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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q /A

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDEDSeptember 30,
2007.

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OF
15 (d) OF THESECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ___________ TO __________.

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

|Canada                                         | 91-1965912                       
|---------------------------------------------- | ---------------------------------
|(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 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 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, or a non-accelerated filer. See
definition of accelerated filer and large filer in rule 12b-2 of the Exchange
Act. (Check One)

Large accelerated filer [  
]      Accelerated filer [  
]      Non-accelerated filer[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 November 7, 200774,295,702shares of common stock
were issued and outstanding.

1

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Revett Minerals Inc. Form 10-Q QUARTER ENDED September
30, 2007

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     | 32  
|                               |          |                                                                                             |     
|                               | ITEM 4.  | CONTROLS AND PROCEDURES                                                                     | 32  
|                               |          |                                                                                             |     
|PART II  OTHER INFORMATION    |         
|                               |          |                                                                                             |     
|                               | ITEM 1.  | LEGAL PROCEEDINGS                                                                           | 33  
|                               |          |                                                                                             |     
|                               | ITEM 1A. | RISK FACTORS                                                                                | 34  
|                               |          |                                                                                             |     
|                               | ITEM 2.  | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                 | 34  
|                               |          |                                                                                             |     
|                               | ITEM 3.  | DEFAULTS UPON SENIOR SECURITIES                                                             | 34  
|                               |          |                                                                                             |     
|                               | ITEM 4.  | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                         | 35  
|                               |          |                                                                                             |     
|                               | ITEM 5.  | OTHER INFORMATION                                                                           | 35  
|                               |          |                                                                                             |     
|                               | ITEM 6.  | EXHIBITS                                                                                    | 35  
|                               |          |                                                                                             |     
|SIGNATURES                     | 36      

2

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Part I  Financial Information

Item 1. Financial Statements (unaudited)

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

|                      |                                                 | Page
|--------------------- | ----------------------------------------------- | ----
|                      |                                                 |     
|FINANCIAL STATEMENTS: |                                                
|                      |                                                 |     
|                      | Consolidated balance sheets                     | 4   
|                      |                                                 |     
|                      | Consolidated statements of operations           | 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 September 30, 2007(expressed in thousands of
United States dollars except share and per share amounts)

|                                                                             |   | September 30, 2007 |   |   | December 31, 2006 |  
|---------------------------------------------------------------------------- | - | ------------------ | - | - | ----------------- | -
|                                                                             |   | (unaudited)        |   |   |                   |  
|Assets                                                                       |   |                    |   |   |                   |  
|Current Assets                                                               |   |                    |   |   |                   |  
|Cash and cash equivalents                                                    | $ | 21,096             |   | $ | 19,862            |  
|Short term investments                                                       |   | 4,916              |   |   | 3,940             |  
|Receivables                                                                  |   | 1,943              |   |   | 980               |  
|Inventories (note 3)                                                         |   | 4,589              |   |   | 4,005             |  
|Prepaid expenses and other                                                   |   | 1,718              |   |   | 512               |  
|Total current assets                                                         |   | 34,262             |   |   | 29,299            |  
|Property, plant, and equipment (net) (note 4)                                |   | 57,529             |   |   | 56,012            |  
|Restricted cash (note 5)                                                     |   | 7,298              |   |   | 7,043             |  
|Other long term assets                                                       |   | 1,240              |   |   | 1,849             |  
|                                                                             |   |                    |   |   |                   |  
|Total
      assets                                                           | $ | 100,329            |   | $ | 94,203            |  
|                                                                             |   |                    |   |   |                   |  
|Liabilities and shareholders equity                                          |   |                    |   |   |                   |  
|Current liabilities                                                          |   |                    |   |   |                   |  
|Accounts payable and accrued liabilities                                     | $ | 5,386              |   | $ | 5,848             |  
|Current portion of lease and note obligations                                |   | 9,875              |   |   | 4,387             |  
|Total current liabilities                                                    |   | 15,261             |   |   | 10,235            |  
|                                                                             |   |                    |   |   |                   |  
|Long-term portion of debt (note 6)                                           |   | 2,207              |   |   | 9,354             |  
|Reclamation and remediation                                                  |   | 7,066              |   |   | 7,603             |  
|Future income tax                                                            |   | 9,425              |   |   | 8,353             |  
|Total
      liabilities                                                      |   | 33,959             |   |   | 35,545            |  
|                                                                             |   |                    |   |   |                   |  
|Non controlling interest                                                     |   | 10,353             |   |   | 8,524             |  
|                                                                             |   |                    |   |   |                   |  
|                                                                             |   |                    |   |   |                   |  
|Shareholders' equity                                                         |   |                    |   |   |                   |  
|Preferred stock, no par value, unlimited authorized,                         |   |                    |   |   |                   |  
|nil issued and outstanding                                                   |   |                    |   |   |                   |  
|Common stock, no par value unlimited authorized,                             |   |                    |   |   |                   |  
|73,197,703 (2006  71,904, 088) shares issued
      and outstanding (note 7) |   | 55,316             |   |   | 53,989            |  
|Contributed surplus                                                          |   | 1,464              |   |   | 816               |  
|Accumulated other comprehensive income                                       |   | -                  |   |   | -                 |  
|Deficit                                                                      |   | (763               | ) |   | (4,671            | )
|                                                                             |   | 56,017             |   |   | 50,134            |  
|                                                                             |   |                    |   |   |                   |  
|Total liabilities and shareholders equity                                    | $ | 100,329            |   | $ | 94,203            |  

See accompanying notes to interim consolidated financial
statements.

4

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Revett Minerals Inc.Consolidated Statement of
OperationsThree and nine months ended September 30, 2007 and 2006(expressed in thousands of United States dollars except share
and per share amounts) (unaudited)

|                                                            |   | Three month period |   |   | **Three month period** |   |   | Nine month period  |   |   | Nine month period  |  
|----------------------------------------------------------- | - | ------------------ | - | - | ---------------------- | - | - | ------------------ | - | - | ------------------ | -
|                                                            |   | September 30, 2007 |   |   | September 30, 2006     |   |   | September 30, 2007 |   |   | September 30, 2006 |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Revenues                                                    | $ | 9,136              |   | $ | 8,405                  |   | $ | 35,754             |   | $ | 27,339             |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Expenses:                                                   |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Cost of sales                                               |   | 7,049              |   |   | 5,702                  |   |   | 23,356             |   |   | 17,925             |  
|Depreciation and amortization                               |   | 280                |   |   | 320                    |   |   | 1,115              |   |   | 1,072              |  
|Exploration and development                                 |   | 656                |   |   | 302                    |   |   | 1,756              |   |   | 943                |  
|General & administrative                                    |   | 1,074              |   |   | 736                    |   |   | 3,113              |   |   | 1,952              |  
|Accretion of reclamation and remediation
      liability    |   | 162                |   |   | 30                     |   |   | 485                |   |   | 97                 |  
|                                                            |   | 9,221              |   |   | 7,090                  |   |   | 29,825             |   |   | 21,989             |  
|Income
      (loss) from operations                         |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|                                                            |   | (85                | ) |   | 1,315                  |   |   | 5,929              |   |   | 5,350              |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Other expenses (income):                                    |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Interest expense                                            |   | 336                |   |   | 309                    |   |   | 1,079              |   |   | 826                |  
|Interest and other income                                   |   | (326               | ) |   | (203                   | ) |   | (1,017             | ) |   | (552               | )
|Foreign exchange (gain) loss                                |   | (449               | ) |   | 3                      |   |   | (1,415             | ) |   | -                  |  
|Total other expenses                                        |   | (439               | ) |   | 109                    |   |   | (1,353             | ) |   | 274                |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Net income before non
      controlling interest and taxes  |   | 354                |   |   | 1,206                  |   |   | 7,282              |   |   | 5,076              |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Income taxes(recovery)                                      |   | (385               | ) |   | 105                    |   |   | 944                |   |   | 747                |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Net income before non
      controlling interest            |   | 739                |   |   | 1,101                  |   |   | 6,338              |   |   | 4,329              |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Non controlling interest                                    |   | 859                |   |   | 329                    |   |   | 2,430              |   |   | 1,255              |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Net income (loss) for the
      period                      | $ | (120               | ) | $ | 772                    |   | $ | 3,908              |   | $ | 3,074              |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Basic earnings (loss) per
      share                       | $ | (0.00              | ) | $ | 0.01                   |   | $ | 0.05               |   | $ | 0.05               |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Diluted earnings (loss) per
      share                     | $ | (0.00              | ) | $ | 0.01                   |   | $ | 0.05               |   | $ | 0.05               |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Weighed average number of
      shares outstanding          |   | 73,197,703         |   |   | 60,048,714             |   |   | 72,976,235         |   |   | 60,047,923         |  
|                                                            |   |                    |   |   |                        |   |   |                    |   |   |                    |  
|Weighted average number of
      diluted shares outstanding |   | 73,197,703         |   |   | 60,267,964             |   |   | 73,542,289         |   |   | 60,267,173         |  

See accompanying notes to interim consolidated financial
statements.

