PAL,WKN:858071,North American Palladium $ North American Palladium steigert Produkti

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[b]PAL,WKN:858071,North American Palladium $
North American Palladium steigert Produktion und Umsatz $


PAL - WKN 858071 - North American Palladium Aktie $
North American Palladium steigert Produktion und Umsatz
North American Palladium steigert Produktion und Umsatz


North American Palladium Limited gelang im vergangenen Jahr eine Steigerung seiner zahlbaren Palladiumproduktion um 29% auf 174.194 Unzen. Dies teilte das Unternehmen in dieser Woche mit. F

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[b]North American Palladium lifts Lac des Iles reserves and resources

26th February 2015 By: Henry Lazenby

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Warren Buffet/Berkshire Hathaway To Purchase North American Palladium (PAL) Within 90 Days Ventures Sierra Equity
Latest Projections: Berkshire Hathaway To Purchase North American Palladium (PAL) Within 90 Days Ventures Sierra Equity. Shares of PAL finished higher up over 18% during Wednesday's session. Check back as Sierra follows her leads, look for the official news, when it breaks remember Sierra called this first!



GLTA Longs $$$

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[b]PAL - N.A. Palladium releases Lac des Iles expansion PEA $

2015-02-26 07:02 ET - News Release

Mr. Phil du Toit reports

NORTH AMERICAN PALLADIUM RELEASES A POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR ITS LAC DES ILES MINE

North American Palladium Ltd. has released the positive results of the technical report for the Lac des Iles mine, Ontario, incorporating a preliminary economic assessment of the mine expansion plan.

NAP commissioned the 2015 PEA in mid-2014 to evaluate the results of an ongoing diamond drilling program and to update and re-scope the economic potential of the large mineral resource at LDI. The change in the exchange rate between the Canadian and U.S. dollar and improved palladium prices have increased the potential for exploitation of the mineral resource that, as of February 2015, consists of 71.5 million tonnes of measured and indicated resources at 1.98 g/t Pd and 15 million tonnes of inferred resource at 2.7 g/t Pd. Table 1 below provides a brief, high-level summary of the Company's mineral reserve and mineral resource estimates. Please refer to NAP's February 25, 2015 news release that provides additional details of the Company's estimated mineral reserves and mineral resources.


Table 1

Table 1


MINERAL RESERVES AND Pd
RESOURCES Tonnes Pd Pt Au Ni Cu Contained
Category (000's) (g/t) (g/t) (g/t) (%) (%) (000's oz)

Total Proven Reserves 16,259 1.76 0.16 0.13 0.07 0.04 918

Total Probable Reserves 4,108 3.61 0.26 0.25 0.10 0.09 477

Total Proven + Probable
Reserves 20,367 2.13 0.18 0.16 0.08 0.05 1,395

Total Measured Resources 43,080 1.83 0.20 0.13 0.07 0.05 2,532

Total Indicated
Resources 28,388 2.20 0.21 0.16 0.08 0.06 2,011

Total Measured +
Indicated Resources 71,468 1.98 0.20 0.14 0.07 0.06 4,543

Total Reserves and
Measured & Indicated
Resources 91,835 2.01 0.20 0.14 0.07 0.05 5,938

Total Inferred Resources 15,039 2.67 0.20 0.17 0.08 0.07

As released on February 25, 2015

Work on the 2015 PEA was carried out pursuant to the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Project ("NI 43-101") and was conducted by the independent engineering firm Hatch Ltd., under the direction of Jim Gallagher, P. Eng., Chief Operating Officer of NAP.

