North American Palladium Ltd. ("NAP" or the "Company") (TSX:
PDL)(NYSE Amex: PAL) today released drill results from its 2011
exploration program at the Company's gold division in Quebec's
Abitibi region.
Highlights:
-- Surface and underground drilling at Vezza advanced the project towards
bulk sampling in the third quarter;
-- Sleeping Giant mine gold zones extended at depth below the three new
mine levels and new zones discovered in the lower part of the mine;
-- Flordin project updated resource estimate for the central part of the
deposit increased Measured and Indicated resources to 162,035 contained
ounces of gold;
-- Ore sorting tests at Flordin indicate potential to increase mill head
grade and reduce transportation cost by approximately 50% by rejecting
waste prior to ore transport to the Sleeping Giant mill;
-- Discovery project drilling delivers high grade at the 1200E Zone and
extends it further to the west;
-- MDDEP permit received to allow underground exploration at Discovery; and
-- Laflamme grassroots exploration delivers encouraging initial nickel and
gold results.
"The positive results received to date from our 2011 gold
exploration program confirm our belief that our gold assets provide
us with a foundation for organic growth of our gold division," said
William J. Biggar, President and Chief Executive Officer. "We have
a tremendous opportunity to unlock value in our gold division
through continued development of our gold assets combined with the
leverage of our underutilized regional mill."
Mr. Biggar added: "The deeper extension of Sleeping Giant's gold
zones reaffirms our vision that this mine's future is at depth,
where we expect improved production from three new mining levels
starting in 2012. We are also very pleased with the advancement of
our Vezza project, which should be ready for underground production
in early 2012."
Vezza Project
Exploration Update
Vezza is an advanced-stage gold exploration project that is
currently being progressed through exploration and development
towards a production decision, expected by year-end. The plan is to
have Vezza ore processed at the nearby Sleeping Giant mill, which
is 85 kilometres away and accessible by provincial highway (see
Figure 1). If a positive production decision is made, gold
production could begin in the first quarter of 2012. Initially, the
mine is expected to produce 39,000 ounces per year over a nine-year
mine life, with potential to produce over 50,000 ounces per year if
the mining rate is increased from 750 tonnes per day to 1,000
tonnes per day.
The production projection is based upon internal technical and
scientific information and mineral resources that are considered
too speculative geologically to have an economic consideration
applied to them that would enable them to be categorized as mineral
reserves. There is no certainty that the production projection will
be materialized.
In 2010, NAP completed 74 drill holes from surface for a total
of 12,105 metres. The surface drilling program confirmed both
continuity and grade in the near surface, eastern extension of the
deposit. In 2011, the Company intends to complete an additional
30,000 metres of drilling to test the deposit's continuity and
grade. Most of the campaign will comprise underground infill
drilling, and some extensional drilling from surface on the west
part of the main zone. (See April 27, 2011 press release for
previous Vezza exploration results.)
To date, the Company has drilled 36 surface holes in 2011 for
5,367 metres and 61 holes for 5,867 metres from underground, for a
combined total of 11,234 meters in 97 holes. (See Figure 2 for a
typical section, with some of the recent and past drilling
results).
Exploration drilling has confirmed the location of the
mineralized zone at the interface between sedimentary and volcanic
rocks. It has also confirmed grades, continuity and widths of the
gold zones, which are similar or better than the last resource
estimate (dated December 31, 2010), which identified 1,714,000
tonnes at a grade of 5.8 g/t Au in the Measured and Indicated
categories for 320,900 contained ounces, and a further 633,000
tonnes at 5.0 g/t Au, in the Inferred category, for 102,100
contained ounces.
The widths and near vertical nature of the gold zone also
confirm that either alimak or long hole mining methods could be
used at the Vezza mine.
Raises in the gold zone are scheduled to be completed in the
coming months in order to test the vertical continuity. Silling in
ore will also be conducted concurrently to produce a 40,000-tonne
bulk sample. The gold zone material will be stockpiled and then
batch-processed at the Sleeping Giant mill during the third and
fourth quarters of this year.
