North American Palladium's (NAP) Lac des Iles mine in northwestern Ontario may have its operational life extended by 12 years.
The Toronto-based miner released a resource estimate, Jan 20, for its Offset High Grade Zone showing there's much more ore than originally believed.
A new estimate upgrades the resource by 280 per cent from 3.2 million tonnes to 12.3 million tonnes.
The company said this upgrade reflects the positive results from a $1.7 million drill program conducted in 2007.
North American Palladium has big plans for the Offset Zone in 2009 with $7 million budgeted to prove up the resource and look for more mineralization.
The Lac des Iles open pit mine is located 85 km north of Thunder Bay.
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