TORONTO, ONTARIO--(Marketwired - Mar 21, 2014) - North American Palladium Ltd. ("NAP" or the "Company") (PDL.TO)(NYSE MKT:PAL) is pleased to provide an update on its mineral reserve and resource estimates and life of mine plan for its Lac des Iles mine property in northwestern Ontario. An update of current 2014 operations and production at LDI is also provided.
"We are pleased with the overall increase in contained palladium ounces in our reserves and resources and the improved economics of our updated life of mine plan for LDI," said Phil du Toit, President and CEO. "Our operations are performing well year to date and the fundamentals for the palladium market remain favorable. As we continue through 2014 we will focus on continued operational improvements, lowering unit costs and further diamond drilling to potentially convert our large mineral resource to reserves."
Due to the material increase in reserves and resources, the Company is required by regulatory legislation to file a revised NI 43-101 technical report and intends to do so on or before March 31, 2014.
Highlights:
Palladium production and operating costs in January and February were ahead of guidance with positive variances in both months.
Total reserves and resources of 5.2 million ounces of contained Pd is an increase of 24% above the January 2013 technical report.
Of the total reserve, underground reserve accounts for 9.2 million tonnes at a diluted grade of 3.9 g/t Pd. Total reserve is 15.0 million tonnes at a grade of 2.8 grams per tonne ("g/t") palladium ("Pd") which now includes salvage mining in the open pit and a portion of the low grade stockpile on surface.