PAL: Pours First Gold at Sleeping Giant and Eliminates Royalty
Pictures from the gold pour are available on the Company's website: www.nap.com.
Press Release
Source: North American Palladium Ltd.
On 2:15 pm EDT, Wednesday October 7, 2009
TORONTO, ONTARIO--(Marketwire - 10/07/09) - North American Palladium Ltd. ("NAP") (TSX:PDL - News)(TSX:PDL.WT - News)(TSX:PDL.WT.A - News)(AMEX:PAL - News)(AMEX:PAL.WS - News) poured its first gold bars at its Sleeping Giant mine on October 6, 2009, and will now ramp up to a commercial production rate of 50,000 ounces of gold per year during the fourth quarter of 2009.
"Becoming a gold producer is an important milestone in attaining our vision of being a diversified precious metals company operating multiple mines in mining friendly jurisdictions," said William J. Biggar, NAP's President and Chief Executive Officer. "I'd like to congratulate and thank our employees for successfully restarting the Sleeping Giant mine within our seven-month timeframe and $7.5 million budget."
The Company also announced that it has exercised its right to buy back a 1% net smelter return royalty on the Sleeping Giant mine held by IAMGOLD Corporation for $1 million.
NAP's 100% owned Sleeping Giant gold mine, located northwest of Val d'Or in the prolific Abitibi region of Quebec, has a full complement of employees at site. The Company also owns the nearby Discovery Project, the Dormex Property and has a joint venture with Midland Exploration over the Laflamme Project.
Chiura Obata painting at Yosemite
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