Pantaflix (TG:PAL)
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Trading Symbol TSX - PDL AMEX - PAL
TORONTO, Jan. 3 /PRNewswire-FirstCall/ -- North American Palladium Ltd. announced today that it has commenced an unscheduled temporary shutdown of the primary crusher at its Lac des Iles mine with full production expected to resume by the end of this week. The Company recently encountered operating disruptions with the primary crusher, which reduces the size of run-of-mine ore in preparation for milling.
The Company has the necessary spare parts in inventory. Employees have begun the crusher's disassembly and the repairs are expected to take up to three weeks to complete. Meantime, the Company has contracted with Sigfusson Northern Limited to bring portable crushing units on-site, in order to return to full mill production by the end of this week.
Due to the disruptions in the primary crushing unit, the mill had also experienced intermittent stoppages throughout December. The Company utilized this downtime to perform the planned January maintenance work in late December, thus eliminating any further mill shutdowns for this month. The mill is expected to continue running at a reduced rate of 7,500 to 9,000 tonnes per day until the end of the week when the portable crushing units will be fully online.
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North American Palladium's Lac des Iles Mine is Canada's only primary
producer of platinum group metals and is one of the largest open pit bulk
mineable palladium reserves in the world. The Company also earns
substantial revenue from by-product nickel, platinum, gold and copper. In
addition to operating Lac des Iles, the Company's mandate is to expand
its production profile through an aggressive exploration campaign,
designed to increase its exposure to base and precious metals. Palladium
use in the auto industry continues to be an important component in
controlling exhaust emissions as mandated by more stringent hydrocarbon
emissions standards for cars, particularly in the United States, Europe
and Japan. Palladium is also used in the dental, electronics, jewellery
and chemical sectors.
Forward-Looking Statements - Certain statements included in this news
release are forward-looking statements which are made pursuant to the
"safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. They include estimates and statements that
describe the Company's future plans, objectives and goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. For a more comprehensive review of risk
factors, that may effect plans or expected results, please refer to the
Company's most recent Annual Report under "Management's Discussion and
Analysis of Financial Results" and Annual Information Form under "Risk
Factors" on file with the U.S. Securities and Exchange Commission and
Canada provincial securities regulatory authorities. The Company
disclaims any obligation to update or revise any forward-looking
statements whether as a result of new information, events or otherwise.
Readers are cautioned not to put undue reliance on these forward-looking
statements.
DATASOURCE: North American Palladium Ltd.
CONTACT: Jim D. Excell - President & CEO, Tel: (416) 360-2656, email:
; Krista M. Muhr, Manager, Investor Relations, Tel:
(416) 360-2652, email: