North American Palladium Reports Excellent Exploration Results from the Second Half of 2012 Drilling at Lac Des Iles

North American Palladium Reports Excellent Exploration Results from the Second 
Half of 2012 Drilling at Lac Des Iles 
TORONTO, ONTARIO -- (Marketwire) -- 01/31/13 -- North American
Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(NYSE MKT:PAL) today
provided an update on its drill results from the second half of its
2012 underground and surface exploration programs at its Lac des Iles
("LDI") palladium mine property in Northern Ontario. 
Highlights: 


 
--  Offset Zone underground extension drilling program delivers positive
    results indicating potential for expanding the resource to the south of
    and above the current limits of the deposit: 
    
    --  Hole 12-706 (upper Offset Zone) intersected 21 metres grading 4.19
        grams per tonne palladium ("g/t Pd") and hole 12-601 (southern
        Offset Zone) intersected 10 metres averaging 4.27 g/t Pd; 
        
--  Sheriff Zone near-surface resource potential enhanced by positive
    definition drilling results featuring broad zones of lower grade
    palladium mineralization containing local, higher-grade intervals: 
    
    --  Hole 12-179 intersected 130 metres averaging 1.26 g/t Pd including
        24 metres grading 3.05 g/t Pd, and hole 12-185 intersected 106
        metres grading 1.40 g/t Pd including 5 metres grading 4.68 g/t Pd; 
        
    --  Initial resource estimate for the Sheriff Zone expected later in
        2013; 
        
--  Roby Zone north extension drilling program returns high-grade
    intersections: 
    
    --  Hole 12-259 intersected 5 metres grading 13.37 g/t Pd and hole 12-
        269 intersected 24 metres averaging 23.35 g/t Pd, including 3 metres
        grading 104.20 g/t Pd (amongst the highest ever reported from LDI); 
        
--  North VT Rim surface exploration drilling is starting to demonstrate
    lateral continuity and returns additional high-grade intercepts and
    broader zones of pit grade mineralization: 
    
    --  Hole 12-036 intersected 6 metres with 12.4 g/t Pd including 1 metre
        grading 54.10 g/t Pd; 
        
--  New mineralization intersected on the North LDI property (at
    approximately 400-metre vertical depth on the first of four planned
    fence holes to be drilled): 
    
    --  Hole NL 12-100 intersected 2 metres grading 3.58 g/t Pd and 1.08 g/t
        Pt. 

 
"We are very excited about the prospect of new sources of
near-surface, pit-grade ore for our LDI operations," commented Andre
Douchane, Interim CEO and Chairman. "Work has already commenced to
advance planning for the Sheriff Zone, which is ideally situated
adjacent to our mill. We have a skilled and dedicated project team
that is currently assessing the project economics, permitting
requirements and production potential." 
Mr. Douchane continued: "In addition, excellent results from our
Offset Zone and Roby Zone extension drilling, as well as our surface
exploration programs highlight the tremendous potential for future
resource expansion at LDI."  
Lac des Iles Exploration 
In 2012, the Company completed a total 50,148 metres of diamond
drilling at LDI, of which: 


 
--  19,405 metres were completed on surface projects (Sheriff Zone, North VT
    Rim and other areas on the Mine Block Intrusion); and 
    
--  30,743 metres on underground exploration and infill programs (Roby and
    Offset zones).  

 
Since the last exploration update on 2012 drilling (see July 16, 2012
news release), the Company completed 20,656 metres of diamond
drilling at LDI, including:  


 
--  5,114 metres at Sheriff; 
    
--  4,952 metres in the southern Offset Zone (12-600 series of holes); 
    
--  3,437 metres in the upper Offset Zone (12-700 series of holes); 
    
--  1,411 metres on the Offset Zone infill program (12-800 series of holes 
    
--  3,350 metres at Roby Zone; and 
    
--  2,392 metres at North VT Rim. 

