North American Palladium (NAP) has re-iterated its annual production guidance for its Lac des Iles mine, it was confirmed yesterday (11th May).

The company's flagship facility, which is located in Ontario, Canada, was originally placed on care and maintenance in October 2008 due to declining pgm prices.

However, it was recently re-opened and NAP has now announced that it is sticking to its 2010 outlook of producing 140,000 oz of palladium at the mine.

In addition, NAP revealed that it expects to record annualised steady-state output of 50,000 oz at its Sleeping Giant mine.

Meanwhile, the Canadian precious metals firm suffered a net loss of C$14.6 million in the first quarter of 2010, although revenue rose by 58 per cent to C$7.9 million.

The restarting of operations at Lac des Iles also contributed to operating expenses reaching C$18.2 million, compared to a figure of C$738,000 at the same point last year.

Last month, NAP completed a C$100 million financing deal, consisting of 20,000,000 units offered at C$5 per unit.

Source:

UPDATE 1-North American Palladium posts Q1 loss as expenses soar (11/05/10)

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