North American Palladium reported a $6.2 million loss in its third quarter but President-CEO William Bigger said the company is optimistic of better times ahead for the growth-oriented Toronto miner.
“We strengthened our balance sheet by raising over $70 million in equity,” said Biggar, and enjoyed exploration success at its Lac des Iles mine in northwestern Ontario.
The company is also on schedule to reach full production at its Sleeping Giant gold mine in early 2010, having poured its first gold on Oct. 6. Management said it is on pace to become a diversified mid-tier precious metals company.
With improvement in the price of palladium and platinum, the company is considering whether to restart the mothballed Lac des Iles as a higher grade, lower tonnage operation by processing ore from its Roby underground zone.
The company is also seeing solid exploration results around the mine and has signed an agreement to earn a 50 per cent interest in the Laflamme gold property in the Abitibi region of Quebec.
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