Funds Managed by Libra Advisors, LLC Acquire Subscription Receipts of Revett
Minerals Inc. for Investment Purposes

TORONTO, Aug. 24 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") acquired 10,714,268 Units of Revett Minerals Inc. ("Revett") at a price of $0.28 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant ("Warrant"). Each warrant entitles the holder to purchase one common share in the capital of Revett at a price of $0.35 for a period of 36 months following the closing date.

As a result of the acquisition, the Funds now hold 10,714,268 common shares representing approximately 7.5% of the outstanding common shares of Revett, and 5,357,134 warrants of Revett that, if exercised, would result in the Funds holding approximately 10.8% of the outstanding common shares of Revett.

The Funds acquired the common shares and warrants for investment purposes and may, from time to time, acquire additional securities of Revett or dispose of such securities as they may deem appropriate.

Libra is the investment advisor to Libra Fund, L.P. and Libra Offshore Master Fund, L.P. with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.

For further information: Mr. Ranjan Tandon, Managing Member, at [phone]