 
A tabulation of significant palladium ("Pd"), platinum ("Pt"), gold
("Au"), nickel ("Ni"), copper ("Cu") and cobalt ("Co") assays
received from drilling completed in the second half of the year are
included in the Appendix, with select highlights listed in Tables 1
through 4 below.  
The Company is currently working with an independent firm, Tetra
Tech, to complete a pre-feasibility study for the LDI property that
is expected to be filed in the first quarter of 2013. A key element
for the report is an initial declaration of Offset Zone reserves,
including an updated mining plan and project economics on only the
converted Offset Zone reserves. The Company expects to do a full
update on its mineral reserves and resources for the LDI property in
the third quarter of 2013. 
Offset Zone Extension and Inf
ill Drilling 
The immediate focus for Offset Zone underground drilling was to
extend the resource to the south of the shaft to fill a gap that
exists between the main Offset Zone deposit and what has historically
been referred to as the Southern Norite Zone (see Figure 1).
Additional extension drilling completed last fall targeted the upper
parts of the Offset Zone deposit (see Figure 2).  
In 2012, infill drilling on approximately 15-metre centres was
focused on the northern portion of the upper Offset Zone (see Figure
2). A total of 9,800 metres in 34 diamond drill holes were completed
on the extension and infill drilling programs. Estimated true widths
are 70-100% of the reported drill intersections in this release.
Highlights from the fall 2012 Offset Zone underground drilling
program are shown in Table 1 below. The location of the drill holes
relative to the most recent resource shell (see July 16, 2012
resource update) is provided in Figure 2. Most of the drilling was
completed on the upper part of the zone, to the north of the shaft.
In 2013, efforts will focus on the area south of the shaft and
adjacent to the initial shaft loading pocket at the 740-metre level. 
Mineralization south of the shaft was initially encountered in 2011
drilling (see January 30, 2012 news release), and extension drilling
in this area will be the top priority for the underground drilling
program in 2013. Infill drill
ing this year is planned between the 740
and 825-metre mine levels. Considering the close proximity to
existing underground infrastructure, a southern extension to the
Offset Zone could provide short-term lateral growth options and
improved project economics by reducing haulage distances to the
initial shaft loading pocket. It would also allow the Company to
extend the life of the upper parts of the deposit and provide
additional time to complete extension drilling at depth, into the
footwall and above the currently defined limits to the deposit.  
TABLE 1: Drilling highlights for the Offset Zone south/upper
extension and infill programs (fall 2012). 


 
----------------------------------------------------------------------------
                                               Length              Pt     Au
Zone                Hole #   From (m) To (m)      (m) Pd (g/t)  (g/t)  (g/t)
----------------------------------------------------------------------------
Offset - South      12-601        160    170       10     4.27   0.59   0.22
Offset - South   including        161    165        4     7.47   1.01   0.33
Offset - Upper      12-701        128    147       19     3.16   0.31   0.33
Offset - Upper      12-703        228    233        5     5.25   0.50   0.52
Offset - Upper      12-705        159    192       33     3.98   0.37   0.28
Offset - Upper   including        171    175        4    14.88   1.06   0.87
Offset - Upper         and        303    316       13     4.20   0.51   0.16
Offset - Upper      12-706        197    218       21     4.19   0.51   0.30
Offset - Upper   including        209    214        5     7.40   0.98   0.45
Offset - Upper      12-708        271    277        6     4.23   0.46   0.48
Offset - Upper         and        297    299        2     8.13   0.86   0.51
Offset - Upper      12-709        307    311        4     8.92   0.78   0.49
Offset - Infill     12-841        103    129       26     5.90   0.40   0.49
----------------------------------------------------------------------------