Some of the new highlights include:
Surface (i)
----------------------------------------------------------------------------
Hole From (m) To (m) Length (m)(i) Grade (Au g/t)
----------------------------------------------------------------------------
V-11-218 85.75 88.75 3.0 6.7
----------------------------------------------------------------------------
V-11-219 103.25 105.05 1.8 7.8
----------------------------------------------------------------------------
V-11-219 108.85 111 2.15 14.5
----------------------------------------------------------------------------
V-11-220 71.3 75.55 4.25 3.9
----------------------------------------------------------------------------
V-11-226 67.2 80.1 12.9 5.1
----------------------------------------------------------------------------
V-11-230 73.35 78.45 5.1 6.3
----------------------------------------------------------------------------
V-11-227 110.05 112.45 2.4 7.9
----------------------------------------------------------------------------
V-11-227 114.8 116.35 1.55 12.2
----------------------------------------------------------------------------
V-11-221 59.5 61 1.5 4.3
----------------------------------------------------------------------------
V-11-221 70 71.6 1.6 4.6
----------------------------------------------------------------------------
V-11-221 102.45 116.6 14.2 3.8
----------------------------------------------------------------------------
V-11-223 67 67.5 0.5 7.1
----------------------------------------------------------------------------
V-11-223 87 94.3 7.3 3.2
----------------------------------------------------------------------------
V-11-223 102.8 104.3 1.5 9.1
----------------------------------------------------------------------------
Underground(ii)
----------------------------------------------------------------------------
Hole From (m) To (m) Length (m)(i) Grade (Au g/t)
----------------------------------------------------------------------------
V300-119 49.8 54 4.2 10.4
----------------------------------------------------------------------------
V200-094 73.5 78 4.5 12.6
----------------------------------------------------------------------------
V200-093 61 64.7 3.7 8.4
----------------------------------------------------------------------------
V200-091 51 55.5 4.5 6.4
----------------------------------------------------------------------------
V200-092 51.7 54.9 3.2 4.7
----------------------------------------------------------------------------
V200-090 56 64 8.0 8.3
----------------------------------------------------------------------------
(i)True widths are estimated at approximately 80% of core length.
(ii)True widths are estimated at approximately 90% of core length.
Sleeping Giant Mine
Exploration Update
Since the beginning of 2011, 88 drill holes have been completed
at Sleeping Giant, totalling 24,477 metres. The primary objective
of the 2011 exploration program at Sleeping Giant is to define and
extend zones within the current mine on the proposed three new
mining levels at depth. Of the 88 holes that were drilled, 74 holes
targeted the three new levels (between mine elevations 975 and
1,175) and 13 holes at depth below these levels.
In 2011, systematic drilling from underground stations continues
to improve the Company's understanding of several known zones while
extending them to greater depth. The historic 20, 30, 30W and 8N18
zones were intercepted and continued to return good values.
Drilling that followed geological interpretations in the lower part
of the mine encountered new zones (named 106DL, 117RB and Zlam H
East). A number of other significant gold intersections were
reported but are not yet assigned to a known zone and are therefore
identified under "Other" in the tables below; further drilling is
warranted to define their potential.
In the following tables, grades over 60 grams per tonne ("g/t")
gold have been cut to 60 g/t, consistent with historical practice
at Sleeping Giant based on operating experience. Reported
thicknesses are calculated from angular relations between drill
core and each zone. Minimum thickness of 1.6 metres corresponds to
zones which can be mined by shrinkage stope methods, while
thickness of 1.8 metres can be mined by room-and-pillar. Diluted
grades are calculated over the full thickness, diluted by wall rock
at zero grade.
Although not all results are yet available, selected results
from these programs are presented in the following tables (with the
location of the zones identified in Figure 3).