5

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Revett Minerals Inc.Consolidated Statement of
Cash FlowThree and nine months ended September 30, 2007 and 2006(expressed in thousands of United States dollars except share
and per share amounts) (unaudited)

|                                                                 |   | Three month period |   |   | **Three month period** |    |   | Nine month period  |   |   | Nine month period  |  
|---------------------------------------------------------------- | - | ------------------ | - | - | ---------------------- | -- | - | ------------------ | - | - | ------------------ | -
|                                                                 |   | September 30, 2007 |   |   | **September 30, 2006** |    |   | September 30, 2007 |   |   | September 30, 2006 |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Cash flows from operating activities:                            |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Net income (loss) for the period                                 | $ | (120               | ) | $ | 772                    |    | $ | 3,908              |   | $ | 3,074              |  
|Adjustment to reconcile loss to net cash used
      by operating |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Activities                                                       |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Depreciation and amortization                                    |   | 280                |   |   | 320                    |    |   | 1,115              |   |   | 1,072              |  
|Accretion of reclamation and remediation liability               |   | 162                |   |   | 30                     |    |   | 485                |   |   | 97                 |  
|Foreign
      exchange gain                                      |   | (449               | ) |   | -                      |    |   | (1,415             | ) |   | -                  |  
|Stock based compensation                                         |   | 152                |   |   | (4                     | )  |   | 648                |   |   | 21                 |  
|Loss on disposal of fixed assets                                 |   | 7                  |   |   | -                      |    |   | 7                  |   |   | -                  |  
|Future income tax expense (recovery)                             |   | (385               | ) |   | 105                    |    |   | 944                |   |   | 747                |  
|Non controlling interest                                         |   | 859                |   |   | 329                    |    |   | 2,430              |   |   | 1,256              |  
|Accrued interest on reclamation bond                             |   | (87                | ) |   | (82                    | )  |   | (254               | ) |   | (241               | )
|Amortization of prepaid insurance premium                        |   | 14                 |   |   | 34                     |    |   | 107                |   |   | 112                |  
|Change in FV of forward contracts                                |   | (594               | ) |   | -                      |    |   | 1,051              |   |   | -                  |  
|Changes in:                                                      |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Accounts receivable                                              |   | 2,509              |   |   | 3,730                  |    |   | (963               | ) |   | (794               | )
|Inventory                                                        |   | (333               | ) |   | (1,077                 | )) |   | (584               | ) |   | (2,625             | )
|Prepaid expenses and other                                       |   | (1,030             | ) |   | 40                     |    |   | (1,206             | ) |   | (29                | )
|Accounts payable                                                 |   | (931               | ) |   | (201                   | )  |   | (1,517             | ) |   | 332                |  
|Net cash used by operating activities                            |   | 5 4                |   |   | 3,996                  |    |   | 4,756              |   |   | 3,022              |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Cash flows from investing activities:                            |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Proceeds (sale) of short term investments                        |   | 968                |   |   | 2,494                  |    |   | (976               | ) |   | 4,521              |  
|Other long term assets                                           |   | 25                 |   |   | 58                     |    |   | 502                |   |   | 128                |  
|Purchase of plant and equipment                                  |   | (429               | ) |   | (1,045                 | )  |   | (1,296             | ) |   | (1,214             | )
|Purchase of minority interest                                    |   | (1,003             | ) |   |                        |    |   | (1,003             | ) |   |                    |  
|Net cash provided (used) by investing activities                 |   | (439               | ) |   | 1,507                  |    |   | (2,773             | ) |   | 3,435              |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Cash flows from financing activities:                            |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Proceeds form the issuance of common stock, net                  |   | -                  |   |   | 4                      |    |   | 1,327              |   |   | 4                  |  
|Proceeds from long term debt                                     |   | -                  |   |   | 650                    |    |   | -                  |   |   | 650                |  
|Repayment of debt                                                |   | (402               | ) |   | (577                   | )  |   | (2,746             | ) |   | (1,648             | )
|Repayment of capital leases                                      |   | (321               | ) |   | (156                   | )  |   | (745               | ) |   | (373               | )
|Net cash from (used by) financing activities                     |   | (723               | ) |   | (79                    | )  |   | (2,164             | ) |   | (1,367             | )
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|**Effects
      of foreign exchange on cash held**               |   | 449                |   |   | -                      |    |   | 1,415              |   |   | -                  |  
|**In
      foreign currencies**                                  |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Net (decrease) increase in cash and cash equivalents             |   | (659               | ) |   | 5,424                  |    |   | 1,234              |   |   | 5,090              |  
|Cash and cash equivalents, beginning of period                   |   | 21,755             |   |   | 4,274                  |    |   | 19,862             |   |   | 4,608              |  
|Cash and cash equivalents, end of period                         | $ | 21,096             |   | $ | 9,698                  |    | $ | 21,096             |   | $ | 9,698              |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Supplementary cash flow information:                             |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Cash paid for interest expense                                   | $ | 519                |   | $ | 423                    |    | $ | 1,306              |   | $ | 1,168              |  
|Income taxes paid                                                | $ | 1,200              |   | $ | -                      |    | $ | 1,200              |   | $ | -                  |  
|                                                                 |   |                    |   |   |                        |    |   |                    |   |   |                    |  
|Non cash transactions:                                           | $ | -                  |   | $ | -                      |    | $ | 1,834              |   | $ | -                  |  
|Purchase of equipment through capital lease                      |   |                    |   |   |                        |    |   |                    |   |   |                    |  

See accompanying notes to interim consolidated financial
statements.

6

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Revett
  Minerals Inc. Consolidated Statement of Shareholders EquityNine months ended September 30, 2007 and 2006(expressed in thousands of United States dollars except share
  and per share amounts)

Common Shares
      
      
      ContributedShares
      
      
      Amount
      
      
      Surplus
      
      
      Deficit
      
      
      TotalBalance, December 31, 2005
      
      60,047,503
      
      $
      42,701
      
      $
      243
      
      $
      (2,940
      )
      $
      40,004Issued on the exercise of stock options
      
      
      
      
      
      
      
      
      
      
      
      
      
      -Issued on the exercise of share purchasewarrants
      
      -
      
      
      -
      
      
      
      
      
      
      
      
      -Stock-based compensation on optionsgranted
      
      
      
      
      
      
      
      -
      
      
      
      
      
      -Net income for the period
      
      
      
      
      
      
      
      
      
      
      3,074
      
      
      3,074Balance, September 30, 2006
      
      60,047,503
      
      $
      42,701
      
      $
      243
      
      $
      134
      
      $
      43,078Common Shares
      
      
      ContributedShares
      
      
      Amount
      
      
      Surplus
      
      
      Deficit
      
      
      TotalBalance, December 31, 2006
      
      71,904,088
      
      $
      53,989
      
      $
      816
      
      $
      (4,671
      )
      $
      50,134Issued on the exercise of stock options
      
      
      
      
      
      
      
      
      
      
      
      
      
      -Issued on the exercise of share purchaseWarrants
      
      1,293,615
      
      
      1,327
      
      
      
      
      
      
      
      
      1,327Stock-based compensation on optionsgranted
      
      
      
      
      
      
      
      648
      
      
      
      
      
      648Net income for the period
      
      
      
      
      
      
      
      
      
      
      3,908
      
      
      3,908Balance, September 30, 2007
      
      73,197,703
      
      $
      55,316
      
      $
      1,464
      
      $
      (763
      )
      $
      56,017


See accompanying notes to interim consolidated financial
statements.

7

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REVETT MINERALS INC.Notes to the Consolidated
Financial StatementsFor the Three Months and Nine Months ended
September 30, 2007(tabular amounts are expressed in thousands of
U.S. dollars, except share and per share amounts) (unaudited)

1.        Basis of
Presentation

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 only 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 September 30, 2007, and the results of its operations and its
cash flows for the three and nine month periods ended September 30, 2007. The
operating and financial results for Revett Minerals for the three and nine
months ended September 30, 2007 are not necessarily indicative of the results
that may be expected for the year ended December 31, 2007.

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, 2006. These financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and accordingly, these interim financial
statements do not include all the notes to the financial statements required in
audited financial statements and as such these statements should be read in
conjunction with the most recently completed audited financial statements and
notes of the Company for the year ended December 31, 2006. 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 12. All currency is reported in United States dollars unless
otherwise specified.

2.        Change in
Accounting Policy

On January 1, 2007, the Company adopted without restatement of
prior periods, the provisions of Sections 3855-Financial Instruments-Recognition
and Measurement, Section 3861-Financial Instruments Disclosure and Presentation,
Section 1530-Comprehensive Income and Section 3865-Hedges.

Section 3855 establishes standards for recognizing and
measuring financial assets, financial liabilities and derivatives. Under CICA
Section 3855, all financial assets must be classified as either
held-for-trading, available for sale, held to maturity investments or loans and
receivables. All financial liabilities must be classified as held-for-trading or
other financial liabilities. All financial instruments, including derivatives,
are included in the consolidated balance sheets and are measured at fair value,
except for held to maturity investments, loans and receivables and other
financial liabilities, which are measured at amortized cost. Subsequent
measurement and recognition of changes in fair value depend on the instruments
initial classification. Held-for-trading financial instruments and derivatives
are measured at fair value and all gains and losses are included in net income
in the period in which they arise unless hedge accounting criteria are met.
Available for sale financial instruments are measured at fair value and changes
in fair value are recorded in other comprehensive income until the assets are
removed from the balance sheet. Investments classified as available for sale are
written down to fair value through income whenever it is necessary to reflect
other than temporary impairment. Realized gains and losses on the disposal of
available for sale securities are recognized in other gains and losses. Also
transaction costs related to financial assets and liabilities are added to the
acquisition or issue cost, unless the financial instrument is classified
held-for-trading, in which case the transaction

8

---

REVETT MINERALS INC. Notes to the Consolidated Financial
Statements For the Three Months and Nine Months ended September 30, 2007
(tabular amounts are expressed in thousands of U.S. dollars, except share
and per share amounts) (unaudited)

costs are recognized immediately in net income. Section 3861
identifies and details information to be disclosed in financial statements.

As a result of adopting Section 3855, the Company has
classified its financial instruments as follows: cash and cash equivalents and
derivative instruments as held-for-trading, short term investments as
available-for-sale, restricted cash as loans and receivables, and accounts
payable, accrued liabilities, long term debt including the Royal Gold Production
Payment, as other financial liabilities. Long term debt is initially measured at
fair value and subsequently measured at amortized cost. The interest rate of the
Royal Gold Production Payment is determined using the effective interest method.

Concentrate receivables which have prices finalized in future
period are considered to be derivatives. The Company uses futures markets to
fair value these financial instruments. Changes in the amounts expected to be
received in such future periods are recognized at each reporting period and such
changes are recognized in income in the period. This method of accounting for
concentrate receivables is consistent with prior periods and is not a change due
to the adoption of Section 3855.

Section 1530 introduces new standards for the presentation and
disclosure of the components of comprehensive income. Comprehensive income is
defined as the change in net assets of an enterprise during a reporting period
from transactions and other events and circumstances from non-owner sources. The
Company had no transactions or other events that would be classified as
accumulated other comprehensive income as at January 1, 2007 or as other
comprehensive income during the nine month period ended September 30, 2007.

Section 3865 identifies when hedge accounting can be applied
and it specifies how hedge accounting is applied and disclosed. This standard
did not affect the Companys reporting because the Company does not qualify to
use hedge accounting for any of its financial instruments at this time.

3.        Inventory

The major components of the Companys inventory accounts
  at September 30, 2007 and December 31, 2006 are as follows:

Sept. 30, 2007
    
    
    Dec. 31, 2006(unaudited)Concentrate inventory
    $
    1,079
    
    $
    738Broken ore inventory
    
    62
    
    
    195Material and supplies
    
    3,448
    
    
    3,072$
    4,589
    
    $
    4,005


9

---

REVETT MINERALS INC. Notes to the Consolidated Financial
Statements For the Three Months and Nine Months ended September 30, 2007
(tabular amounts are expressed in thousands of U.S. dollars, except share
and per share amounts) (unaudited)

4.        Mineral
Property, Plant, Equipment and Mine Development

The major components of the Companys mineral property,
  plant, and equipment accounts at September 30, 2007, and December 31, 2006 are
  as follows:

Sept. 30, 2007
    
    
    Dec. 31, 2006(unaudited)TROY:Property acquisition
        and development costs
    $
    9,015
    
    $
    9,507Plant and equipment
    
    11,651
    
    
    8,933Buildings and structures
    
    997
    
    
    907ROCK CREEK:Property acquisition
        costs
    
    38,201
    
    
    38,201OTHER, corporate
    
    1,369
    
    
    1,062OTHER, mineral properties
    
    118
    
    
    11861,351
    
    
    58,728Accumulated depreciation &depletion:Troy Property
    
    (2,032
    )
    
    (1,542
    )Troy plant and equipment
    
    (1,595
    )
    
    (1,038
    )Troy buildings and
      structures
    
    (128
    )
    
    (73
    )Other corporate assets
    
    (67
    )
    
    (63
    )$
    57,529
    
    $
    56,012


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.

During the third quarter of 2007, Revett Silver Company, a subsidiary
  of the Company, acquired for cash and then cancelled 865,279 of its class B
  common shares which resulted in Revett Minerals ownership in Revett Silver increasing
  from 67% to 68%. As a result of this transaction by Revett Silver, Revett Minerals
  recorded an increase in the carrying value of the Troy property in the amount
  of $531,046, an increase in future income taxes of $128,682 and a corresponding
  reduction of $601,360 in non controlling interest.

5.         Restricted
Cash

On March 29, 2005, the Company purchased from a leading North
American insurance company an environmental risk transfer program (the ERTP).
The total cost of the ERTP was $8.4 million. Of this $8.4 million, $6.5 million
was deposited in an interest-bearing account with the insurer (the Commutation
Account). The Commutation Account principal plus interest earned on the
principal are reserved exclusively to pay the Companys reclamation and mine
closure liabilities at the Troy Mine. The remaining $1.9 million was comprised
of a premium paid to the insurer and Montana state taxes on the ERTP
transaction. This remaining amount is considered a non-current asset and is
amortized over the life of the mine on a units-of-production basis.

10

---

REVETT MINERALS INC. 
  Notes to the Consolidated Financial Statements 
  For the Three Months and Nine Months ended September 30, 2007 
  (tabular amounts are expressed in thousands of U.S. dollars, except share and
  per share amounts) 
  (unaudited)

6.        Long-term debt

At September 30, 2007 and December 31, 2006 the balance of the
  companys long term debt and capital lease obligations were as follows.

Sept. 30, 2007
    
    
    Dec. 31, 2006(unaudited)Royal Gold royalty
    $
    3,980
    
    $
    6,023Kennecott note
    
    6,000
    
    
    6,000Term loan
    
    -
    
    
    705Capital leases
    
    2,102
    
    
    1,01312,082
    
    
    13,741Current portion
    
    (9,875
    )
    
    (4,387
    )$
    2,207
    
    $
    9,354


Royal Gold Royalty

In October 2004, Revett Silver 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% of proven and probable reserves 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 between 100% and 115% of its
proven and probable reserves as at October 13, 2004 and then at the rate of 2%
thereafter. The tail royalty was accounted for as disposition of mineral
property and the production payment is accounted for as a loan. At September 30,
2007, royalty payments approximating a cumulative total of $5.5 million had been
made with an additional $0.6 million payable in October, 2007.

Kennecott Note Payable

The Kennecott note payable is for $5 million, and initially
accumulated interest at 9% compounded on a semi-annual basis and matured on
February 21, 2004. In 2002, an amendment to the Kennecott purchase agreement
changed the interest rate to 1% over the prime rate in effect on the last day of
the preceding quarter and extended the maturity date to February 21, 2008. The
note allows Kennecott the option to receive interest payments in cash or in
common stock provided the stock has traded on a public market for no less than
thirty days at the time the interest payment is due. In addition, Kennecott may
elect to receive the interest semi-annually or to defer such payments. Until
February 2005, Kennecott had elected to defer the interest payments due it, and
accordingly, such accrued interest amounts were classified as long-term. The
Kennecott note is secured by mortgages on the mining claims comprising the Troy
and Rock Creek properties, buildings and mill facilities. Revett Silver cannot
sell or further encumber these assets (other than in connection with production
financing) without Kennecotts express consent for so long as the obligation is
outstanding. Kennecott also has the right to approve any sale of all or
substantially all of the assets of Revett Silver, or a merger or consolidation
in which Revett Silver is not the surviving entity.

11

---

REVETT MINERALS INC. 
  Notes to the Consolidated Financial Statements 
  For the Three Months and Nine Months ended September 30, 2007 
  (tabular amounts are expressed in thousands of U.S. dollars, except share and
  per share amounts) 
  (unaudited)

7.        Share
Capital

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 September 30, 2007 the Company had 73,197,703
  shares of common stock outstanding. At September 30, 2007, Revett Silver had
  28,116,760 Class B common shares outstanding which are exchangeable into common
  shares of the Company, under certain conditions.

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 September 30, 2007, no preferred stock was
issued or outstanding.

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 September 30, 2007 Revett
Silver had a total of 3,115,000 stock options exercisable into Class B common
shares of Revett Silver at a weighed average price of $0.60 per share. Revett
Silver will not grant any further stock options pursuant to this plan.

There were no grants of stock options during the third quarter
of 2007 by Revett Minerals. During the first quarter of 2007, 1,090,000 stock
options were granted, of which 1,050,000 were granted at a price of (Cdn) $ 1.11
per share and 40,000 were granted at a price of (Cdn) $1.15 per share. At
September 30, 2007, Revett Minerals had a total of 3,525,000 stock options
outstanding.

The fair value of stock options granted was estimated using the
Black-Scholes option pricing model with the following assumptions: The exercise
price of the option at the date of the grant equals the fair value of the stock;

| | a) | Risk-free interest rate at the date of the grant- 4.5%
      per annum (2007) 4.57% per annum (2006);
| | -- | -----------------------------------------------------------------------------------------------------
| | b) | Life of the option- 4 years;                                                                         
| | c) | Volatility- 70%; and                                                                                 
| | d) | Dividends- nil.                                                                                      

For the three and nine month period ending September 30, 2007,
the Company recorded total non-cash compensation related to its equity
compensation plans of $151,907 and $648,797

12

---

REVETT MINERALS INC. Notes to the Consolidated Financial
Statements For the Three Months and Nine Months ended September 30, 2007
(tabular amounts are expressed in thousands of U.S. dollars, except share
and per share amounts) (unaudited)

respectively, compared to ($4,258) and $20,842 for the
comparable periods in 2006. The table below identifies the key attributes of the
stock options granted by the Company, the options vested and the comparable
intrinsic values as at September 30, 2007.

Options
    
    Options
    
    
    Exercise
    
    
    ExpiryGranted
    
    Vested
    
    
    Price (C$)
    
    
    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, 20111,575,000
    
    787,500
    
    
    1.10
    
    
    October 4, 201125,000
    
    25,000
    
    
    1.45
    
    
    December 4, 20111,050,000
    
    350,000
    
    
    1.11
    
    
    January 12, 201240,000
    
    20,000
    
    
    1.15
    
    
    March 5, 20123,525,000
    
    2,017,500


In aggregate, the weighted average exercise price of stock
options granted is $1.03 per share and the weighted average exercise price of
stock options vested is $0.97 per share. The fair value price, using
Black-Scholes, for the stock options granted in 2007 was (Cdn) $0.62 per share
or $675,800 in total. In 2006 it was (Cdn) $0.62 per share or $1,029,200.

Stock Purchase Warrants

In November 2006, Revett Minerals granted the subscribers to
the 2006 private placement 2,875,000 share purchase warrants exercisable into an
equal number of common shares at an exercise price of (Cdn) $ 1.36 per share
which expire no later than May 22, 2009. The Company may accelerate the expiry
date of the warrants in the event the Companys share price closes above (Cdn)
$2.00 per share for fifteen consecutive trading days. In addition, the agent for
this private placement has an option to acquire 268,000 units until May 22, 2009
with terms and conditions essentially the same as those granted to the
subscribers of the private placement, except the agents unit price is (Cdn)
$1.25 per unit. If the agent were to exercise this option, the agent would also
receive, in addition to the common shares, options for an additional 67,000
common shares of the Company. At September 30, 2007, none of the warrants nor
had the agent option been exercised.

All of the warrants of Revett Silver are exercisable into Class
B common stock of Revett Silver, which in turn are exchangeable into common
stock of Revett Minerals, under certain conditions. In conjunction with the
private placement completed in the first quarter of 2004, Revett Silver issued
compensation warrants to the underwriter exercisable into 520,667 Class B common
shares of Revett Silver at $0.75 per share until March 18, 2006. These warrants
expired unexercised. Also as part of this private placement Revett Silver issued
stock purchase warrants exercisable into 3,054,659 Class B common shares of
Revett Silver at $1.00 per share of which 3,333 have been exercised. These
warrants expire 18 months after Revett Silver becomes listed on a public stock
exchange. In 2003, the Revett Silver issued 620,000 stock purchase warrants in
connection with a series of private placements of common stock of Revett Silver.
These warrants expire on September 17, 2008 and have an exercise price of $0.25
per common share. The following warrants were outstanding at September 30, 2007:

13

---

REVETT MINERALS INC. Notes to the Consolidated Financial
Statements For the Three Months and Nine Months ended September 30, 2007
(tabular amounts are expressed in thousands of U.S. dollars, except share
and per share amounts) 
  (unaudited)

WARRANT
    SUMMARY
    TABLENumber
    Exercise price
    ExpiryRevett Minerals
    2,875,000
    C $ 1.36
    May 22, 2009Revett Silver
    3,051,326
    US$ 1.00
    To be determinedRevett Silver
    620,000
    US$ 0.25
    September 2008


8.        Related Party
Transactions

There were no related party transactions during the first nine
months of 2007 and no related party transactions in 2006.