The work completed in the 2015 PEA supports the following conclusions:

-- The Base Case is current operations with the addition of an open pit expansion ("Base Case"). The Base Case extends the life of mine to 2029 and results in an after tax net present value ("NPV") of $593 million at a 5% discount rate. -- The Base Case scenario indicates the following: -- The current operations contribute 23 million tonnes at an average grade of 2.1 g/t palladium to the production plan and results in an after tax NPV of $457 million at a 5% discount rate; -- The open pit expansion, with additional underground footwall material mined, requires project capital of $58.6 million, contributes 39 million tonnes at an average grade of 1.3 g/t palladium to the production plan and results in an after tax NPV of $136 million at a 5% discount rate, representing an after tax internal rate of return of 30%; -- The Base Case consists of 62 million tonnes of mineralized material at an average grade of 1.6 g/t Pd; and -- Using the Base Case economic assumptions, there is no negative cash flow throughout the mine life.

"The strong rate of return for the Base Case plan, a mine life of approximately 15 years and a NPV of almost $600 million is a very positive development for the Company," said Phil du Toit, President and Chief Executive Officer. "Given that nearly all of the mineral resources for the pit expansion project are measured or indicated, we will be able to move quickly to evaluate the Base Case at a prefeasibility level."

Figure 1 shows the current underground mine plan above the 1065 level, the potential open pit expansion, as well as the expansion potential below the 1065 level of the Offset Zone ("Phase 2") discussed below under opportunities.

To view Figure 1 Click here:

Figure 2 shows the tonnes mined and milled per day over the projected Base Case life of mine by location of mineralized material exploited.

To view Figure 2 Click here:

Opportunities to Enhance the Base Case -- A potential Phase 2 shaft deepening project currently includes 10.9 million tonnes of 3.3 g/t Pd mineralized material below the 1065 Level. -- Project capital for Phase 2 is estimated to be $242.2 million generating an after tax internal rate of return of 7% and a $22 million NPV at a 5% discount rate using the Base Case economic assumptions. -- These preliminary positive results indicate that further exploration and definition drilling is warranted as the addition of mineralized material will greatly improve Phase 2 economics.

"We are encouraged by the opportunities to enhance the Base Case with the Phase 2 expansion of the Lower Offset Zone," added Mr. du Toit. "In parallel with our ongoing drilling program at depth, we will continue to optimize engineering for Phase 2 to help ensure the best business case is developed as and when the resource is better defined."

"The exploration program for Phase 2 is only partially complete and we already have a potential project with a positive rate of return," said Jim Gallagher, Chief Operating Officer. "We continue to drill to expand and upgrade the resource below the 1065 Level."

Economic Evaluation

The economics for the LDI expansion options were evaluated through an after-tax discounted cash flow model. The open pit and Phase 2 expansion scenarios were evaluated independent of each other in order to assess the individual potential economic benefits. The key model assumptions and financial results, project returns and cash flows are presented below.

Given the large lower grade resource at the LDI site and the potential to convert this mineralized material into a life of mine plan of 15 years or greater, NAP concluded that using long-term consensus pricing was appropriate. NAP compiled a commodity price and exchange rate forecast from a variety of banks and market analysts. The consensus prices are summarized in the table below and are used in the Base Case and Phase 2 analysis.

Table 2



Price Unit 2016 2017 2018 2019+

Palladium USD$/oz 901 935 948 855

Platinum USD$/oz 1,440 1,543 1,600 1,611

Gold USD$/oz 1,265 1,253 1,246 1,275

Nickel USD$/lb 9.31 9.53 10.11 8.87

Copper USD$/lb 3.11 3.29 3.39 3.01

Exchange Rate CAD per USD 1.15 1.12 1.11 1.11

(economic analysis calculated for 2016 onward)

The strong palladium market is supported primarily by a robust global automotive industry that is anticipated to continue its growth profile for years to come. This strong market outlook supports the use of long-term consensus pricing in the economic evaluation of the Base Case and Phase 2.

Financial Results

A summary of the financial results is shown in Table 3 below.

