ONTARIO – “Our turn-around efforts at LDI achieved a significant milestone during the second quarter with the completion of the underground ore handling system upgrades, and increased utilization of the shaft for both ore hoisting and transportation of workers into the mine. These are critical elements in our efforts to improve underground ore production and ultimately increase payable palladium production,” said Phil du Toit, president and CEO of Toronto-based North American Palladium (NAP).
The company sold 40,716 oz of palladium during Q2 2014. Cash costs were US$510 per oz and average realized price was US$884 per oz. That added up to quarterly revenue of C$50.5 million, including by-product revenue of C$14.1 million. The quarterly adjusted EBITDA income was C$10.4 million this year, compared to C$9.7 million in Q2 2013.
Exploration drilling at the Lac des Iles palladium mine 85 km northwest of Thunder Bay is promising. Assays from the lower Offset zone returned 4.76 g/t Pd over 74.0 meters. Assays from the upper Offset zone returned 7.18 g/t over 20.2 meters and 3.72 g/t over 37.0 metres. The program is focused on the Offset zone below the 1,065 metre mine level, under the lower limit of proven and probable reserves. The 2014 Offset zone exploration program includes 40,000 metres of drilling.
Learn more at NAPalladium.com.