9.        Commitments and
Contingencies

a) Environmental

The Company's mining properties are subject to various federal
and state laws and regulations governing the protection of the environment.
These laws and regulations are continually changing and are generally becoming
more restrictive. The Company conducts its operations so as to protect the
public health and environment and believes its operations are in compliance with
all material applicable laws and regulations.

In accordance with the operating permit granted the Troy Mine,
the Montana DEQ is periodically required to review the ultimate bonding
requirements for the Troy Mine. The bonding requirements at Troy total $12.3
million and they are expected to increase by $0.3 million per year to 2009. The
following table shows the changes in the reclamation liability for the nine
month period ended September 30, 2007.

Sept. 30, 2007
    
    
      Dec. 31, 2006(unaudited)
    
    
      (audited)Reclamation and remediation liabilitybeginning of period
    $
      7,603
    
    $
      8,951Change in present value of liability dueto increase in mine life
    
      (1,022
    )
    
      (1,944
    )Accretion expense, year to date
    
      485
    
    
      596Ending balance
    $
      7,066
    
    $
      7,603


b) Legal Proceedings

(1) Rock Creek Alliance, Clark Fork Coalition, Cabinet
Resource Group, Montana Wilderness Association, Earthworks, and Alliance for the
Wild Rockies, Plaintiffs, v. United States Forest Service, U.S. Department of
Agriculture, Abigail R. Kimbell, in her official capacity as Regional Forester
for the Northern Region, Bob Castaneda, in his official capacity as Forest
Supervisor of the Kootenai National Forest, and Mike Johanns, in his official
capacity as Secretary of the U.S. Department of Agriculture, Defendants.

This action was filed on June 20, 2005 and is seeking
injunctive and declaratory relief against the defendants. It claims that the
defendants unlawfully approved the Record of Decision (ROD),

14

---

REVETT MINERALS INC. 
  Notes to the Consolidated Financial Statements 
  For the Three Months and Nine Months ended September 30, 2007 
  (tabular amounts are expressed in thousands of U.S. dollars, except share and
  per share amounts) 
  (unaudited)

Plan of Operations (POO), and Final Environmental Impact
Statement (FEIS) for the Rock Creek Project. The suit alleges violations of the
Endangered Species Act, National Environmental Policy Act, 1872 Mining Law,
Federal Land Policy Management Act, Wilderness Act, National Forest Management
Act, the Clean Water Act, Forest Service Organic Administration Act of 1897,
the Administrative Procedure Act and the implementing regulations of
these laws.

The Company petitioned the Court for intervention and the
intervention was ordered by the Court on October 12, 2005.

This action was stayed pending the issuance of a revised
Biological Opinion by the USFWS following the remanding of the 2003 Biological
Opinion to the USFWS which is now concluded. The revised Biological Opinion
concluded that development of Rock Creek was not likely to jeopardize the
continued existence of endangered or threatened species. Following the issuance
of the revised Biological Opinion, the United States Forest Service undertook a
review of the Rock Creek Plan of Operation to see if changes were required to
this document due to changed circumstances, new information or the revised
Biological Opinion. This review is on-going. The lawsuit continues to be stayed
pending the review by the United States Forest Service and its determination
with respect to the Plan of Operations. Due to the very early stage of this
action, management is unable to estimate with certainty the ultimate outcome of
this matter.

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

On January 8, 2007, the plaintiffs sued seeking a declaratory
judgment against the defendants alleging violations of the regulations, statutes
and constitution of the State of Montana; a declaration that the Troy Mine
reclamation permit and reclamation plan are void and invalid; and in the
alternative, the writs and mandamus requiring the Montana Department of
Environmental Quality (DEQ) to enforce the provisions of the Metal Mine
Reclamation Act (MMRA). Specifically the plaintiffs are alleging that the
Troy Mine is operating in violation of the MMRA because its operating permit is
invalid due to deficiencies in its reclamation plan, and therefore, its
operating permit should be suspended or revoked and continued operation of the
mine enjoined. The plaintiffs claim for mandamus is alleging the DEQ has a duty
to forfeit the Troy bond, issue a violation letter and serve a notice of
violation pursuant to the MMRA. The plaintiffs also claim that the DEQ has
failed to maintain a clean and healthy environment as required by the Montana
Constitution by allowing the Troy Mine to operate without a valid reclamation
plan.

Due to the preliminary nature of this action, the Company has
not yet filed a response to the plaintiffs allegations. However, the Company
believes that this action is without merit and intends to vigorously defend this
matter.

(3) Frank D. Duval and Janice E. Duval v Revett Silver
Company.

This action was brought in August 2007 to compel Revett Silver
to redeem for cash, or shares of Revett Minerals, or a combination of the two,
500,000 class B common shares of Revett Silver stock that the Duvals tendered
for redemption in March 2007. Frank D. Duval is a co-founder of Revett Silver
and previously served as a director and executive officer of the Company. Janice
E. Duval is his spouse and previously served as an executive officer of the
Company. The Company believes that the Duvals have incorrectly interpreted the
plan of reorganization unanimously

15

---

REVETT MINERALS INC. 
  Notes to the Consolidated Financial Statements 
  For the Three Months and Nine Months ended September 30, 2007 
  (tabular amounts are expressed in thousands of U.S. dollars, except share and
  per share amounts) 
  (unaudited)

approved, in February 2005, by the shareholders of Revett
Silver. This plan governs the procedures and conditions for the redemption of
the class B common stock of Revett Silver. The Company is vigorously defending
itself against this claim. We believe that the ultimate outcome of this matter
will not have a material effect on the results of our operations or financial
position.

(4) Possible Legal Proceedings

Revett Silver Company, a subsidiary of Revett Minerals Inc.,
has learned that ASARCO LLC has filed a complaint in a Texas court 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. ASARCO did
not file for protection from its creditors until August 2005, after it had
reported earnings in both 2004 and 2005. The Company has learned that ASARCO LLC
has filed over 100 similar complaints attempting to overturn a number of
transactions it entered into prior to it filing for relief from its creditors in
2005. 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.

c) Kennecott Purchase Agreement Amendment

During 2002, Kennecott and Revett Silver agreed in principle to
amend the February 21, 2000 Asset Purchase and Sale Agreement. 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. Kennecott may exercise this right 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. The amendment requires
Kennecott to surrender the 2,250,000 shares of the Companys common stock or the
common stock of Revett Silver previously issued in exchange 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.

d) Royal Gold Private Placement

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 or the common shares of the Company into a perpetual,
non-participating 1% net smelter return royalty from production from the Rock
Creek Project. This conversion must be made within a specified period of time
after the Company makes a decision to develop the Rock Creek Project. This
agreement also gives Royal Gold the right to assume certain obligations with
respect to the Kennecott note payable if Revett Silver is in default of that
note. If Royal Gold assumes the Kennecott note, Royal Gold will have the right
to convert the note and interest owing into a 3% net smelter return royalty or
into common shares of the Company.

16

---

REVETT MINERALS INC. Notes to the Consolidated Financial
Statements For the Three Months and Nine Months ended September 30, 2007
(tabular amounts are expressed in thousands of U.S. dollars, except share
and per share amounts) (unaudited)

10.      Hedging Arrangements and
Other Financial Derivatives

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 September 30, 2007, the Company had 3.6 million pounds
  of copper and 593,194 ounces of silver with prices not yet fixed. Accordingly,
  the estimates presented herein are not necessarily indicative of the amounts
  the Company will realize in such future periods. This fair value adjustment
  was an increase in net income of $0.9 million.

At September 30, 2007, the Company had sold forward 825,000 pounds
  of copper at $2.63 per pound and 1.2 million pounds of copper at $3.20 per pound.
  All these forwarded sales contracts will settle before December 31, 2007. The
  fair value adjustment for the forward sales was a loss of $1.4 million, which
  is reflected as a reduction in sales revenue and a corresponding increase in
  accrued liabilities. The estimates presented herein are not necessarily indicative
  of the amounts the Company will realize in such future periods.

11.      Subsequent Events

In October 2007, Revett Silvers board of directors approved
the exchange of 1,097,999 class B common shares for common share of Revett
Minerals on a one for one basis. After this exchange was completed in early
October, 2007, Revett Minerals had 74,295,702 common shares outstanding and
Revett Silver had 27,018, 761 class B common shares outstanding.

12.      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:

Sept. 30,
    
    
    Dec. 31,2007
    
    
    2006Liabilities, under Canadian GAAP
    $
    44,312
    
    $
    44,069Shares redeemable at option of
      holder (a)
    
    1,076
    
    
    1,076Liabilities, under US GAAP
    $
    45,388
    
    $
    45,145Shareholders equity, under Canadian GAAP
    $
    56,017
    
    $
    50,134Shares
      redeemable at option of holder (a)
    
    (1,076
    )
    
    (1,076
    )Shareholders equity, under US GAAP
    $
    54,941
    
    $
    49,058


17

---

REVETT MINERALS INC. 
  Notes to the Consolidated Financial Statements 
  For the Three Months and Nine Months ended September 30, 2007 
  (tabular amounts are expressed in thousands of U.S. dollars, except share and
  per share amounts) 
  (unaudited)

12.      Reconciliation to United
States Generally Accepted Accounting Principles (continued):

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:

The Company has issued 1,487,084 common shares and together
with the remaining Revett Silver Class B shares which are redeemable, at the
option of the holder, into a net smelter return royalty as described in note 10.
Under Canadian GAAP, the equity portion of these 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.

(b)      Investments:

Under Financial Accounting Standards No 115, Accounting for
Certain Investments in Debt and Equity Securities(FAS 115), the Companys
short-term investments are classified as available-for-sale securities and
carried at fair value. Unrealized holding gains and losses on available-for-sale
securities are excluded from earnings under US GAAP and reported in a separate
component of shareholders equity net of the related tax effects until realized.
The cost of securities sold or reclassified out of accumulated other
comprehensive income into earning is determined on a specific identification
basis. As a result of the adoption of CICA Section 3855 described in note 2,
Canadian GAAP and US GAAP are the same as at January 1, 2007 and for the three
and nine months ended September 30, 2007. The Company has determined that this
difference did not have a material impact on the amounts recognized for US GAAP
purposes for the year ended December 31, 2006 and for the three months and nine
months ended September 30, 2007.