Zone 106DL(new zone)
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
66-1020-10 505.4 506.4 60.0 1.0 15.8 1.6
----------------------------------------------------------------------------
66-1022-10 558.8 559.8 36.6 1.0 14.7 1.6
----------------------------------------------------------------------------
66-1023-10 549.8 550.8 42.0 1.0 25.9 1.6
----------------------------------------------------------------------------
Zone 117RB(new zone)
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
66-1021-10 966.7 967.7 5.4 1.0 2.4 1.6
----------------------------------------------------------------------------
66-1016-10 913.0 914.0 60.0 1.0 12.8 1.6
----------------------------------------------------------------------------
66-1019-10 915.0 916.0 6.8 1.0 3.9 1.6
----------------------------------------------------------------------------
66-1018-10 920.0 921.0 29.7 1.0 16.1 1.6
----------------------------------------------------------------------------
66-1013-10 896.5 897.9 4.0 1.4 3.3 1.6
----------------------------------------------------------------------------
66-1022-10 873.0 874.0 60.0 1.0 28.7 1.6
----------------------------------------------------------------------------
66-930 841.3 841.9 29.6 0.6 10.1 1.6
----------------------------------------------------------------------------
66-916B 827.0 828.0 60.0 1.0 31.6 1.6
----------------------------------------------------------------------------
78-524 489.0 489.7 5.4 0.7 2.0 1.6
----------------------------------------------------------------------------
66-1017-10 949.0 952.0 1.7 3.0 1.7 1.6
----------------------------------------------------------------------------
Zone 20
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
97-330-11 18.5 19.0 19.9 0.5 4.9 1.6
----------------------------------------------------------------------------
97-278-10 25.5 27.0 15.8 1.5 6.8 1.6
----------------------------------------------------------------------------
97-328-11 19.4 20.4 16.8 1.0 8.6 1.6
----------------------------------------------------------------------------
Zone 30
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
91-194-10 19.3 19.8 57.5 0.5 14.5 1.8
----------------------------------------------------------------------------
Zone 30W
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
91-192-10 166.0 169.0 4.9 3.0 4.9 2.5
----------------------------------------------------------------------------
97-279-10 146.0 147.0 14.9 1.0 7.8 1.8
----------------------------------------------------------------------------
97-280-10 145.0 146.0 15.4 1.0 7.9 1.8
----------------------------------------------------------------------------
97-281-10 146.0 147.0 11.0 1.0 5.5 1.8
----------------------------------------------------------------------------
97-282-10 156.0 158.0 9.2 2.0 7.8 1.8
----------------------------------------------------------------------------
97-286-10 149.0 150.0 25.4 1.0 12.2 1.8
----------------------------------------------------------------------------
97-309-10 179.0 180.0 9.5 1.0 5.2 1.8
----------------------------------------------------------------------------
97-311-10 199.0 199.5 18.6 0.5 3.7 1.8
----------------------------------------------------------------------------
97-313-10 206.3 208.3 16.0 2.0 14.1 1.8
----------------------------------------------------------------------------
97-315-10 182.0 184.0 30.9 2.0 30.8 1.8
----------------------------------------------------------------------------
97-318-10 188.0 190.0 9.9 2.0 9.0 1.8
----------------------------------------------------------------------------
97-329-11 151.2 152.2 35.0 1.0 16.8 1.8
----------------------------------------------------------------------------
97-333-11 154.9 157.7 8.9 3.1 8.9 2.6
----------------------------------------------------------------------------
66-1018-10 891.0 892.0 17.6 1.0 9.0 1.8
----------------------------------------------------------------------------
Zone 8N18
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
66-1124C-11 904.5 906.5 13.9 2.0 13.9 1.6
----------------------------------------------------------------------------
66-1018-10 781.0 782.0 15.7 1.0 8.7 1.6
----------------------------------------------------------------------------
Zone Zlam H East(new zone)
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
66-1024-10 292.2 294.2 23.8 2.0 22.8 1.6
----------------------------------------------------------------------------
66-1023-10 301.0 302.0 8.6 1.0 3.8 1.6
----------------------------------------------------------------------------
66-1124C-11 239.8 240.8 7.8 1.0 3.1 1.6
----------------------------------------------------------------------------
66-1017-10 285.5 288.5 11.5 3.0 11.5 1.6
----------------------------------------------------------------------------
66-1018-10 282.5 285.5 5.0 3.0 5.0 1.6
----------------------------------------------------------------------------
66-1013-10 309.5 312.5 4.8 3.0 4.8 1.6
----------------------------------------------------------------------------
Other(zone TBD)
----------------------------------------------------------------------------
Grade Length Diluted Grade Thickness
Hole From (m) To (m) (Au g/t) (m) (Au g/t) (m)
----------------------------------------------------------------------------
66-1013-10 763.0 764.0 18.1 1.0 9.1 1.8
----------------------------------------------------------------------------
66-1085-10 235.0 237.0 16.2 2.0 9.0 1.8
----------------------------------------------------------------------------
66-1086A-10 142.8 143.8 12.9 1.0 4.1 1.8
----------------------------------------------------------------------------
66-1124C-11 134.0 136.1 27.9 2.1 16.3 1.8
----------------------------------------------------------------------------
66-1124C-11 688.5 689.0 9.9 0.5 2.2 1.8
----------------------------------------------------------------------------
66-1125A-11 1.0 2.0 11.2 1.0 1.6 1.8
----------------------------------------------------------------------------
66-1126-11 526.0 527.0 16.2 1.0 8.2 1.8
----------------------------------------------------------------------------
97-316-10 106.5 107.5 50.7 1.0 25.5 1.8
----------------------------------------------------------------------------
Drilling in 2011 will continue to define the extensions of the
gold zones to allow future mine development planning at depth.