 
To view "FIGURE 1: Geological map of the LDI mine block intrusion
showing the location of the main mineralized zones. Underground Roby
and Offset Zone deposits are shown in red (surface projections).
Drilling areas for the fall 2012 exploration program are also
indicated", please visit the following link:
http://media3.marketwire.com/docs/Figure1NAP.jpg. 
To view "FIGURE 2: Longitudinal view, looking east, of the currently
defined limits of the Offset Zone (red solid) showing location of the
fall 2012 extension drilling program, the shaft and the underground
ramp system", please visit the following link:
http://media3.marketwire.com/docs/Figure2NAP.jpg. 
Sheriff Zone Resource Definition Drilling 
In 2012, NAP accelerated surface exploration on both the Sheriff Zone
and the North VT Rim targets (see Figure 1). The results from the
first phase of the resource definition drilling results at the
Sheriff Zone were reported in the Company's July 16, 2012 news
release. As part of the second phase of the Sheriff Zone resource
definition drilling program, the Company completed 5,114 metres in 17
diamond drill holes. The estimated true width is approximately 70% of
the reported intersection length but widths do reach up to 90%.
Highlights are shown in Table 3 below.  
The second phase of the drilling program is slated for completion
later in the first quarter of 2013. After receipt and validation of
all drilling results, the Company intends to prepare, in
collaboration with Tetra Tech, an initial resource estimate for the
Sheriff Zone.  
NAP remains optimistic that the Sheriff Zone can provide a near-term
source of pit-grade material to help replace mill feed (to be blended
with higher-grade Offset Zone feed) that is currently being sourced
from the Roby Open Pit. Sampling of split core and/or crush reject
material is being conducted for bench-scale metallurgical studies
that will commence in February. Bulk sampling, initial pit shell
modeling and economic analyses are also being planned for later this
year. 
TABLE 2: Drilling highlights for the ongoing Phase 2 resource
definition program for the Sheriff Zone (fall 2012). 


 
----------------------------------------------------------------------------
                                               Length              Pt     Au
Zone                Hole #   From (m) To (m)      (m) Pd (g/t)  (g/t)  (g/t)
----------------------------------------------------------------------------
Sheriff             12-174         81    101       20     2.76   0.29   0.49
Sheriff             12-175         47     56        9     3.68   0.29   0.26
Sheriff                and        100    199       99     1.11   0.12   0.09
Sheriff          including        1
00    126       26     1.93   0.19   0.13
Sheriff          including        104    115       11     2.80   0.27   0.20
Sheriff             12-176        106    125       19     1.22   0.13   0.06
Sheriff             12-177         19     73       54     1.03   0.11   0.05
Sheriff          including         45     59       14     1.56   0.16   0.07
Sheriff             12-179        122    252      130     1.26   0.14   0.09
Sheriff          including        130    154       24     3.05   0.33   0.20
Sheriff          including        141    145        4     7.12   0.73   0.27
Sheriff             12-180         80    157       77     1.16   0.13   0.09
Sheriff          including         80     91       11     2.37   0.21   0.20
Sheriff                and        241    267       26     1.05   0.14   0.05
Sheriff             12-181         59    150       91     1.06   0.11   0.07
Sheriff          including         59     95       36     1.42   0.14   0.09
Sheriff             12-182         62     63        1     6.12   0.24   0.14
Sheriff             12-183        140    169       29     1.11   0.13   0.06
Sheriff                and        196    210       14     1.63   0.19   0.14
Sheriff             12-185        175    281      106     1.40   0.16   0.10
Sheriff          including        183    190        7     2.65   0.26   0.14
Sheriff                and        327    332        5     4.68   0.53   0.36
----------------------------------------------------------------------------

 
Roby Zone Extension Drilling 
The Company also completed a program of underground extension
drilling on the northern part of the Roby Zone including 3,350 metres
in 15 holes. The estimated true width is between 75-95% of the actual
drill intersections reported. Highlights from this program are shown
in Table 3 below with the drilling areas illustrated in Figure 3. Of
note are the excellent grades intersected in hole 12-269 which
returned 3 metres at 104.2 g/t Pd - amongst the highest ever reported
fro
m LDI. 
TABLE 3: Drilling highlights for the Roby Zone north extension
program (fall 2012). 


