The Lac Des Iles mine north of Thunder Bay could have a long life ahead of it.
North American Palladium recently approved $35-million in capital expenditures to advance the development of a secondary mineral zone at the palladium mine site.
The company announced positive results from a preliminary economic assessment. The study shows that the offset zone project is financially "robust" and will enable the expansion of production at the site. Commercial production is targeted for the third quarter of 2012, with production in excess of 250,000 ounces per year.
The company says the development of the offset zone is expected to transform Lac Des Iles into a long-life, low cost mine.
In an earlier interview with Thunder Bay Television, company officials stated that the offset zone could prolong the lifespan of the Lac Des Iles mine for another 10 years.