Flordin Project
Updated Resource Estimate
The advanced-stage Flordin Project is located approximately 80
kilometres from the Sleeping Giant mill. The Company has initiated
an internal study to evaluate different mining scenarios for the
project. Management believes that the deposit is amenable to open
pit mining but consideration will also be given to a combination of
open pit and underground mining methods.
The objective of the 2010 program was to increase the confidence
level of the mineral resources. The updated mineral resource
estimate below is based on 329 drill holes totalling 38,331 metres.
Assays are pending for an additional 157 drill holes and will be
included in a future update.
This resource estimate was only calculated based on data from
the central part of the deposit between sections 5560E and 7030E,
from 3850N to 4300N (see Figure 4). The estimate includes 19
gold-bearing zones and spans an area of over 1,470 metres east to
west, 450 metres north to south, and from surface to 470 metres
deep. The Flordin deposit is estimated to have a total strike
length of 4 kilometres.
The table below sets forth estimated mineral resources as at
March 14, 2011 in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101"). This
estimate assumes open pit mining methods and the mineral resources
at Flordin are therefore reported within a pit shell. As such, new
estimates of mineral resources are not directly comparable with the
previous mineral resources estimate.
----------------------------------------------------------------------------
Contained
Mineral Resources Tonnes Au (g/t) Ounces
----------------------------------------------------------------------------
Measured 116,200 3.25 12,133
----------------------------------------------------------------------------
Indicated 2,679,600 1.74 149,902
----------------------------------------------------------------------------
Total Measured & Indicated 2,795,800 1.80 162,035
----------------------------------------------------------------------------
Inferred 1,915,700 1.59 97,651
----------------------------------------------------------------------------
Notes for Updated Minerals Resource Estimate:
1. This updated mineral resource estimate for a potential open pit mining
method was prepared as of March 14, 2011 by Mr. Pierre-Luc Richard,
B.Sc., Geo. of InnovExplo Inc., an independent qualified person under NI
43-101, using a cut-off grade of 0.5 g/t and 3 metre minimum width.
2. CIM definitions were followed for the estimation of mineral resources.
3. See Cautionary Note to U.S. Investors Concerning Estimates of Measured,
Indicated and Inferred Resources.
The increase in the Measured and Indicated categories of the
resource estimates from 2010 to 2011 is due to increased density of
drilling to a spacing approaching 30 by 30 metres in the central
1.5 kilometre portion of the total kilometre deposit. In addition,
the 2010 resource estimate was based on a minimum width of 2
metres, which was increased in the 2011 estimate to 3 metres, which
is more appropriate for an open-pit mining scenario. This open pit
approach has resulted in higher tonnage and lower grade, but the
contained ounces remain approximately the same.
The Flordin gold-bearing structure continues at depth and
laterally and additional drilling will be required to assess its
full potential. Logging and sampling are still pending for
approximately 20% of the holes drilled in 2010. They are located on
strike extensions east and west of the central zones investigated
to date and are expected to add to the Inferred resource category
when the data becomes available. See Figure 4 in the appendix for a
visual presentation of Flordin's drilling program.
