 that
an equity-linked financial instrument would not be considered indexed to the
Companys own stock if the strike price is denominated in a currency other than
the issuers functional currency. The determination of whether an equity-linked
financial instrument is indexed to an entitys own stock is not affected by the
currency or currencies in which the underlying shares trade. The guidance is
effective for financial statements beginning on January 1, 2009. The adoption of
EITF 07-05 did not have a material impact on the balance sheet or statement of
operations as the fair value of the warrants at adoption and at March 31, 009
was NIL. However certain warrants related to a previously issued Unit offering
have an assigned value of $1.0 million (note 10 (c)) for U.S. GAAP purposes
recognized in contributed surplus. The amount would have been reclassified as a
liability and revalued to fair value of NIL resulting in a charge to opening
deficit of $1.0 million on adoption.

Future accounting changes

In February 2008, the Canadian Accounting Financial Standards
Board confirmed that Canadian public companies will be required to adopt
International Financial Reporting Standards (IFRS) for fiscal years beginning on
or after January 1, 2011. The adoption of IFRS will require the

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Company to change certain accounting policies and disclosures.
The Company is in the process of evaluating the impact of adopting IFRS for its
financial statements.

Financial Instruments, Hedging Activities and Other
Instruments

The Company fair values the amount of silver and copper in
concentrate 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 future contract prices at each month
end to estimate these expected prices. At March 31, 2009, the Company had 80,000
pounds of copper and 101,417 ounces of silver with prices not yet fixed. The
fair value revenue adjustment as at March 31, 2009 ended was a gain of $0.6
million. Considerable judgment is required to interpret market data and to
develop the estimates of fair value for future periods. Accordingly, the
estimates presented herein are not necessarily indicative of the amounts the
Company will realize in such future periods.

At March 31, 2009 and as at the date of this report, the Company
  had sold forward 1.3 million pounds of copper priced at $1.84 per pound through
  forward contacts settling in May, June and July, 2009. The contracts are recognized
  at their fair value with a liability of $0.02 million in accounts payable at
  March 31, 2009 with the corresponding loss recorded in the statement of operations.

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;

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- 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. Readers are cautioned not to put undue reliance on forward looking
statements.

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, the economic policies of central banks, producer and fund
hedging, world political and economic events and the strength of the US dollar
relative to other currencies. 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 $3.23 per
pound. Average annual silver prices over this same period have ranged from a low
of $3.95 per ounce to a high of $15.02. Currently the prices for both metals are
at or near $2.00 per pound for copper and $12.00 per ounce for silver. 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 three months ended March 31, 2009, the Company
delivered and sold 2.2 million pounds of copper and 289,034 ounces of silver.
Based upon these metals sales levels, a $0.50 change in the price of each metal
would have changed revenue by $1.1 million.

A substantial portion of the Companys 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 materially. Approximately $0.2 million of the
Companys short term investments are in savings deposits by a major Canadian
chartered bank and are denominated in Canadian dollars which exposes the Company
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

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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 March 31, 2009 to ensure that information
required to be disclosed by us in reports that we file under the Exchange Act,
is 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
internal controls over financial reporting and concluded they are effective.

Changes in Internal Controls. During the first
quarter of 2009, the Company rehired its tax expert to review the quarter end
income tax recovery. During the fourth quarter of 2008, the Company, in its
efforts to conserve cash, did not hire this tax expert and a material weakness
was

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noted during our December 31, 2008 assessment which was
reported by management in its year end managements discussion and analysis.

PART II: Other Information

Legal proceedings

The Company and certain of its subsidiaries are parties to
several pending legal actions in the federal and state courts in Montana as of
the date of this report, most of which are predicated on alleged violations of
various federal and state environmental laws and regulations at Troy and Rock
Creek.

Troy-Related Actions.