 
----------------------------------------------------------------------------
                                               Length              Pt     Au
Zone                Hole #   From (m) To (m)      (m) Pd (g/t)  (g/t)  (g/t)
----------------------------------------------------------------------------
Roby - North        12-259        160    165        5    13.37   0.57   0.23
Roby - North        12-261        168    172        4     5.56   0.30   0.05
Roby - North        12-262        169    175        6     4.70   0.28   0.05
Roby - North           and        193    200        7     7.09   0.33   0.31
Roby - North        12-269        138    162       24    23.35   0.98   0.68
Roby - North     including        146    149        3   104.20   4.30   4.13
----------------------------------------------------------------------------

 
To view "FIGURE 3: Longitudinal view, looking east, of the currently
defined limits to the Roby Zone (red solid) showing location of the
fall 2012 extension drilling program and the underground ramp
system", please visit the following link:
http://media3.marketwire.com/docs/Figure3NAP.jpg. 
North VT Rim Surface Drilling 
Historical exploration on the northern margin of the Mine Block
Intrusion by NAP has defined a zone of low-sulfide palladium-rich
mineralization referred to as the North VT Rim trend. The trend is
characterized by significant local grade variability as indicated by
the 'bonanza' palladium and adjacent low-grade trench results
reported last year (see January 30th, 2012 news release).  
The North VT Rim trend has not been systematically drilled off yet,
but based on existing trenching and drilling results, may have
lateral continuity at or near surface over a distance of at least
five hundred metres - extending east from the northeast end of the
Roby Zone (see Figure 1). The trend remains open further to the east
and may extend as far east as the Creek Zone for a potential total
strike length of 2 kilometres (see Figure 1).  
Based on the most recent drilling results, the North VT Rim trend
appears to have a southerly dip of approximately 50 degrees - 55
degrees and strikes parallel to the geology of the Mine Block
Intrusion in this area. In the fall of 2012, the Company completed
2,392 metres over 26 holes of surface exploration diamond drilling on
the North VT Rim trend. Holes were arranged in fans to ensure a tight
spacing (approximately 10-metre centres) of pierce points on the
mineralized trend. Drilling was concentrated in the upper 50 metres
of the trend and in two areas separated by approximately 400 metres.
This drill hole layout was designed to provide additional insights
into both local 3D and along strike 2D grade variability. The
estimated true widths are between 50-90% of the actual drill
intersections reported. Highlights are shown in Table 4 below.  
The Company is conducting applied mineralogical research on selected
trench samples from the North VT Rim trend. The research is being
conducted at the Micro Analytical Facility at Brandon University,
Manitoba. 
TABLE 4: Surface drilling highlights for the North VT rim exploration
program (fall 2012). 


 
----------------------------------------------------------------------------
                                               Length              Pt     Au
Zone                Hole #   From (m) To (m)      (m) Pd (g/t)  (g/t)  (g/t)
----------------------------------------------------------------------------
North VT Rim        12-031         18     22        4     4.67   0.26   0.06
North VT Rim        12-033         21     25        4     5.10   0.21   0.05
North VT Rim        12-034         15     31       16     2.21   0.14   0.02
North VT Rim        12-035         37     41        4     5.05   0.50   0.09
North VT Rim        12-036         18     24        6    12.40   0.38   0.16
North VT Rim     including         23     24        1    54.10   1.32   0.59
North VT Rim        12-037         18     32       14     1.98   0.12   0.04
North VT Rim        12-038         20     30       10     2.21   0.12   0.04
North VT Rim        12-039         21     28        7     4.70   0.18   0.07
North VT Rim        12-041         22     29        7     3.84   0.17   0.09
North VT Rim        12-042         24     31        7     6.29   0.24   0.16
North VT Rim     including         25     26        1    23.40   0.83   0.85
North VT Rim        12-043         14     15        1    21.00   1.18   0.06
North VT Rim        12-047         20     22        2    15.10   1.05   0.12
----------------------------------------------------------------------------