Ore Sorting Tests
The Company hired an independent consulting firm to conduct ore
sorting tests on Flordin's mineralized zones and waste rocks, to
evaluate potential pre-concentration of ore before trucking it to
the Sleeping Giant mill. Preliminary results indicate that
pre-concentration can reject in the order of 50% low-grade rock in
run-of-mine material, reducing transport costs and increasing head
grade.
This technology could increase the mill feed head grade and
offer significant cost savings with important implications for
overall gold production costs in an eventual mining operation. A
second phase of ore sorting test work is underway with larger
samples in the third quarter, with results expected by
year-end.
Discovery Project
Located approximately 70 kilometres from the Sleeping Giant
mill, Discovery is an advanced-stage exploration property (see
Figure 1). In 2010, 40 drill holes totalling 25,495 metres were
completed, 90% of which have now been logged and most analyses
received. Drilling was aimed at extending the 1200E zone, which was
not considered in the 2008 Scoping Study, which only considered the
western gold zones. An updated resource estimate including all 2010
drilling is underway and will be completed in the third
quarter.
NAP is pleased to announce that it received the Certificate of
Authorization for the Discovery project from the Quebec's Ministry
of Sustainable Development, Environment and Parks ("MDDEP") to
conduct underground exploration as planned in the 2008 Scoping
Study.
Selected new results subsequent to the February 14, 2011 update
include:
----------------------------------------------------------------------------
Hole From (m) To (m) Length (m) Au (g/t) Notes
----------------------------------------------------------------------------
B-10-181 358.0 359.0 1.0 9.5
----------------------------------------------------------------------------
B-10-196 307.8 308.8 1.0 6.6
----------------------------------------------------------------------------
B-10-197 409.6 410.4 0.8 22.9
----------------------------------------------------------------------------
B-10-197 574.3 576.0 1.7 5.3
----------------------------------------------------------------------------
B-10-198 178.8 189.4 10.6 4.7 Visible Gold
----------------------------------------------------------------------------
These new results extend the previously-know 1200E zone to the
west (see Figure 5).
Laflamme Property
The Laflamme grassroots exploration project, a joint venture
with Midland Exploration Inc. ("Midland"), is located about 25
kilometres west of the town of Lebel-sur-Quevillon in the Abitibi
region of Quebec (see Figure 1). NAP is currently earning a 50%
interest in the project and may acquire an additional 15% interest
by completing a feasibility study. In 2010 and 2011, twelve drill
holes totalling 4,353 metres were completed on the Laflamme
property.
On June 15, 2011, Midland announced the discovery of a new
mineralized zone containing nickel, copper and platinum group
elements (see Figure 6). Hole LA-11-08, drilled in the northeast
part of the property to test a combined magnetic and
electromagnetic (VTEM) anomaly, intersected an ultramafic rock
sequence about 200 metres thick, which hosted a mineralized
interval from 90.6 to 98.6 metres, grading 0.66% Ni, 0.35% Cu, 0.17
g/t Pt, 0.16 g/t Pd, 0.11 g/t Au and 1.4 g/t Ag over 8.0 metres.
This zone includes a higher-grade interval, at 1.55% Ni, 0.53% Cu,
0.26 g/t Pt, 0.28 g/t Pd, 0.13 g/t Au and 1.9 g/t Ag over 1.6
metres from 91.1 to 92.7 metres.
Disseminated, net-textured and locally semi-massive styles of
mineralization are observed. This new zone was intersected at
shallow depth (about 60 metres vertical depth), and remains open in
all directions.
A second drill hole in the southwest part of the property
resulted in a new discovery in an unexplored area, returning 9.7
g/t Au over a core length of 1 metre (see Figure 6). The drill hole
was designed to test a regional-scale zone of conductive responses
detected by airborne geophysical surveys.
Additional results are pending, and the joint venture partners
are designing a follow-up program on this intersection and other
targets on the property. IA helicopter-borne magnetic and
electromagnetic (VTEM) anomalies associated with the discovery
extend over several kilometres and thus represent an extensive
prospective area that remains completely untested.
The Laflamme property consists of 494 claims for a total surface
area of about 26,097 hectares, and covers more than 40 kilometres
along the strike extension of the Sleeping Giant mine. Following
the recent discovery, 142 pending claims were added to the
property.