(c)      Income taxes:

For Canadian GAAP purposes, changes in tax rates are recognized
in the year when the rates are substantially enacted. This is generally when the
changes are announced during periods of majority governments and when passed
third reading (approved by the House of Commons) in times of minority
governments. For US GAAP purposes, only enacted rates are permitted. For all
periods presented, all tax rates were considered enacted for Canadian and US
GAAP purposes.

(d)      Issue of units

Under Canadian GAAP, the proceeds received on issuance of
units, 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. In
November, 2006, the Company issued 11,500,000 units in a private placement with
each unit consisting of one common share and one-quarter common share purchase
warrant. The fair value of share purchase warrants was

18

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REVETT MINERALS INC. Notes to the Consolidated Financial
Statements For the Three Months and Nine Months ended September 30, 2007
(tabular amounts are expressed in thousands of U.S. dollars, except share
and per share amounts) (unaudited)

12.      Reconciliation to United
States Generally Accepted Accounting Principles (continued):

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 September 30,
2007 and December 31, 2006 would be reduced and contributed surplus as at these
dates would be increased by $1.0 million to reflect the relative fair values of
the shares and warrants.

(e)      Other additional disclosures:

The following additional information would be disclosed if
these consolidated financial statements were presented in accordance with US
GAAP:

(i) Stock option
plan and compensation expense:

The weighed average intrinsic value of the options exercised
during the three and nine months ended September 30, 2007 was nil (2006 was
nil). At September 30, 2007, the weighted average intrinsic value of options
outstanding and exercisable was $132,000 and $132,000 respectively (2006 -
$470,650 and $352,850, respectively).

At September 30, 2007, the total unrecognized compensation cost
related to unvested stock options is $228,111. This cost is expected to be
recognized over the next average period of 15 months.

At September 30, 2007, Revett Silver Company, a subsidiary of
the Company had 3,325,000 stock options outstanding. There were no grants or
exercise of any of the Revett Silver options in either 2007 or 2006. The
weighted averaged exercise price of Revett Silver options granted and
exercisable is (Cdn) $0.60 per share. All options granted have vested. As at
September 30, 2007, the estimated intrinsic value of the options granted and
vested was (Cdn) $1,058,250 compared to (Cdn) $2,251,900 at September 30, 2006.

During the three and nine months ended September 30, 2007, nil
(2006-20,000) and 589,997 (2006- 240,000), respectfully, options vested having a
fair market value of nil and (Cdn) $312,698 (2006-(Cdn) $93,600).

(ii)    
  Accounts payable and accrued liabilities:

| |                                             |   | Sept. 30, |  |   | Dec. 31, | 
| | ------------------------------------------- | - | --------- |  | - | -------- | 
| |                                             |   | 2007      |  |   | 2006     | 
| |                                             |   |           |  |   |          | 
| | Accounts payable                            | $ | 1,470     |  | $ | 1,179    | 
| | Accrued liabilities                         |   |           |  |   |          | 
| | Payroll                                     |   | 800       |  |   | 807      | 
| | Property and mining taxes                   |   | 1,338     |  |   | 1,081    | 
| | Fair Value of
      forward sales contracts |   | 1,051     |  |   | -        | 
| | Other                                       |   | 1,071     |  |   | 2,781    | 
| |                                             | $ | 5,730     |  | $ | 5,848    | 

19

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REVETT MINERALS INC. 
  Notes to the Consolidated Financial Statements 
  For the Three Months and Nine Months ended September 30, 2007 
  (tabular amounts are expressed in thousands of U.S. dollars, except share and
  per share amounts) 
  (unaudited)

(iii) Operating lease costs:

Total operating lease costs recognized for the three month and
nine month periods ended September 30, 2007 was a refund of $100,941 and a cost
of $19,924, respectively compared to $235,817 and $571,208 for the comparable
periods in 2006.

(f)      Impact of recent United
States accounting pronouncements:

(i)        On July 13, 2006, Financial
Accounting Standards board (FASB) Interpretation No. 48 (FIN 48),
Accounting for Uncertainty in Income Taxes- An Interpretation of FASB
109, was issued. FIN 48 clarifies the accounting for uncertainty in income
taxes recognized in a companys financial statements in accordance with SFAS
109. FIN 48 also prescribes a recognition threshold and measurement attribute
for the financial statement recognition and measurement of tax positions taken
or expected to be taken in a tax return. FIN 48 also provides guidance on
de-recognition, classification, interest and penalties, accounting in interim
periods, disclosure and transition. The provisions of FIN 48 are effective for
the fiscal year beginning January 1, 2007. The affect of adopting FIN 48 did not
have a material effect on the financial statements of the Company.

(ii)       In September 2006, the FASB issued
Statement No. 157, Fair Value Measurements. Statement No. 157 provides
guidance for using fair value to measure assets and liabilities. Statement No.
157 applies whenever other accounting standards require (or permit) assets and
liabilities to be measured at fair value but it does not expand the use of fair
value in any new circumstances. Under Statement No. 157, fair value refers to
the price that would be received to sell an asset or paid to transfer a
liability between market participants in a market in which the reporting entity
transacts. In this standard, the FASB clarifies the principle that fair value
should be based on the assumptions market participants would use when pricing an
asset or liability. The provisions of Statement No. 157 are effective for our
fiscal year beginning January 1, 2008. The Company is evaluating the impact, if
any, the adoption of Statement No. 157 could have on our financial statements.

(iii)Also in September 2006, the Securities
and Exchange Commission (SEC) issued staff accounting bulletin No. 108 (SAB
108), Financial Statements- Considering the Effects of Prior Year
Misstatements in Current Year Financial Statement.SAB 108 was issued in
order to eliminate the diversity in practices surrounding how public companies
quantify and evaluate the materiality of financial statement misstatements. SAB
108 provides that once a current year misstatement has been quantified, the
guidance in Staff Accounting Bulletin No.99, Financial
Statements-Materiality, should be applied to determine whether the
misstatement is material and should result in an adjustment to the financial
statements. SAB 108 was effective for the financial statements commencing on
January 1, 2007 and had no material impact on the financial statements of the
Company.

(iv) In February 2007, the FASB issued
Statement No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities.This statement allows entities to choose to measure many
financial instruments and certain other items at fair value. Statement No. 159
is effective for our financial statements beginning after December 31, 2007. The
Company is evaluating the impact, if any, the adoption of Statement No. 159
could have on our financial statements.

20

---

REVETT MINERALS INC. 
  Notes to the Consolidated Financial Statements 
  For the Three Months and Nine Months ended September 30, 2007 
  (tabular amounts are expressed in thousands of U.S. dollars, except share and
  per share amounts) 
  (unaudited)

12.      Reconciliation to United
States Generally Accepted Accounting Principles (continued):

(v)        Pursuant to an interpretation
by the SEC of Financial Accounting Standards Board (FASB) Statement No. 133
Accounting for Derivative Instruments and Hedging Activities, shares
purchase warrants, such as Revett Minerals warrants disclosed in note 7,
denominated in a currency that is not the functional currency of the Company are
accounted for as a liability, with the change in fair value recorded through the
statement of operations. A gain (loss) would be recorded when the fair value of
the share purchase warrants decreases (increases). The guidance in this
interpretation would be effective for all instruments issued after approval by
the FASB. For instruments issued prior to approval, the interpretation is
effective for the first full fiscal year following approval and could result in
a cumulative adjustment for US GAAP purposes. The Company cannot quantify the
cumulative effect of this interpretation until the SEC issues its final
interpretation, including transitional provisions.

21

---

Item #2: Managements Discussion and Analysis of Financial
Condition and Results of Operations as at November 7, 2007

This Managements Discussion and Analysis (MD&A) of the
financial results of Revett Minerals Inc. (Revett Minerals or the Company)
for the three and nine month periods ended September 30, 2007 should be read in
conjunction with the unaudited interim financial statements and notes as at
September 30, 2007 which form part of this report. In addition, this MD&A
and related financial statements should be read in conjunction with the 2006
audited consolidated financial statements dated at March 2, 2007, the related
Managements Discussion and Analysis, and the Form 10 on file with the
Securities and Exchange Commission (SEC). These financial statements are
expressed in United States dollars, unless otherwise stated, and they are
prepared in accordance with Canadian accepted accounting principles. Material
differences between Canadian and US GAAP are disclosed in note 12 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 September 30, 2007

As at October 1, 2007, the Companys principal assets consist
of a 69% interest in the Troy copper and silver mine (Troy) in northwest
Montana, USA and also a 69% interest in the undeveloped Rock Creek copper and
silver development project (Rock Creek) also located in northwest Montana.
Troy was placed back into commercial production by the Company in January, 2005.

Third quarter results were adversely affected by the rock fall
and related mine fatality which occurred in the East Ore Body in July. This
incident resulted in a cession of mining operations for a twelve day period,
following which certain areas of the mine were off limits for mining for the
entire third quarter. The majority of the areas which were closed for mining
have now been reopened.

The key operational and financial performance results for
the quarter ended and nine months ended September 30, 2007, include:

- The Troy Mine (100% basis) reported net income before taxes of $13.0
  million for the nine months ended September 30, 2007 and $1.8 million
  for the third quarter;
- The Troy Mine (100% basis) generated $6.8 million cash during the nine
  months ended September 30, 2007 and $2.4 million cash during the third
  quarter of 2007;
- Revett Minerals reported consolidated net income after taxes and non
  controlling interests of $3.9 million or $0.05 per share for the nine
  months ended September 30, 2007 and a net loss of $0.1 million or
  $(0.00) per share for the three months ended September 30, 2007;
- Because of the rock fall and related fatality which resulted in a
  twelve day cessation of mining activities payable metals sales in the
  third quarter declined to 1.7 million pounds of copper and 181,322
  ounces of silver compared to 3.6 million pounds of copper and 376,329
  ounces of silver during the second quarter of 2007; and
- Year to date metal sales are 8.1 million pounds of payable copper and
  844,873 ounces of payable silver compared to total metal sales of 6.5
  million pounds of copper and 817,250 ounces of silver for the full
  twelve months of 2006.

22

---

Overall Performance

On a stand alone basis, Troy (100% basis) reported net income
before taxes for the three month period ended September 30, 2007 of
approximately $1.8 million. Net income before taxes at Troy totaled $13.0
million for the nine months ending September 30, 2007 million compared to net
income before taxes of $3.2 and $8.7 million for the three and nine months ended
September 30, 2006, respectively. Only 68% of these earnings are attributable to
the shareholders of Revett Minerals during the third quarter because of the non
controlling shareholdings in Revett Silver. This ownership interest increased
from 68% in July, 2007 to 69% in October, 2007.