Cabinet Resource Group, Inc. v. Montana Department of
Environmental Quality, Revett Minerals Inc. and Genesis Inc., Montana
Nineteenth Judicial District Court in and for Lincoln County (Case No.
DV-07-118). This action was brought in 2007. The plaintiff, a regional
environmental organization, alleges that Genesis, Inc. is operating Troy in
violation of the 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 mandamus from the court requiring DEQ to enforce the MMRA and
presumably suspend or revoke the operating permit, declare a forfeiture of the
Companys performance bond, and enjoin the Company from further operations at
Troy pending approval of a reclamation plan. The plaintiff also alleges that DEQ
has failed to maintain a clean and healthful environment, in violation of the
Montana constitution.

The Company has answered the complaint and asserted several
affirmative defenses to plaintiffs claims. It has also filed a motion seeking
to dismiss Revett Minerals on the grounds that it does not do business in
Montana. Discovery has been substantially completed, although no trial date has
been set. 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
engaged in ongoing discussions with DEQ concerning proposed revisions to the
existing reclamation plan and increased performance bond requirements, and
therefore believes the claim is without merit.

Federal Mine Safety and Health Act Violations and Related
Matters. MSHA issued 53 safety-related citations and six orders against
Revett Silvers Genesis, Inc. subsidiary during the period from July 30, 2007 to
September 30, 2007, the majority of which relate to the isolated rock fall
incident and resulting fatality that occurred at Troy on July 30, 2007. Three of
these citations allege that the Company was negligent with respect to certain
operations or activities conducted at Troy, and two of them allege that Company
acted in reckless disregard of the safety of its employees. The Company has
engaged counsel to contest these citations.

Rock Creek-Related Actions.

Clark Fork Coalition, Rock Creek Alliance, Inc, Cabinet
Resource Group, Inc., Montana Environmental Information Center, Inc. and
Trout Unlimited v. Montana Department of Environmental Quality, Montana
First Judicial District Court in and for Lewis and Clark County (Cause
No. BDV-2002-70). This action was brought in 2002 challenging DEQs issuance
of a

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Montana Pollution Discharge Elimination System (MPDES) permit
pertaining to prospective wastewater and mine drainage from the proposed Rock
Creek project. The plaintiffs contend the permit was arbitrarily issued because
DEQ did not perform the required non-degradation review and did not ensure that
surface waters designated as Outstanding Water Resources within the Cabinet
Mountains Wilderness Area would not be degraded by the proposed project. The
plaintiffs also allege that the proposed reclamation plan for Rock Creek fails
to provide for the reclamation of lands within the wilderness area that may be
damaged by subsidence or other disturbances, all in violation of MMRA and the
Montana Water Quality Act, and that the permitted discharges violate the
constitutional rights of Montana citizens to a clean and healthy environment.

In February 2005, the parties stipulated to a dismissal of the
constitutional, MMRA and Outstanding Water Resources claims, without prejudice.
In March 2006, the district court entered summary judgment against the
plaintiffs on their claim that the MPDES permit as to Outfall 001 and 004
violated the Montana Water Quality Act and the states constitution. However, it
did find that those portions of the MPDES permit covering Outfall 002 (the area
in which a proposed paste facility would be constructed) violated the act and
the constitution since it allows an increase in arsenic levels below the
outfall, and was therefore void. The court concluded by noting that its decision
does not mean Rock Creek could not go forward, only that the MPDES permit needed
to be revised in light of its ruling. The Company had commenced the required
revision of the MPDES permit before the courts ruling was issued, as part of
its statutorily-required five-year review process, and management is confident
that the issues with the Outfall 002 can be successfully resolved.

In May 2007, the plaintiffs filed an appeal with the Montana
Supreme Court, contending that the district courts March 2006 summary judgment
was incorrect in not invalidating the MPDES permit entirely, and asking the
court to do so on constitutional grounds. On December 4, 2008, the Montana
Supreme Court reversed the prior judgment in favor of DEQ remanding
consideration of the MPDES permit back to DEQ for further consideration. DEQ is
now in discussions on how to address the Supreme Court ruling. The Company
believes this particular outfall of the MPDES permit is not required to start
the evaluation of the program at Rock Creek.

Rock Creek Alliance, Clark Fork Coalition, Cabinet Resource
Group, Inc., Montana Wilderness Association, Earthworks, and Alliance for
the Wild Rockies, Plaintiffs, v. United States Forest Service, U.S.
Department of Agriculture, Tom Tidwell, in his official capacity as Regional
Forester for the Northern Region, Paul Bradford, in his official capacity as
Forest Supervisor of the Kootenai National Forest, and Ed Schaffer, in
his official capacity as Secretary of the U.S. Department of Agriculture,
Defendants, United States District Court for the District of Montana,
Missoula Division, Case No. CV-05-107-M-DWM. This action was originally
filed in June 2005 and was superseded by an amended complaint filed in February
2008. Plaintiffs seek injunctive and declaratory relief against the defendants,
claiming they unlawfully approved the record of decision, plan of operations,
and the final EIS for Rock Creek. In addition, plaintiffs challenge the findings
of a determination letter issued by the Forest Service and three supplemental
information reports issued by the Kootenai National Forest in December 2007.
They allege violations of the ESA, NEPA, the National Forest Management Act, the
Clean Water Act, the Forest Service Organic Administration Act of 1897, the
Administrative Procedure Act, and various implementing regulations adopted under
these statutes. Revett Silver petitioned the court and was granted intervener
status in October 2005.

This action has twice been stayed. The first stay was ordered
in 2005 pending resolution of a challenge to the USFWSs May 2003 biological
opinion in a separate lawsuit in the United States District Court for the
District of Montana entitled Rock Creek Alliance v. U.S. Fish and Wildlife
Service, CV 01-152-M-DWM. That lawsuit has now been concluded and resulted
in the issuance of a revised biological opinion in October 2006, which concluded
that development of Rock

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Creek would not likely to jeopardize the continued existence of
grizzly bears or bull trout, each of which is listed as a threatened species
under the ESA, nor adversely modify critical habitat of these species. The
second stay was ordered in November 2006 pending a Forest Service determination
as to whether the Companys plan of operations at Rock Creek needed to be
modified. The Forest Services December 2007 supplemental information reports
did not mandate any changes to the plan of operations of the final EIS.

The governmental defendants and the Company each filed answers
to the plaintiffs amended complaint in March 2008 and the issues in this action
are to be fully briefed to the court by early June 2008. An adverse ruling could
delay or even prevent the Company from proceeding with its proposed activities
at Rock Creek.

Rock Creek Alliance, Cabinet Resource Group, Sierra Club,
Alliance For The Wild Rockies, Natural Resource Defense Council, Trout
Unlimited, Earthworks, Idaho Counsel of Trout Unlimited, Pacific Rivers
Counsel and Great Old Broads For Wilderness v United States Fish and
Wildlife Service, United States District Court for the District of Montana,
Missoula Division, case No. CV-08-28-M-DWM. This lawsuit was filed in
February 2008 after the US Fish and Wildlife Service reaffirmed the conclusions
reached in its revised October 2006 biological opinionnamely, that Rock Creek
would not jeopardize the continued existence of the grizzly bear or bull trout
in the vicinity of the proposed mine. The plaintiffs contend that the
conclusions reached by the USFWS ignored the best available science and were
arbitrary, capricious, and an abuse of discretion in violation of the ESA and
the Administrative Procedural Act. The Company has intervened in this matter as
a defendant and this case has been consolidated with the above described
actions. Answers have been filed by the Fish and Wildlife service and the
Company and the issues will be briefed to the court tentatively scheduled for
June 2008.

Managements Analysis of Actions pertaining to the Record of
Decision and Biological Opinion. Management cannot predict with any degree
of certainty whether the Company will be successful in defending the pending
legal challenges to the Forest Services record of decision and the Fish and
Wildlife Services revised biological opinion. The issues presented by these
challenges are complex and involve agency actions, procedures and determinations
that the Company may influence but not control. The February 2008 amendment to
the lawsuit petition challenging the USFWSs revised biological opinion is
particularly difficult to analyze at this time, since it simply challenges the
scientific studies and evidence reached by the responsible agencies. It is also
vexing in light of the conclusions that were reached in earlier challenges to
the biological opinions, including an agency-approved agreed mitigation plan
that addresses concerns about Rock Creeks affect on grizzly bear habitat and
migration corridors in the project area.