 
North LDI Intrusion Surface Drilling 
Historical exploration on the North LDI intrusion has identified
numerous surface occurrences of anomalous palladium mineralization
from 0.1 to 4.0 g/t and generally associated with pyroxenite and
peridotite layers and disseminated magmatic sulfide mineralization.
There has been limited surface drilling by NAP on the North LDI
complex (a total of 3,420 metres in 7 diamond drill holes completed
in 2003 and 2009). The geology, geochemistry and mineral potential of
the North LDI intrusion is currently being studied by NAP in
collaboration with an academic study at Queens University, Ontario.  
NAP recently completed an airborne magnetic and electromagnetic
survey (Geotech Ltd.'s VTEM system - see December 11, 2012 news
release) that returned both magnetic and electromagnetic anomalies
that helped focus plans for drilling. In the summer of 2012, the
Company laid out a fence of four holes designed to better establish
the 3D geology and grade distributions on the better exposed eastern
part of the intrusion (see Figure 4).  
Two of these holes (NL 12-100 and NL 12-101) were completed in the
fall of 2012 (total of 2,148 metres) and results have been received
for one of these (hole NL 12-100), which intersected a previously
unrecognized interval of PGE mineralization at a vertical depth of
approximately 400 metres. The intersection cut 2 metres at 3.58 g/t
Pd and 1.08 g/t Pt within a broader zone of anomalous palladium and
platinum values (e.g., 9 metres at 1.03 g/t Pd; see Appendix). The
true width of the mineralization is estimated to be 1.88 metres. It
is not yet known if this zone has lateral continuity or what deposit
model best fits the observed petrological and mineralogical
characteristics. The Company expects to complete the four hole fence
later this year and will provide an update on North LDI exploration
as new results are received.  
To view "FIGURE 4: Geological map for the North LDI intrusion and the
LDI mine block intrusion showing the location of the planned four
hole fence of surface diamond drill holes at North LDI. Two holes (NL
12-100, NL 12-101) were completed in the fall of 2012", please visit
the following link: http://media3.marketwire.com/docs/Figure4NAP.jpg. 
2013 Exploration Plans 
In 2013, NAP's LDI exploration program will be focused on defining
extensions to both the Offset Zone and Roby Zone resources and on
identifying additional, pit-grade material at surface. Surface
exploration will be focused on the Sheriff Zone and the North VT Rim
trend and are expected to include the first systematic drilling on
the South VT Rim target (see Figures 1 and 4). 
Greenfields exploration activity will continue in 2013 with the
completion of the Phase 1 drilling program expected by the end of
February. A total of 5,000 metres of drilling is expected to be
completed in the first quarter of 2013, bringing the total for the
program to approximately 12,000 metres (see Figure 5). A
comprehensive review of the large amount of technical data that has
been acquired for the Company's greenfields properties will be
undertaken in the second quarter of 2013. The outcomes of this review
will include a definition and ranking of exploration drill targets
that could be pursued later in the year. 
To view "FIGURE 5: Outline of greenfields PGE exploration properties
relative to the Mine Block property and LDI operations showing
expected drilling for Phase 1. All of the greenfields properties are
located within 30 kilometers of the LDI mill", please visi
t the
following link: http://media3.marketwire.com/docs/Figure5NAP.jpg.  
Technical Information and Qualified Persons  
The assay analyses performed during NAP's exploration drilling
programs are subject to a formal quality assurance and quality
control program. Diamond drill core from exploration drilling is
logged and sampled on the mine site and at the Company's exploration
office in Thunder Bay with sample transport by the Company and
Courtesy Courier to Activation Laboratories Ltd. (Thunder Bay and
Ancaster), an independent accredited laboratory, for assay analysis.
Check assay analyses are carried out by SGS Minerals Services
(Toronto), a laboratory that is also independent of the Company. 
The Company's exploration team designed and executed the drilling
program under the supervision of Cameron McLean, P. Geo., an employee
of NAP and a Qualified Person as defined by National Instrument
43-101, who has reviewed and approved the content of this news
release. 
About North American Palladium 
NAP is an established precious metals producer that has been
operating its flagship Lac des Iles mine (LDI) located in Ontario,
Canada since 1993. LDI is one of only two primary producers of
palladium in the world, and is currently undergoing a major expansion
to increase production and reduce cash costs per ounce. NAP also
operates the Vezza gold mine located in the Abitibi region of Quebec.
The Company's shares trade on the NYSE MKT under the symbol PAL and
on the TSX under the symbol PDL. 
Cautionary Statement on Forward-Looking Information  
Certain information included in this news release constitutes
'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', 'forecast', and similar
expressions identify forward-looking statements. Such statements
include, without limitation, any information as to our future
exploration results, financial or operating performance, including:
statements with respect to the exploration potential of the LDI or
greenfields properties, projected grades and other statements that
express management's expectations or estimates of future performance.
Forward-looking statements are necessarily based upon a number of
factors and assumptions that, while considered reasonable by
management, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. The factors and
assumptions contained in this news release, which may prove to be
incorrect, include, but are not limited to: that the Company's
interpretations of the ore body are accurate, that prices for key
exploration and development supplies, including labour, will remain
consistent with the Company's expectations, that the Company's
current estimates of mineral reserves and resources are accurate, and
that there are no material delays in the timing of ongoing projects.
The forward-looking statements are not guarantees of future
performance. The Company cautions the reader that such
forward-looking statements involve known and unknown risks that may
cause the actual results to be materially different from those
expressed or implied by the forward-looking statements. Such risks
include, but are not limited to: the possibility that new exploration
targets may not meet management's expectations, uncertainty of
mineral reserves and resources, inherent risks associated with
exploration and development, the risk that the Offset Zone and other
zones may not be successfully developed, and uncertainty of the
ability of the Company to obtain financing. For more details on the
factors, assumptions and risks 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:          
                       
