North American Palladium signs major mine development contract; strategic review process concludes
North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL) (OTC PINK:PALDF) is pleased to announce that it has signed a contract with Redpath Canada Limited of North Bay, Ontario, Canada for underground mine development at its Lac des Iles mine. This is part of a major mine expansion, as detailed in the October 2, 2018 Technical Report, that will take the mine from its current rate of just over 6000 tonnes per day (tpd) to 12000 tpd. The Redpath scope of work consists of approximately 6550 Metres of lateral development and 560 Metres of vertical development to access ore reserves in the upper mine beneath and around the perimeter of the dormant Roby open pit. The contract is expected to be approximately 2 years in duration.
The Lac des Iles mine development crews will continue with their work to sustain ongoing production, which is expected to rise to over 7000 tpd by the end of 2019.
The Company’s President and CEO, Mr. Jim Gallagher, commented, “Redpath is one of the premier mining contractors in the world and we welcome them onboard as we expand the Lac des Iles mine and make it one of the largest underground mines in Canada.”
The Company also announced today that the Board of Directors have concluded the strategic alternatives review process that commenced in February, 2018.
About North American Palladium Ltd.
North American Palladium Ltd. (TSX: PDL) (OTC PINK: PALDF) is a Canadian company with over 20 years of production at Lac des Iles mine, located northwest of Thunder Bay, Ontario. North American Palladium is the only pure play palladium producer in the world. With over 500 employees, Lac des Iles mine features a unique world class ore body and modern infrastructure, which includes both an underground mine and an open pit mine.