THUNDER BAY – MINING – North American Palladium Ltd. (“NAP” or the “Company”) (TSX:PDL)(NYSE MKT:PAL) announces an update for selected operating results for the months of October and November and year to date from the ongoing successful ramp-up of its operations at its Lac des Iles (“LDI”) mine in Thunder Bay, Ontario.
For October and November 2014, the Company produced 41,986 payable ounces of palladium from its Lac des Iles mine at a cash cost per ounce of US$375. The mill commenced a trial full time run on October 1, 2014 and production cost per tonne milled for the two months averaged $36. Production of payable palladium year to date to the end of November 2014 is 156,409 ounces, and the Company expects to achieve its guidance for 2014. Year to date cash cost per ounce is US$495 and production cost per tonne milled is $50.
Underground production from LDI continues to ramp-up with daily mining rates for October averaging 3,736 tonnes, November 4,216 tonnes and to December 9, 2014 4,765 tonnes. During this time period, the Company has surpassed daily production rates of 5,000 tonnes per day on numerous occasions.
“Our payable palladium production for October and November was very strong, and our key cost metrics are significantly below our guidance,” said Phil du Toit, President and Chief Executive Officer. “The trial full time mill run initiated at the start of the fourth quarter is performing well and given the additional stockpiled ore processed, the per unit operating costs were in line with our expectations.”
The Company expects to provide its next operational update in early January 2015 when it provides its operating guidance for 2015 and preliminary full year production results for 2014.
