Lac des sles posts loss

The Lac des les palladium-platinum mine near Thunder Bay, Ont., continues to keep operator North American Palladium (PDL-T) awash in red ink.

The company posted a net loss of $3.8 million (42 cents per share) in the latest quarter ended June 30, compared with a loss of $7.8 million a year earlier. The company’s first-half losses total $5.4 million.

The mine produced 13,761 oz. palladium and 1,196 oz. platinum in the recent quarter, down from 19,870 oz. palladium and 1,302 oz. platinum in the second quarter of 1998. The 44% reduction in palladium production was attributed to the processing of lower-grade material from the upper portions of the second-phase pit.

During the latest quarter, Lac des les also turned out 1,116 oz. gold, 248,365 lbs. copper and 243,539 lbs. nickel — a 2.9%, 41% and 24% increase, respectively, from a year ago.

North American Palladium continues to carry out drilling in an attempt to boost reserves and expand the current rate of 2,400 tonnes per day. Results from the first phase contributed to a recent geological resource estimate of 42.8 million tons grading 0.07 oz. palladium, 0.006 oz. platinum, 0.006 oz. gold, 0.075% copper and 0.092% nickel at a palladium cutoff grade of 0.04 oz.

By the third quarter, the company hopes to proceed to a feasibility study for an expanded operation. This work would include an updated reserve based on results from this year’s drilling.

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