The validity of the USFWSs various studies and analyses has
been a recurrent theme in prior environmental challenges to the Rock Creek
biological opinions. Consequently, management of the Company anticipates that,
should the petitioners ultimately commence an action challenging the revised
opinion, they will again contend that these studies and analyses are flawed or
ignore the best available science.

Managements ability to predict the outcome of these challenges
is further complicated by the fact that Rock Creek is one of two proposed mining
projects in the Cabinet Mountains Wilderness Area, the other being the Montanore
project being developed by Mines Management, Inc., a junior mining company based
in Spokane, Washington. Although the pending actions are specific to Rock Creek,
it is only because development of Rock Creek has proceeded to the point where
the jurisdictional agencies have either issued permits or taken other
administrative actions that invoke legal challenges. The prospective cumulative
effect of two mining projects within the Cabinet Mountains Wilderness Area is an
implicit factor in these pending actions, in managements opinionthis despite
the fact that the Montanore project faces substantial hurdles and, at this
point, may not be developed in the foreseeable future.

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Management anticipates that, even if the revised biological
opinion is upheld, it will result in some modification of the Forest Services
record of decision, which could in turn affect the Rock Creek plan of operation.
Regardless, unless and until they are favorably resolved, these challenges could
delay the Companys planned evaluation program at Rock Creek and may make it
more difficult to obtain the financing needed to fund commercial development.
Even if the Company is ultimately successful in defending these challenges, it
still must comply with a number of requirements and conditions as development of
Rock Creek progresses, failing which it could be denied the ability to continue.

Other Actions and Proceedings.

In re ASARCO, LLC et al., Debtor: ASARCO, LLC, Plaintiff v.
Revett Silver Company and Genesis, Inc., United States Bankruptcy Court
for the Southern District of Texas, Corpus Christi Division (Bankruptcy
Case No. 05-21207). This action seeks to avoid the July 2002 and May 2004
amendments to Revett Silvers purchase agreement with ASARCO. It also seeks a
judgment in an amount equal to the value ceded by these amendments. Importantly,
the action does not challenge the provisions of the original agreement that
resulted in ASARCOs transfer of its interests in the Troy mine and the Rock
Creek project to us. (See the subsection of this report entitled Properties 
Our Purchase Agreements with ASARCO and Kennecott.).

The amendments pertain to the amount we owed ASARCO under the
original purchase agreement and the manner in which we were to have paid that
amount. Specifically, the amendments resulted in the issuance of additional
shares of our common stock to ASARCO in exchange for its cancellation of a
production debt obligation and certain share price guaranties in the original
purchase agreement. Plaintiff contends that the amendments constitute fraudulent
transfers under applicable federal and state law because ASARCO was insolvent at
the time and received insufficient or no value under the amendments. Although
this action was commenced in 2007, neither Revett Silver nor Genesis, Inc. had
been served as of the date of this report.

Tammy K. Ivins, Individually and as Personal Representative
  of the Estate of Michael E. Ivins, Deceased, Plaintiffs, vs. Revett Minerals
  Inc., a Foreign Corporation for Profit; Revett Silver Company, a for
  Profit Corporation; and Does A-Z, Inclusive, Defendants.This action arises
  from the isolated rock fall incident and resulting fatality that occurred at
  Troy on July 30, 2007. The complaint alleges causes of action based on negligence,
  failure to provide a safe work place, strict liability for abnormally dangerous
  activity, and intentional and malicious acts or omissions and seeks compensatory
  damages in the amount of $8,000,000 and punitive damages in the amount of $10,000,000.
  We have engaged counsel to contest the claims and also to determine whether
  the claims are covered by our existing liability insurance policies.

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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: May 15, 2009 | By: /s/John Shanahan                 
|                   | John Shanahan                        
|                   | President and Chief Executive Officer
|                   |                                      
|                   |                                      
|Date: May 15, 2009 | By: /s/ Ken Eickerman                
|                   | Ken Eickerman                        
|                   | Chief Financial Officer              

40

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