North American Palladium Provides Gold Exploration Update
TORONTO, ONTARIO--(Marketwire - July 12, 2011) - 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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
Source: North American Palladium Ltd.
Click
Here for a complete listing of NAP press releases.
-------------------
To unsubscribe from this list please visit the email
alert section of the NAP site.