SOURCE: Stillwater Mining Company

November 24, 2008 16:30 ET

Stillwater Mining Company and United Steel Workers Union Reach Tentative Agreement on Restructuring Plan at East Boulder Mine

BILLINGS, MT--(Marketwire - November 24, 2008) - Stillwater Mining Company (NYSE: SWC), United Steel Workers (USW) and its Local 11-0001, East Boulder Unit announced today that they have reached a tentative agreement on changes to the current Collective Bargaining Agreement that are impacted by the Company's restructuring plan.

Eligible union members will vote on the tentative agreement on Wednesday, November 26, 2008 at their regularly scheduled Union meeting. If ratified, approximately 204 hourly employees will be called back to work at the East Boulder Mine. In addition approximately 41 miners will be offered employment at the Stillwater Mine.

USW Local 11-0001 and SWC continue with an agreement that all statements to the media concerning the restructuring negotiations, including this tentative agreement and ratification process, will be done jointly unless twenty-four hour notice has been given from one party to the other.

Both SWC and the USW Union realize the urgency in concluding the restructuring negotiations process as quickly as possible so that represented employees at the East Boulder Mine, the State of Montana and local communities; as well as the Company and its stakeholders can benefit from the results of the restructuring plan.

In this regard the following information for East Boulder hourly employees is provided:

                            Attention
                All United Steelworkers Members Laid Off
          from Stillwater Mining Company - East Boulder Mine

USW LOCAL 11-0001 will be conducting a series of meetings on Wednesday, November 26, 2008 at the Big Timber Civic Center, corner of Third Street and Hooper Street (across the street from Big T IGA) in Big Timber, MT.

These meetings will be for the purpose of discussing options to possibly get more East Boulder Employees called back to work in the near future. The meeting times are:

                         (A Crew) 9:00 am
                         (B Crew) 12:00 pm
                         (C Crew) 3:00 pm
                         (D Crew) 6:00 pm

Only USW members should attend these meetings.

Persons with questions can contact Randy Aamodt at 406-930-2566.

Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and Russia. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining Company can be found at its web site: www.stillwatermining.com.

Contact Information

  • CONTACT:
    John R. Stark
    406/373-8700 (Company)

    Steve Gentry
    406/656-1439 (USW)