2011 Gold Exploration
The Company's $9.1-million gold exploration program is ongoing,
with 49,000 metres of drilling planned, comprised of the following
programs:
----------------------------------------------------------------------------
Planned
Name Exploration Program Objectives
----------------------------------------------------------------------------
Sleeping Giant 26,500 metres Target zones below the 975 mine level,
including the three new levels at depth and
below; includes 25,000 metres of underground
extensional drilling and 1,500 metres of
surface drilling
----------------------------------------------------------------------------
Flordin 4,500 metres Evaluate open pit potential, advance
permitting and bulk sampling
----------------------------------------------------------------------------
Discovery 8,000 metres Target the extension of the 1200E Zone and
advance permitting
----------------------------------------------------------------------------
Dormex 2,400 metres Exploration drilling
----------------------------------------------------------------------------
Laflamme 2,400 metres Exploration drilling and ground geophysics
----------------------------------------------------------------------------
Cameron Shear 1,800 metres Exploration drilling and ground geophysics
----------------------------------------------------------------------------
Technical Information and Qualified Person
All analyses performed during NAP's drill programs are subject
to a rigorous quality assurance and quality control (QA/QC) program
that conforms to industry best practices as outlined by the CIM and
NI 43-101. This includes the use of independent third party
laboratories, insertion of professionally prepared standards and
blanks and analysis of sample duplicates with a second independent
laboratory. The Company's exploration team designed and executed
the drilling programs under the supervision of Tyson C. Birkett,
PhD, Eng., Director of Exploration for Quebec, a Qualified Person
as defined by NI 43- 101, who has reviewed and approved the content
of this news release.
About North American Palladium
NAP is a Canadian precious metals company focused on growing its
production of palladium and gold in mining-friendly jurisdictions.
The Company's flagship mine, Lac des Iles, is one of the world's
two primary palladium producers. In the prolific Abitibi region of
Quebec, NAP also owns and operates the Sleeping Giant gold mine,
and is advancing the Vezza gold project towards a production
decision by year-end. The Company has extensive landholdings
adjacent to both its Lac des Iles and Sleeping Giant mines, and a
number of exploration projects. NAP trades on the NYSE Amex under
the symbol PAL and on the TSX under the symbol PDL.
Cautionary Note to U.S. Investors Concerning Estimates of
Measured, Indicated and Inferred Resources
This press release uses the terms "Measured", "Indicated" and
"Inferred" Resources. United States investors are advised that
while such terms are recognized and required by Canadian
regulations, the United States Securities and Exchange Commission
does not recognize them. "Inferred Mineral Resources" have a great
amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or other
economic studies. United States investors are cautioned not to
assume that all or any part of Measured or Indicated Mineral
Resources will ever be converted into Mineral Reserves. United
States investors are also cautioned not to assume that all or any
part of an Inferred Mineral Resource exists, or is economically or
legally mineable.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including
any information as to our future exploration, financial or
operating performance and other statements that express
management's expectations or estimates of future performance,
constitute '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. The
words 'expect', 'believe', 'will', 'intend', 'estimate' and similar
expressions identify forward-looking statements. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and
competitive uncertainties, risks and contingencies, including the
possibility that drill programs will not yield the expected
results, that operations at the Lac des Iles and Sleeping Giant
mines may not proceed as planned, that Vezza and other properties
can be successfully developed, and that metal prices, foreign
exchange assumptions and operating costs may differ from
management's expectations. The Company cautions the reader that
such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual financial
results, performance or achievements of North American Palladium to
be materially different from the Company's estimated future
results, performance or achievements expressed or implied by those
forward-looking statements and that the forward-looking statements
are not guarantees of future performance. These statements are also
based on certain factors and assumptions. For more details on these
estimates, risks, assumptions and factors, see the Company's most
recent Form 40-F/Annual Information Form on file with the U.S.
Securities and Exchange Commission and Canadian provincial
securities regulatory authorities. 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.
APPENDIX:
To view the Figures associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/PDLfigures.pdf.
Contacts: North American Palladium Camilla Bartosiewicz Manager,
Investor Relations and Corporate Communications 416-360-7590 Ext.
7226 camilla@nap.com North American Palladium Michel Bouchard Vice
President, Exploration and Development mbouchard@nap.com