North American Palladium Ltd. Announces Operating Performance for First Quarter 2004

North American Palladium Ltd. Announces Operating Performance for
First Quarter 2004
Symbols: TSX: PDL AMEX: PAL 


TORONTO, April 6  /PRNewswire-FirstCall/ -- During the first quarter of 2004,
the Lac des Iles mill processed 1,348,779 tonnes of ore or an average of 14,822
tonnes per day with an average palladium head grade of 2.72 grams per tonne,
producing 91,261 ounces of palladium at an average recovery rate of 77.3%.
By-product metals production during the first quarter of 2004 included 6,983
ounces of platinum, 7,755 ounces of gold, 1,321,201 pounds of nickel and
2,141,755 pounds of copper. This compares to the fourth quarter of 2003 when the
mill processed 1,500,684 tonnes of ore or 16,312 tonnes per day with a palladium
grade of 2.60 grams per tonne, producing 94,114 ounces of palladium at a
recovery rate of 75.1%.

The following table outlines the operating results for the past five quarters:

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2003                     2004
                           ------------------------------------------------
                              Q1        Q2        Q3        Q4        Q1
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  Mill Throughput
   (tonnes per day)         13,292    12,692    14,215    16,312    14,822
  -------------------------------------------------------------------------
  Palladium Recovery (%)      76.9    76.6      74.0      75.1      77.3
  -------------------------------------------------------------------------
  Mill Availability (%)       92.7      84.4      92.6      94.8      89.3
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  Palladium Production
   (ozs)                    58,791    59,069    76,729    94,114    91,261
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The first quarter of 2004 marked the second consecutive quarter,the Company
produced in excess of 90,000 ounces of palladium and was 112% of budget. The
favorable palladium production was due mainly to increased palladium head grades
at 107% of budget and improved palladium recovery at 102% of budget,
respectively for the quarter. The improved mill production in the first quarter
was partially offset by scheduled and preventative maintenance that reduced mill
availability to 89.3% or 97% of budget. These maintenance programs included SAG
mill pulp lifter replacement, shell liner replacement and the installation of
larger pump motors and pump boxes. The Company has identified a number of
opportunities that will be implemented for the next SAG shell liner change-out
to reduce mill downtime for this maintenance activity.

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Forward-Looking Statements - Certain statements included in this news release
are forward-looking statements which are made pursuant to the "safe harbor"
provisions of the United States Private Securities Litigation Reform Act of
1995. They include estimates and statements that describe the Company's future
plans, objectives and goals, including words to the effect that the Company or
management expects a stated condition or result to occur. When used herein,
words such as "estimate", "expect", "intend", and other similar expressions are
intended to identify forward-looking statements. In particular statements
relating to estimated mineral reserves, cash flows, capital costs, ore
production, mine life, financing and construction are forward-looking
statements. Such forward-looking statements involve inherent risks and
uncertainties and are subject to factors, many of which are beyond our control,
that may cause actual results or performance to differ materially from those
currently anticipated in such statements. Important factors that could cause
actual results to differ materially from those expressed or implied by such
forward-looking statements include among others metal price volatility, economic
and political events affecting metal supply and demand, fluctuations in ore
grade, ore tonne milled, geological, technical, mining or processing problems,
future profitability and production, and availability of financing on acceptable
terms. For a more comprehensive review of risk factors, please refer to the
Company's most recent Annual Report under "Management's Discussion and Analysis
of Financial Results" and Annual Information Form under "Risk Factors" on file
with the U.S. Securities and Exchange Commission and Canada 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. Readers are cautioned not to put undue
reliance on these forward-looking statements. 

DATASOURCE: North American Palladium Ltd.



CONTACT: North American Palladium Ltd., Andre J. Douchane - President &

CEO, Tel: [phone]; George D. Faught - Vice President Finance & CFO,

Tel: [phone]; Douglas H. Bache - Treasurer, Corporate Development and

Investor Relations, Tel: [phone], Fax: [phone];

E-mail: ; Website: http://www.napalladium.com/

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