North American Palladium Ltd. Announces Operating Performance for First Quarter 2004
07 April 2004 - 7:49AM
PR Newswire (US)
North American Palladium Ltd. Announces Operating Performance for
First Quarter 2004 Symbols: TSX: PDL AMEX: PAL TORONTO, April 6
/PRNewswire-FirstCall/ -- During the first quarter of 2004, the Lac
des Iles mill processed 1,348,779 tonnes of ore or an average of
14,822 tonnes per day with an average palladium head grade of 2.72
grams per tonne, producing 91,261 ounces of palladium at an average
recovery rate of 77.3%. By-product metals production during the
first quarter of 2004 included 6,983 ounces of platinum, 7,755
ounces of gold, 1,321,201 pounds of nickel and 2,141,755 pounds of
copper. This compares to the fourth quarter of 2003 when the mill
processed 1,500,684 tonnes of ore or 16,312 tonnes per day with a
palladium grade of 2.60 grams per tonne, producing 94,114 ounces of
palladium at a recovery rate of 75.1%. The following table outlines
the operating results for the past five quarters:
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2003 2004 ------------------------------------------------ Q1 Q2 Q3
Q4 Q1
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Mill Throughput (tonnes per day) 13,292 12,692 14,215 16,312 14,822
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Palladium Recovery (%) 76.9 76.6 74.0 75.1 77.3
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Mill Availability (%) 92.7 84.4 92.6 94.8 89.3
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Palladium Production (ozs) 58,791 59,069 76,729 94,114 91,261
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The first quarter of 2004 marked the second consecutive quarter,the
Company produced in excess of 90,000 ounces of palladium and was
112% of budget. The favorable palladium production was due mainly
to increased palladium head grades at 107% of budget and improved
palladium recovery at 102% of budget, respectively for the quarter.
The improved mill production in the first quarter was partially
offset by scheduled and preventative maintenance that reduced mill
availability to 89.3% or 97% of budget. These maintenance programs
included SAG mill pulp lifter replacement, shell liner replacement
and the installation of larger pump motors and pump boxes. The
Company has identified a number of opportunities that will be
implemented for the next SAG shell liner change-out to reduce mill
downtime for this maintenance activity.
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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. When used
herein, words such as "estimate", "expect", "intend", and other
similar expressions are intended to identify forward-looking
statements. In particular statements relating to estimated mineral
reserves, cash flows, capital costs, ore production, mine life,
financing and construction are forward-looking statements. Such
forward-looking statements involve inherent risks and uncertainties
and are subject to factors, many of which are beyond our control,
that may cause actual results or performance to differ materially
from those currently anticipated in such statements. Important
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements
include among others metal price volatility, economic and political
events affecting metal supply and demand, fluctuations in ore
grade, ore tonne milled, geological, technical, mining or
processing problems, future profitability and production, and
availability of financing on acceptable terms. For a more
comprehensive review of risk factors, 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: North American Palladium Ltd.,
Andre J. Douchane - President & CEO, Tel: (416) 360-2656;
George D. Faught - Vice President Finance & CFO, Tel: (416)
360-2650; Douglas H. Bache - Treasurer, Corporate Development and
Investor Relations, Tel: (416) 360-2651, Fax: (416) 360-7709;
E-mail: ; Website: http://www.napalladium.com/
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