For the three month period ended September 30, 2007, Revett
Minerals reported a net loss after taxes and non-controlling interest of $0.1
million or $(0.00) per share compared to net income after taxes and
non-controlling interest of $0.8 million or $0.01 per share for the three months
ended September 30, 2006. Net income after taxes and non-controlling interest
for the second quarter of 2007 was $3.7 million or $0.05 per share.

For the nine month period ended September 30, 2007, Revett
Minerals reported net earnings after taxes and non-controlling interest of $3.9
million or $0.05 per share compared to net income after taxes and
non-controlling interest of $3.1 million or $0.05 per share during the first
nine months of 2006.

Results of Operations for the Three Months Ended September
30, 2007 Compared to the Same Period in 2006.

Operating Results:

The table below illustrates certain key operating statistics
for Troy (100% basis) for the three months ended September 30, 2007, with a
comparison to the same three month period in 2006.

|                      | Three Months Ended Sept. 30,
      2007 | Three Months Ended Sept. 30,
      2006
|--------------------- | --------------------------------------- | ---------------------------------------
|Tons milled           | 208,186                                 | 227,093                                
|Tons milled per day   | 2,263                                   | 2,468                                  
|Copper grade (%)      | 0.49                                    | 0.50                                   
|Silver grade (opt)    | 1.06                                    | 1.19                                   
|Copper recovery (%)   | 86.1                                    | 85.0                                   
|Silver recovery (%)   | 88.6                                    | 88.0                                   
|Copper produced (lbs) | 1,753,207                               | 1,929,940                              
|Silver produced (ozs) | 195,599                                 | 238,538                                

Production during the third quarter was adversely affected by
  the rock fall and associated fatality that occurred in the East Ore Body on
  July 30. Because of this incident, the Mines Safety and Health Administration
  (MSHA) ordered that the mining operations remain suspended until
  August 12, 2007 when operations resumed in certain areas of the mine. While
  tons milled per day is reported at 2,263 tons, this measure assumes that the
  mine operated for the full 92 days in the quarter. If we adjust this measure
  by the twelve days that the mine was closed, then tons milled per day was 2,602
  tons, which was better than milled throughput for the comparable quarter in
  2006. Additionally, areas in the East Ore Body nearby the area of the rock fall
  were ordered off limits until the third week in October when mining operations
  were allowed to resume in most affected areas. Prior to the rock fall, the majority
  of ore was being sourced from the East Ore Body in or close to the area that
  the rock fall occurred in. Thus the mine was forced to switch from the East
  Ore Body to other areas in the mine which had lower grade ore and the mine did

23

---

not have a sufficient number of developed areas to maintain
production at levels experience just prior to the rock fall incident.

|                        | Q3.07   | Q2.07   | Q1.07   | Q4.06   | Q3.06   | Q2.06   | Q1.06  
|----------------------- | ------- | ------- | ------- | ------- | ------- | ------- | -------
|Tons milled             | 208,186 | 337,712 | 350,180 | 206,614 | 227,093 | 228,275 | 282,801
|Cost per ton milled ($) | 32.89   | 22.04   | 21.77   | 31.88   | 26.56   | 25.72   | 20.16  

Financial Results:

| | a) | Revenue:In the third quarter of 2007, revenues
      were $9.1 million, an increase of $0.7 million or 8.7% over the sales
      attained in the third quarter of 2006. The improved sales revenue was a
      function of continued strong metal prices and a marginal increase in the
      sale of copper concentrates. During the third quarter of 2007, copper
      prices averaged $3.50 per pound compared to $3.51 per pound in the third
      quarter of 2006. Silver prices averaged $12.43 per ounce in the third
      quarter compared to $11.70 per ounce for the third quarter of 2006. In
      terms of production, mill throughput during the third quarter of 2007
      averaged 2,263 tons per day compared to 2,468 tons per day for the same
      period in 2006. The year on year decline in throughput was a function of
      the limitations placed upon mining that arose because of the late July
      rock fall that occurred in the East Ore Body.                        
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | b) | Cost of Goods Sold:The cost of goods sold
      associated with the third quarter revenue was $7.0 million, an increase of
      $1.3 million (24%) over the same period in 2006. Costs increased because
      of higher labor expenditures (due to more people and higher wages),
      increased parts and supplies costs, and an increase in property and state
      mining taxes (the latter being a direct function of metal sales). On an
      operating cost basis the cost per ton milled (calculated as mining costs
      per ton milled plus milling costs per ton milled plus mine indirect costs
      per ton milled) rose to $32.69 per ton compared to $26.56 per ton in the
      third quarter of 2006. In the second quarter of 2007, operating costs per
      ton milled averaged $22.04 per ton. The increase in operating costs per
      ton milled was a function of the low mill throughput and keeping all
      employees on payroll while operations were temporarily halted.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | c) | Depreciation and amortization:For the third
      quarter of 2007, these non cash charges were $40,000 less than the
      comparable quarter of 2006. The majority of the plant and equipment at
      Troy is depreciated using the units-of-production method and the decrease
      in the mill throughput resulted in the decrease in the depreciation and
      depletion charge.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | d) | Exploration and development:This expense
      increased by $0.4 million during the third quarter of 2007 over the
      comparable period in 2006 because Troy is continuing with the exploration
      program that commenced in the first quarter of 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | e) | General and administration costs:The increase in
      corporate administration costs in the third quarter of 2007 over the
      comparable quarter in 2006 were a function of higher salaries, increased
      stock option expense and an increase in auditing and consultancy
      expenditures. The consultancy spending was associated with programs
      related to internal controls over financial reporting functions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | f) | Accretion of reclamation and remediation liability:The increase of $0.1 million in the third quarter of 2007 compared to
      the third quarter of 2006 was a result of the increase in the expected
      operating life of Troy. The estimate of the ultimate closure costs has not
      changed since 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

24

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| | g) | Income (loss) from operations:The temporary
      cession of operations in August and costs associated with restarting and
      ramping production back up to levels experienced in June and July
      contributed to a $1.4 million decrease in income from operations in the
      third quarter of 2007 compared to the same period in 2006.                                                                                                                                                                                                                                  
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | h) | Other Expenses:For the third quarter of 2007,
      other expenses were positive income of $0.4 million largely due to a $0.4
      million foreign exchange gain on cash investments held in Canadian
      dollars. Also, interest income has increased following the general trend
      of rising interest rates and greater cash balances available to invest
      compared to cash balances held during the third quarter of 2006. Other
      expenses were $0.1 million for the three months ended September 30, 2006,
      as interest expense exceeded interest income.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | i) | Income taxes:For the three month period ended
      September 30, 2007 the Company recorded a future tax recovery of $0.4
      million. The income tax expense for the comparable three month period in
      2006 was $0.1 million.                                                                                                                                                                                                                                                                                                                                              
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | j) | Non-controlling interest:The non-controlling
      interest charge of $0.9 million represents the after tax share of Revett
      Silvers earnings attributable to the Class B shareholders of Revett
      Silver.                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | k) | Net earnings:Because of the temporary cessation
      of operations in August and the restricted mining operations in August and
      September, the Company recorded a net loss of $0.1 million for the third
      quarter of 2007 compared to a profit of $0.8 million in the third quarter
      of 2006.                                                                                                                                                                                                                                                                     

Results of Operations for the Nine Months Ended September
30, 2007 Compared to the Same Period in 2006.

Operating Results:

The table below illustrates certain key operating statistics
for Troy (100% basis) for the nine months ended September 30, 2007, with a
comparison to the same nine month period in 2006.

|                      | Nine Months Ended Sept.30, 2007 | Nine Months Ended Sept. 30, 2006
|--------------------- | ------------------------------- | --------------------------------
|Tons milled           | 896,078                         | 738,169                         
|Tons milled per day   | 3,282                           | 2,703                           
|Copper grade (%)      | 0.55                            | 0.47                            
|Silver grade (opt)    | 1.16                            | 1.16                            
|Copper recovery (%)   | 86.9                            | 83.6                            
|Silver recovery (%)   | 88.7                            | 87.0                            
|Copper produced (lbs) | 8,546,489                       | 5,858,660                       
|Silver produced (ozs) | 927,065                         | 741,626                         

Financial Results:

| | l) | Revenue:For the first nine months of 2007,
      revenues were $35.8 million, an increase of $8.5 million or 31% over the
      sales attained during the first nine months of 2006. The improved sales
      revenue was a function of continued strong metal prices and a significant
      increase in the sale of copper concentrates. For the year to date in 2007,
      copper prices averaged $3.22 per pound compared to $3.01 per pound in the
      comparable period of 2006. Silver prices averaged $13.10 per ounce
      compared to $11.22 per ounce for the first
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

25

---

| |    | nine months of 2006. In terms of production, mill
      throughput during the nine month period ending September 30, 2007 averaged
      3,282 tons per day compared to 2,703 tons per day for the same period in
      2006. The year on year increase in metal sales was an increase of 60% for
      copper and 29% for silver.                                                                                                                                                                                                                                                             
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | m) | Cost of Goods Sold:The cost of goods sold
      associated with the first nine months of 2007 revenue was $23.4 million,
      an increase of $5.4 million (30%) over the same period in 2006. This
      increase is partially due to a 21.4% increase in mill throughput. In
      addition to increased production levels resulting in a higher costs of
      consumables and supplies, there was a general price level increase in
      consumables and labor costs (due to more people and higher wages) coupled
      with an increase in severance taxes paid to the State of
Montana.
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | n) | Depreciation and amortization:For the nine month
      period ended September 30, 2007, these non cash charges were $43,000
      greater than the comparable quarter of 2006. The majority of the plant and
      equipment at Troy is depreciated using the units-of-production method and
      the increase in the mill throughput resulted in the increase in the
      depreciation and depletion charge.                                                                                                                                                                                
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | o) | Exploration and development:This expense
      increased by $0.8 million for the nine months ended September 30, 2007
      over the comparable period in 2006 because Troy is continuing with the
      exploration program that commenced in the first quarter of 2007.                                                                                                                                                                                                                                                                                                                      
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | p) | General and administration costs:The year over
      year increase for the nine months ended September 30, 2007 in corporate
      administration costs of $0.3 million was a function of higher salaries,
      increased stock option expense and an increase in auditing and consultancy
      expenditures. The consultancy spending was associated with programs
      related to internal controls over financial reporting functions.                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | q) | Accretion of reclamation and remediation liability:The increase of $0.4 million for the nine month period ended September
      30, 2007 compared to the same period in 2006 was a result of the increase
      in the expected operating life of Troy which increased the accretion
      expense (and decreased the depreciation expense in accordance with
      generally accepted accounting principles). The estimates of the ultimate
      closure costs at Troy have not changed since 2006.                                                                                          
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | r) | Income (loss) from operations:Income from
      operations of $5.9 million is $0.6 million greater than what was attained
      for the comparable period in 2006 due to the factors discussed
      previously.                                                                                                                                                                                                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | s) | Other Expenses:For the nine month period ended
      September 30, 2007 other expenses resulted in an income gain of $1.4
      million compared to an expense of $0.3 million for the comparable period
      in 2006. This improvement is attributable to increased interest income and
      a significant foreign exchange gain on cash and cash investments held in
      Canadian dollars.                                                                                                                                                                                               
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | t) | Income taxes:The year over year increase for the
      nine month period ended September 30, 2007 compared to the same period in
      2006 of $0.2 million in income taxes reflects the income tax liability
      expected on Troys higher earnings.                                                                                                                                                                                                                                                                                                                                        

26

---

| | u) | Non-controlling interest:The non-controlling
      interest charge of $2.4 for the nine month period of 2007 million
      represents the after tax share of Revett Silvers earnings attributable to
      the Class B shareholders of Revett Silver, and this charge increased
      because of the improved performance of Troy and a low tax rate applied to
      the earnings attributable to the non controlling interest in Revett
      Silver.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | v) | Net earnings:Because of the increase in metal
      sales from Troy and higher prices for silver and copper, the Companys net
      income increased to $3.9 million for the first nine months of 2007
      compared to $3.1 million for the first nine months of
  2006.                                                                                                                                                                             

Summarized Financial Results by Quarter

2007
    2007
    2007
    2006
    2006
    2006
    2006
    2005Q3
    Q2
    Q1
    Q4
    Q3
    Q2
    Q1
    Q4Cu Prodn (million lbs)
    1.8
    3.5
    3.3
    1.4
    1.9
    1.9
    2.0
    2.1Ag Prodn (000s ozs)
    196
    372
    359
    175
    239
    238
    265
    271Total Sales (000s $)
    9,136
    15,903
    10,716
    4,041
    8,406
    11,497
    7,438
    6,493Net Income (000s $)
    (120)
    3,727
    301
    (4,806)
    773
    2,276
    26
    (1,127)EPS- Basic ($)
    (0.00)
    0.05
    0.00
    (0.07)
    0.01
    0.04
    0.00
    (0.02)EPS- fully diluted ($)
    (0.00)
    0.05
    0.00
    (0.07)
    0.01
    0.04
    0.00
    (0.02)Cash and Cash Equivalents & s/t
      Investments ending (000s $)
    26,012
    27,639
    18,027
    19,862
    9,699
    4,276
    3,574
    4,609Total Assets, ending (000s $)
    100,329
    102,398
    94,225
    94,203
    87,289
    86,337
    82,618
    83,728Total liabilities, ending (000s $)
    33,959
    36,318
    33,111
    35,545
    34,097
    34,247
    33,665
    35,513Total Equity, ending (000s $)
    56,017
    55,984
    52,115
    50,134
    43,722
    42,949
    40,648
    40,004


Financing Activities

During the third quarter of 2007 the Company did not enter
entered into capital leases as capital expenditures were minimal. During the
second quarter, the Company entered into capital leases totaling approximately
$1.8 million to finance the purchase of equipment required to maintain
operations at Troy. The more significant equipment purchases were: a rock bolter
($606,000), a CAT haul truck ($789,000), a 962 loader ($123,000), a jumbo drill
($203,130) and miscellaneous mine vehicles. The only remaining significant
capital expenditure planned for 2007 is the payment of $2.3 million in November
to acquire additional mitigation lands for the Rock Creek project. As of the
date of this report, Revett Silver had entered into the following contractual
financial obligations (in thousands of USD):

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Contractual Debt Obligations
    Amount outstanding
      (longterm portion)
    Repayment schedule
    Current portion (at
      September 30, 2007)
    CommentsLong term note
    nil
    Interest only, due in
      February 2008
    $6,000
    Interest at prime plus
      1%Royalty obligation
    $1,202
    7% of gross metal value; maximum
      $10.5 million
    $2,778
    Amount varies with production and
      metal pricesCapital lease obligations
    $1,005
    Monthly
    $1,097
    Fixed paymentsTotals
    $2,207
    
    $9,875


Revett Silver Company, a subsidiary of the Company, has entered
into three different operating leases for a total of 63 rail cars at an average
cost of $458 per car per month. The leases have different terms with the first
lease for 39 cars expiring in January 2008, the second lease for 18 cars expires
in February 2010 and the final lease expires in May 2010.

Liquidity and Capital Resources

The Company continues to be in a good working capital position.
At the end of September 2007, there was $18.7 million of working capital
compared to $19.1 million at the end of December 31, 2006. This working capital
includes cash, cash equivalents, and short term investments of $26.0 million at
September 30, 2007 compared to $23.8 million at December 31, 2006. Also during
2007, the Kennecott loan was reclassified from long term debt to a current
liability because it is due to be repaid in February 2008. The Company also has
restricted cash of $7.3 million relating to its funding of the reclamation
obligations at Troy. Long term debt, excluding the current portion, totals $2.2
million. Of this amount $1.2 million is a production royalty payable only from
production from Troy. The long term portion of equipment leases is $1.0 million.
At the date of this report, the Company had paid a total of $6.1 million on the
Royal Gold 7% royalty obligation. This royalty is capped at total payments of
$10.5 million. Payments on the Royal Gold royalty are due on the 10th
working day after the end of each calendar quarter.

The Company believes that it may be able to commence the evaluation
  program at Rock Creek in the near future. Such activity will require the expenditure
  of a considerable sum of money over the next twelve to twenty-four months. The
  Company believes it has sufficient cash to fund the Rock Creek program as presently
  envisaged.

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 the 2,250,000 shares of Revett
Silvers common stock previously issued as part of

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the original Purchase and Sale Agreement in exchange 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. This agreement also gives Royal Gold the right to assume certain
obligations with respect to the Kennecott note payable if the Company is in
default of that note. If Royal Gold assumes the Kennecott note, Royal Gold will
have the right to convert the note and interest owing into a 3% net smelter
return royalty or into common shares of the Company.

Related Party Transactions

There were no related party transactions during the first nine
months of 2007.

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 for cash or exchange for common shares of Revett Minerals up to
$1.0 million worth of Class B common shares of Revett Silver per quarter. This
exchange is predicated upon the introduction of the regulations for Section 7874
of the United States Internal Revenue Code. In October of 2007, Revett Silver
and Revett Minerals exchanged 1,097,999 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 69%.

Principal Risks and Uncertainties

The Company is an emerging mining company with one producing
asset and one development property. The following is not an all inclusive
discussion of all risks and uncertainties and the reader should refer to the
annual information form dated April 2, 2007 for a more detailed discussion of
the risk factors and uncertainties that the Company may face. As with other
mining companies, the Companys operations are subject to numerous environmental
laws which may be subject to change, which change may be difficult or very
costly to comply with. The Company is also subject to risks and hazards
typically found with other mining and exploration activities.

Recently Issued Accounting Pronouncements

On July 13, 2006, Financial Accounting Standards board (FASB)
Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes-
An Interpretation of FASB 109, was issued. FIN 48 clarifies the accounting
for uncertainty in income taxes recognized in a companys financial statements
in accordance with SFAS 109. FIN 48 also prescribes a recognition threshold and
measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. FIN 48 also
provides guidance on de-recognition, classification, interest and penalties,
accounting in interim periods, disclosure and transition. The provisions of FIN
48 are effective for the fiscal year beginning January 1, 2007. The affect of
adopting FIN 48 did not have a material effect on the financial statements of
the Company.

In September 2006, the FASB issued Statement No. 157, Fair
Value Measurements. Statement No. 157 provides guidance for using fair value
to measure assets and liabilities. Statement No.

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157 applies whenever other accounting standards require (or
permit) assets and liabilities to be measured at fair value but it does not
expand the use of fair value in any new circumstances. Under Statement No. 157,
fair value refers to the price that would be received to sell an asset or paid
to transfer a liability between market participants in a market in which the
reporting entity transacts. In this standard, the FASB clarifies the principle
that fair value should be based on the assumptions market participants would use
when pricing an asset or liability. The provisions of statement No. 157 are
effective for our fiscal year beginning January 1, 2008. The Company is
evaluating the impact, if any, the adoption of Statement No. 157 could have on
our financial statements.

Also in September 2006, the Securities and Exchange Commission
(SEC) issued staff accounting bulletin No. 108 (SAB 108), Financial
Statements- Considering the Effects of Prior Year Misstatements in Current Year
Financial Statement.SAB 108 was issued in order to eliminate the diversity
in practices surrounding how public companies quantify and evaluate the
materiality of financial statement misstatements. SAB 108 provides that once a
current year misstatement has been quantified, the guidance in Staff Accounting
Bulletin No.99, Financial Statements-Materiality, should be applied to
determine whether the misstatement is material and should result in an
adjustment to the financial statements. SAB 108 was effective for the financial
statements commencing on January 1, 2007 and had no material impact on the
financial statements of the Company.

In February 2007, the FASB issued Statement No. 159, The
Fair Value Option for Financial Assets and Financial Liabilities.This
statement allows entities to choose to measure many financial instruments and
certain other items at fair value. Statement No. 159 is effective for our
financial statements beginning after December 31, 2007. The Company is
evaluating the impact, if any, the adoption of Statement No. 159 could have on
our 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 September 30, 2007, the Company had 3.6 million pounds
  of copper and 593,194 ounces of silver with prices not yet fixed. The fair value
  revenue adjustment was a gain of $0.9 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 September 30, 2007 the Company had the following copper hedge
  positions outstanding: (i) 275,000 pounds of copper in each month from October
  to December inclusive at $2.63 per pound; and (ii) 1.2 million pounds of copper
  at $3.20 per pound which will be settled in October and November of 2007. Also
  for the third quarter, the Company made payments of $0.7 million to settle hedges
  that finalized. The fair value adjustment for the outstanding hedge positions
  was a loss of $1.4 million which is recorded as a reduction in revenue and an
  increase in accrued liabilities.

