Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
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For the month of May, 2015 |
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Commission File Number: 1-15142 |
NORTH AMERICAN PALLADIUM LTD.
(Name of Registrant)
200 Bay
Street
Royal Bank Plaza, South Tower
Suite 2350
Toronto,
Ontario
Canada M5J 2J2
(Address of Principal Executive Offices)
Indicate by checkmark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7): ¨
Indicate by checkmark whether the registrant, by furnishing the information
contained in this Form is also thereby furnishing the information to the SEC pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ Assigned File No.
No x
If Yes is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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NORTH AMERICAN PALLADIUM LTD. |
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Date: May 28, 2015 |
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By: |
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/s/ Tess Lofsky |
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Tess Lofsky Vice President, General Counsel
& Corporate Secretary |
EXHIBIT INDEX
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Exhibit |
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Description of Exhibit |
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1 |
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News Release North American Palladium Provides Update on Suspension of Milling Operations at its Lac des Iles Mine |
Exhibit 1
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NEWS RELEASE |
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North American Palladium Provides Update on Suspension of Milling Operations
at its Lac des Iles Mine
Toronto,
Ontario, May 28, 2015 North American Palladium Ltd. (NAP or the Company) (TSX: PDL) (OTC MKT: PALDF) provided an update regarding the previously disclosed temporary suspension of milling operations at its Lac
des Iles palladium mine (LDI) site near Thunder Bay, Ontario due to water balance issues.
Initial indications suggested that a restart of the
processing plant could occur once repairs to the liner of a reclaim pond were completed. However, recent problems have been experienced with leakages at some of the existing containment structures which are currently under repair. These issues have
been exacerbated by the late and rapid onset of spring, accompanied by heavy rains, causing excess water to enter containment areas resulting in an upsetting of the water balance.
In addition, the Company has recently experienced a leak in a decommissioned tailings pond that was used to store reclaimed water. An amount of water has
leaked and is currently being contained on site and monitored closely.
Progress towards the repair of the containment structures is being made, but the
timing for the resumption of milling operations has yet to be determined. The Company has been working closely with stakeholders and regulators to keep them informed of mitigation strategies to manage water balance issues. All necessary measures are
being implemented by the Company to restore the water balance.
Underground mining operations have continued and production rates for the months of April
and May have been slightly ahead of plan. A significant stockpile of underground ore has been built up at surface and is available for processing with excess capacity available at the LDI mill once milling operations restart. Management is taking
the opportunity during this shutdown to bring forward planned maintenance work.
Technical Information and Qualified Persons
Mr. James Gallagher, the Companys Chief Operating Officer and a Qualified Person under National Instrument 43-101, has reviewed and approved all
technical items disclosed in this news release.
About North American Palladium
NAP is an established precious metals producer that has been operating its Lac des Iles mine (LDI) located in Ontario, Canada since 1993. LDI is
one of only two primary producers of palladium in the world, offering investors exposure to palladium. The Companys shares trade on the TSX under the symbol PDL and on the OTC Pink under the symbol PALDF.
www.nap.com
Cautionary Statement on Forward-Looking Information
Certain information contained in this news release constitutes forward-looking statements within the meaning of the safe harbor
provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. The words target, plan,
should, could, estimate, guidance, and similar expressions identify forward-looking statements. Forward-looking statements in this news release include, without limitation: information pertaining to
the Companys strategy, plans or future financial or operating performance, such as statements with respect to the ability to resume milling operations at its Lac des Iles mine, operating performance expectations, project timelines, production
forecasts, expected mining and milling rates, and other statements that express managements expectations or estimates of future performance. Forward-looking statements involve known and unknown risk factors that may cause the actual results to
be materially different from those expressed or implied by the forward-looking statements. Such risks include, but are not limited to: inherent risks associated with development, exploration, mining and processing including environmental risks and
risks to tailings capacity, the possibility that metal prices and foreign exchange rates may fluctuate, the risk that the LDI mine may not perform as planned, that the Company may not be able to meet production forecasts, the possibility that the
Company may not be able to generate sufficient cash to service its indebtedness and may be forced to take other actions, employment disruptions, including in connection with collective agreements between the Company and unions, and the risks
associated with obtaining necessary licenses and permits. For more details on these and other risk factors see the Companys most recent Annual Information Form / Form 40-F on file with Canadian provincial securities regulatory authorities and
the SEC.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management,
are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions contained in this news release, which may prove to be incorrect, include, but are not limited to: that the Company
will be able to continue normal business operations at its Lac des Iles mine, that metal prices and exchange rates between the Canadian and United States dollar will be consistent with the Companys expectations, that there will be no
significant disruptions affecting operations, and that prices for key mining and construction supplies, including labour, will remain consistent with the Companys expectations. The forward-looking statements are not guarantees of future
performance. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance
on these forward-looking statements.
For further information please contact:
North American Palladium Ltd.
John Vincic
Investor Relations
Telephone: 416-360-7374
Email: jvincic@nap.com
www.nap.com
www.nap.com
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