North American Palladium yesterday (10th November) announced that its production of the precious metal was down by eight per cent during the third quarter of 2008.

The Canadian mining company posted output of 63,791 oz, compared to the figure of 69,283 oz recorded for the equivalent period last year.

In addition, production for the nine months to September 2008 was 190,673 oz, down from 214,139 oz in 2007.

Losses from mining operations for the quarter were $66 million, up considerably from the $10.2 million posted at the same time last year.

President and CEO William Beggar confirmed that despite the depressed figures, the company will be using its cash resources to focus on a range of strategic initiatives in the coming year.

He said: "As previously announced on 21st October 2008, we have put our Lac des Iles Mine on a care and maintenance basis until metal prices improve.

"In the interim, we will utilise our strong balance sheet to focus on exploration around the mine site and elsewhere on our 21,000-acre property, as well as strategic initiatives including acquisitions and joint ventures."

Palladium, platinum and by-product metals have all been produced at the Lac des Iles since 1993.


Source:
North American Palladium Reports Third Quarter 2008 Financial Results and Strong Liquidity Position (10/11/08)
http://cnrp.marketwire.com/client/north_american_palladium/release.jsp?actionFor=918911