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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 part financing to complete certain corporate development activities,
and the expectation that the Troy mine will be able to generate positive cash
flow in future periods. Factors that could cause actual results to differ
materially from these forward looking statements include, among others;

- changes in copper and silver prices;
- the operating performance of the Troy mine;
- geological conditions at the Troy mine;
- the need for copper concentrate by copper smelters and the costs
  associated with selling such concentrate to the smelters;
- the ability of the Company to complete exploration activities at the Rock
  Creek project;
- activities of certain environmental groups opposed to the Companys
  activities in the United States;
- changes in the planned Rock Creek project parameters;
- changes in estimates of the reserves and resources at all the properties
  owned or controlled by the Company;
- economic and market conditions;
- future financial needs and the Companys ability to secure such financing
  under reasonable terms and conditions;
- changes in federal or state legislation and regulations governing our
  operations and projects;
- risks of future unknown lawsuits respecting future planned activities on
  our projects or past activities by the Company
- future interpretations and complexity under FIN 46R and SAB 108 and
  related changes to accounting rules and the complexity in interpreting the
  guidance and interpretations of such rules.

as well as other factors described elsewhere in our Annual
Report, Form 10 and the various regulatory filings done with Canadian and
provincial regulatory bodies such as, but not limited to, our Annual Information
Form which is available from the Company or on SEDAR at www.sedar.com.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.

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Item #3: Quantitative and Qualitative Disclosures About
Market Risk

Our earnings and cash flow are significantly impacted by
changes in the market price of copper and silver. The prices of both metals can
fluctuate widely and are affected by numerous factors such as demand, production
levels, 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 seventeen years the average annual price of
copper has ranged from a low of $0.7065 per pound to a high of $3.053 per pound.
Average annual silver prices over this same period have ranged from a low of
$3.9477 per ounce to a high of $11.5452. Currently the prices for both metals
are at or near their highs for this time period. Should the price of copper or
silver decline substantially, the value of the Companys Troy mine and Rock
Creek project could fall dramatically and the future operation of Troy could be
at risk as could the future exploration and development activities at Rock
Creek.

The vast majority of the Companys cash and short term
investments are held in US dollars and the short term investments are held in
CDs or highly rated government and Company fixed income securities.
Approximately $7.0 million is held in Canadian dollars and is invested in CDs
with the Royal Bank of Canada.

During the nine months ended September 30, 2007, the company
reported sales revenue of $35 million dollars on sales of approximately 8.1
million pounds of copper and 844,900 ounces of silver. During this period copper
and silver prices averaged $3.22 per pound and $13.10 per ounce respectively. If
the price of copper or silver would have changed by $1.00 each, revenues would
have changed by approximately $9.4 million.

Item #4: Controls and Procedures

**a)
  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 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 office, its chief financial officer and other
  principal accounting officers, so such persons can make timely decisions regarding
  disclosure,

In 2006, 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, who concluded
  that such controls and procedures were not effective as of December 31, 2006.

**b) Internal Controls
  over Financial Reporting**

In 2007, the Company’s chief executive officer and
  chief financial officer also evaluated the overall design of the Company’s
  internal controls over financial reporting. They concluded that the Company’s
  internal controls over financial reporting were not effective as of December
  31,

32

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2006 because
  certain adjustments to the Company’s financial reports were required for
  the year then ended. Specifically, the Company’s chief executive officer
  and chief financial officer concluded that additional expertise was needed to
  assist the company in determining future income tax liabilities and assets in
  conjunction with its preparation of the current year income tax provision, interpreting
  new and emerging US GAAP pronouncements affecting certain complex financial
  reporting issues, and determining the correct accounting for unusual or non-recurring
  complex transactions.

**c)
  Changes in Internal Controls**

In order to remedy these weakness, the Company beginning
  in the second quarter of 2007, engaged an outside professional services firm
  to review its estimates of future income tax liabilities and assets, and to
  conduct a quarterly review of its estimates of its current income tax provision.
  The Company may engage this firm in the future to analyze the tax positions
  taken in its financial reporting. As at September 30, the Company had paid this
  firm a negligible amount of money in connection with this engagement. Also during
  the second quarter, the Company retained an independent professional accounting
  firm to review the Company’s treatment of unusual or complex transactions,
  assist the Company in interpreting new GAAP pronouncements, and conduct a detailed
  review of its internal controls over financial reporting. As of September 30,
  2007, this firm was paid less than $50,000 for all of the services provided..

Engaging these specialists has enabled the Company to supplement
  its existing controls over financially reporting. Based upon the recommendations
  made during this review the Company did make some changes to its internal controls
  over financial reporting that have materially affected, or are reasonably likely
  to materially affect the Company’s internal control over financial reporting.
  As of September 30, 2007 the Company has not yet determined if its internal
  controls over financial reporting are now effective. The Company continues to
  evaluate and test the effectiveness of its controls over financial reporting
  and expects to complete this work in 2008.

PART II: Other Information

Item #1: Legal proceedings

(1) Rock Creek Alliance, Clark Fork Coalition, Cabinet
Resource Group, Montana Wilderness Association, Earthworks, and Alliance for the
Wild Rockies, Plaintiffs, v. United States Forest Service, U.S. Department of
Agriculture, Abigail R. Kimbell, in her official capacity as Regional Forester
for the Northern Region, Bob Castaneda, in his official capacity as Forest
Supervisor of the Kootenai National Forest, and Mike Johanns, in his official
capacity as Secretary of the U.S. Department of Agriculture, Defendants.

This action was filed on June 20, 2005 and is seeking
injunctive and declaratory relief against the defendants. It claims that the
defendants unlawfully approved the Record of Decision (ROD), Plan of Operations
(POO), and Final Environmental Impact Statement (FEIS) for the Rock Creek
Project. The suit alleges violations of the Endangered Species Act, National
Environmental Policy Act, 1872 Mining Law, Federal Land Policy Management Act,
Wilderness Act, National Forest Management Act, the Clean Water Act, Forest
Service Organic Administration Act of 1897, the Administrative Procedure
Act and the implementing regulations of these laws.

The Company petitioned the Court for intervention and the
intervention was ordered by the Court on October 12, 2005.

This action was stayed pending the issuance of a revised
Biological Opinion by the USFWS following the remanding of the 2003 Biological
Opinion to the USFWS which is now concluded. The revised Biological Opinion
concluded that development of Rock Creek was not likely to jeopardize the
continued existence of endangered or threatened species. Following the issuance
of the revised Biological Opinion, the United States Forest Service undertook a
review of the Rock Creek Plan of Operation to see if changes were required to
this document due to changed circumstances, new information or the revised
Biological Opinion. This review is on-going. The lawsuit continues to be stayed
pending the review by the United States Forest Service and its determination
with respect to the Plan of Operations. Due to the very early stage of this
action, management is unable to estimate with certainty the ultimate outcome of
this matter.

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

On January 8, 2007, the plaintiffs sued seeking a declaratory
judgment against the defendants alleging violations of the regulations, statutes
and constitution of the State of Montana; a declaration that the Troy Mine
reclamation permit and reclamation plan are void and invalid; and in the
alternative, the writs and mandamus requiring the Montana Department of
Environmental Quality (DEQ) to enforce the provisions of the Metal Mine
Reclamation Act (MMRA). Specifically the plaintiffs are alleging that the
Troy Mine is operating in violation of the MMRA because its operating permit is
invalid due to deficiencies in its reclamation plan, and therefore, its
operating permit should be suspended or revoked and continued operation of the
mine enjoined. The plaintiffs claim for mandamus is alleging the DEQ has a duty
to forfeit the Troy bond, issue a violation letter and serve a notice of
violation pursuant to the MMRA. The plaintiffs

33

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also claim that the DEQ has failed to maintain a clean and
healthy environment as required by the Montana Constitution by allowing the Troy
Mine to operate without a valid reclamation plan.

Due to the preliminary nature of this action, the Company has
not yet filed a response to the plaintiffs allegations. However, the Company
believes that this action is without merit and intends to vigorously defend this
matter.

(3) Frank D. Duval and Janice E. Duval v Revett Silver
Company.

This action was brought in August 2007 to compel Revett Silver
to redeem for cash, or shares of Revett Minerals, or a combination of the two,
500,000 class B common shares of Revett Silver stock that the Duvals tendered
for redemption in March 2007. Frank D. Duval is a co-founder of Revett Silver
and previously served as a director and executive officer of the Company. Janice
E. Duval is his spouse and previously served as an executive officer of the
Company. The Company believes that the Duvals have incorrectly interpreted the
plan of reorganization unanimously approved, in February 2005, by the
shareholders of Revett Silver. This plan governs the procedures and conditions
for the redemption of the class B common stock of Revett Silver. The Company is
vigorously defending itself against this claim. We believe that the ultimate
outcome of this matter will not have a material effect on the results of our
operations or financial position.

(4) Possible Legal Proceedings

Revett Silver Company, a subsidiary of Revett Minerals Inc.,
has learned that ASARCO LLC has filed a complaint in a Texas court 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. ASARCO did
not file for protection from its creditors until August 2005, after it had
reported earnings in both 2004 and 2005. The Company has learned that ASARCO LLC
has filed over 100 similar complaints attempting to overturn a number of
transactions it entered into prior to it filing for relief from it creditors in
2005. 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.

Item #1(a): Risk Factors

Information regarding risk factors appears in Item #2
MD&A-Forward-Looking Statements and various risks faced by use are also
discussed elsewhere in Item 2 MD&A of this quarterly report. In addition,
risk factors are discussed in Item 1A. in our Form 10 filed with the SEC.

Item #2: Unregistered sales of equity Securities and Use of
Proceeds

Not Applicable

Item #3: Defaults Upon Senior Securities

Not Applicable

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Item #4: Submission To A Vote of Securities Holders

Not Applicable

Item #5: Other Information

Not Applicable

Item #6: Exhibits

(a) Exhibits:

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

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SIGNATURES

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

|                              | REVETT MINERALS INC                  
|----------------------------- | -------------------------------------
|                              |                                      
|                              |                                      
|Date: February
      22, 2008 | By:      
       /s/ William Orchow  
|                              | William Orchow                       
|                              | President and Chief Executive Officer
|                              |                                      
|                              |                                      
|Date: February
      22, 2008 | By:    
         /s/ Scott Brunsdon  
|                              | Scott Brunsdon                       
|                              | Chief Financial Officer              

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