Table 3



Base Case
LOM Totals Units Current Open Pit (Current Plan Phase 2
(2016 and beyond) Plan Expansion + Open Pit)

Production kt 23,022 38,959 61,981 10,857
Pd (g/t) g/t 2.11 1.28 1.59 3.27

Pd Recovery % 81.2% 75.9% 78.5% 84.6%

Pd Recovered oz 1,267,661 1,220,638 2,488,299 963,822

Pd Payable oz 1,147,233 1,104,677 2,251,911 872,259

Net Smelter Return CAD $M 1,398 1,467 2,865 981

Total OPEX CAD $M (815) (987) (1,801) (533)

EBITDA CAD $M 584 480 1,064 448

CAPEX CAD $M (94) (196) (289) (285)

Pre Tax Cash Flow CAD $M 545 284 830 164

Taxes CAD $M (24) (36) (60) (45)

After Tax Cash Flow CAD $M 521 249 770 119
After Tax NPV @5% CAD $M 457 136 593 22

After Tax IRR % 30% 7%


Financial Evaluation of Cash Flows for the Base Case

The LDI level cash flow for the Base Case is illustrated in Figure 3 below.

To view Figure 3 Click here:

Low Risk Relative to Other PGM Expansion Projects

The execution risk for the development of the proposed Base Case mining plan is much lower than that of a greenfield project for a number of reasons, including: -- LDI is located in one of the world's most mining friendly jurisdictions near established regional infrastructure; -- The expansion is an extension of an existing mine that has been operating for more than two decades and has fully developed infrastructure in place; -- LDI has an existing shaft and an operating mill with excess capacity, known recoveries and a permitted tailings facility with long-term expansion capability; -- The operating team and senior management are experienced and have successfully managed projects of similar size and complexity in the past; -- The Company has long-established and positive relations with the regional First Nations communities. -- As in any mining project there are risks associated with geological interpretation and geo- mechanics. Since LDI is an operating mine, many of these risks are understood but will require further analysis at the next level of study.

Moving Forward

Based on the 2015 PEA study, next steps for the Company include: -- Commence a pre-feasibility study on the Base Case, that includes the open pit expansion and selective mining of the footwall zones. -- Investigate opportunities of accelerating certain of the higher grade open pit areas that exist within the shell of the open pit expansion. -- Conduct exploration and definition drilling at depth to upgrade and expand the Offset Zone resource to improve the business case for a Phase 2 shaft deepening. -- Perform engineering optimization studies for Phase 2.

The NI 43-101 Technical Report for the Lac des Iles Mine, Ontario, Incorporating a Preliminary Economic Assessment of the Mine Expansion Plan will be filed on SEDAR and on the Company's web site at on or before March 31, 2015.

Technical Information and Qualified Persons

The content of this news release has been reviewed and approved by Dave Peck, P.Geo., the Company's Vice-President, Exploration, an employee of NAP. Robert Duinker, P. Eng., Senior Consultant at Hatch Ltd., has reviewed and approved the disclosure of the economic evaluation and cash flow estimates. Brian Young, P. Eng., Senior Mining Consultant at Hatch Ltd., has reviewed and approved the disclosure of the Life of Mine plan and associated production data for the Base Case and Phase 2 scenarios. Messrs. Peck, Duinker and Young are Qualified Persons as defined in National Instrument 43-101.

Additional information can be found in NAP's Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities, available at and , respectively. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

A Preliminary Economic Assessment ("PEA") is at a scoping level and is therefore preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the conclusions in a PEA will be realized. All economic assessments are calculated at the Lac des Iles mine ("LDI") level and therefore do not include certain costs including, but not limited to, corporate office, interest, financing and exploration expenses.

2015 PEA Conference Call & Webcast Details

Date: Thursday, February 26, 2015

Time: 10 a.m. ET

Webcast:

Live Call: 1-866-229-4144 or 1-416-216-4169 (PIN: 8162691, followed by # sign)

Replay: 1-888-843-7419 or 1-630-652-3042 (PIN: 8162691, followed by # sign)

The conference call replay will be available for 90 days after the live event. An archived audio webcast of the call will also be posted to NAP's website.

We seek Safe Harbor.