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Gold/Mining/Energy : Stillwater Mining , SWC (former PGMS) -- Ignore unavailable to you. Want to Upgrade?

To: Bruce Robbins who wrote (1216)	9/6/2000 2:34:01 PM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 1336

Wednesday September 6, 2:08 pm Eastern Time Press Release SOURCE: Stillwater Mining Company Mill Operation Upgrade Commenced at Stillwater Mine DENVER, Sept. 6 /PRNewswire/ -- Stillwater Mining Company (Amex: SWC - news) announced that a mill upgrade has begun and operation of the mill has been temporarily interrupted at the Stillwater Mine, Nye, Montana. This temporary shutdown of the semi-autogenous grinding (SAG) mill was scheduled for the fourth quarter to perform planned upgrades, but due to a recent mechanical problem, the upgrade was moved forward. The mill upgrades consist of replacing the gear box, bull gear, pinion gear and sole plate. All new parts are onsite at Nye, with the exception of the sole plate, and it is expected by September 11, 2000. Bill Nettles, Chairman and CEO, said, ``Our plan is to have the SAG mill back in operation within 10 to 14 days. Currently, we have about 20,000 tons of ore stockpiled and this will increase, but is expected to be worked off by the end of the fourth quarter. In addition, we have put a contingency plan in place to bypass the SAG mill using an existing crushing plant supplied by a contractor. This auxiliary crusher will enable the concentration circuit to run at a reduced rate until the upgrades are completed. The mining operation will continue as usual.'' He added, ``We continue to be pleased with the progress being made at the Stillwater Mine. We were on track to show improved results for the third quarter with ore tons mined per day up 11% for the first two months of the quarter compared to the second quarter and development footage at record levels. However, with the temporary shutdown, ounces produced for the third quarter are expected to be slightly below second quarter.'' Stillwater Mining Company is the only U.S. producer of palladium and platinum and the only significant primary producer of platinum group metals outside of South Africa. The Company is traded on the American Stock Exchange under the symbol SWC. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding production and planned improvements in operations. Factors that could cause actual results to differ materially include price volatility of palladium and platinum, economic and political events affecting supply and demand for platinum and palladium, loss of a significant customer, dependence on a few customers, labor difficulties, inadequate insurance coverage, government regulations, property title uncertainty, risk of cost overruns, inaccurate forecasts, problems with productivity, unexpected events during expansion or development, fluctuations in ore grade, tons mined, crushed or milled, amounts and prices of the Company's forward metals sales under hedging and supply contracts, complexity of processing platinum group metals, difficulty of estimating reserves accurately, dependence on a single mine and geological, technical, mining or processing problems. These and other factors are discussed in more detail in the Company's filings with the Securities and Exchange Commission, including the ``Risk Factors'' contained in the Company's Annual Report on Form 10-K and its Registration Statement on Form S-3, filed on July 1, 1998. Descriptions of events relating to the palladium and platinum markets are not intended to be complete, and readers are advised to obtain their own information and advice regarding commodities markets. The Company disclaims any obligation to update forward-looking statements. SOURCE: Stillwater Mining Company PHIL