PALLADIUM: NAP looks back on transitional year

TORONTO – North American Palladium looked back on 2013 as a transitional year as the new shaft was completed and mining moved to the deeper Offset zone at the Lac des Iles mine in Ontario. Still, the company produced 135,158 oz of payable palladium at a cash cost of $US560 per oz. The realized price per ounce was US$724, supporting revenues of C$153.2 million.

The mill treated more than 2.0 million tonnes of ore with an average head grade of 2.8 g/t Pd. Recovery remained above the 80% level, and costs came down to C$52/tonne milled.

NAP reported it net loss for 2013 was C$46.2 million or C$0.25 per share, far less than the C$66.0 million loss in 2012.

This year the company will reduce mining costs as underground production through the shaft is increased. Other means of optimizing mine and mill operations will also be considered.

More information is posted at NAP.com.