North American Palladium (NAP) has released its results for the third quarter of 2005.

The company saw its mill throughput back up near capacity after the milling problems it had faced during the first half of the year were resolved.

As a result, the company had a throughput of 14,439 tonnes per day, compared to 14,145 tonnes per day during the same quarter the previous year.

However, palladium recovery fell compared to the previous year, from 74.8 per cent in the third quarter of 2004 to 62.9 per cent during the third quarter of this year, resulting in palladium production of 39,532 ounces.

Looking forward, NAP commented that it expects, with the milling problems now behind it, to be able to produce around 56,000 ounces of palladium during the final quarter of the year.

That optimistic outlook was boosted by the announcement contained within the company results that the joint venture agreement between itself and URSA over the Shakespeare nickel, copper, pgm property has been approved by URSA's shareholders.

Andre Douchane, president and chief executive of NAP, commented: "URSA has proven to be an excellent partner and we look forward to a positive outcome with the feasibility study."

The property, located near Sudbury, Ontario, is to be 60 per cent owned by NAP and 40 per cent owned by URSA.


Ÿ Adfero Ltd