                                                                            
----------------------------------------------------------------------------
             Hole   From        Length     Pd   Pt    Au                    
Zone       Number    (m) To (m)    (m)  (g/t) (g/t) (g/t)  Cu(%) Ni(%) Co(%)
----------------------------------------------------------------------------
North                                                                       
 VT Rim    12-031  18.00  22.00   4.00   4.67 0.26  0.06  0.002 0.027 0.0039
North                                                                       
 VT Rim    12-033  21.00  25.00   4.00   5.10 0.21  0.05  0.003 0.025 0.0036
North                                                                       
 VT Rim    12-034  15.00  31.00  16.00   2.21 0.14  0.02  0.003 0.026 0.0039
North                                                                       
 VT Rim    12-035  37.00  41.00   4.00   5.05 0.50  0.09  0.008 0.028 0.0039
North                                                                       
 VT Rim    12-036  18.00  24.00   6.00  12.40 0.38  0.16  0.008 0.030 0.0043
North                                                                       
 VT Rim including  23.00  24.00   1.00  54.10 1.32  0.59  0.028 0.053 0.0059
North                                                                       
 VT Rim    12-037  18.00  32.00  14.00   1.98 0.12  0.04  0.005 0.028 0.0044
North                                                                       
 VT Rim    12-038  20.00  30.00  10.00   2.21 0.12  0.04  0.004 0.027 0.0041
North                                                                       
 VT Rim    12-039  21.00  28.00   7.00   4.70 0.18  0.07  0.003 0.024 0.0036
North                                                                       
 VT Rim    12-041  22.00  29.00   7.00   3.84 0.17  0.09  0.007 0.030 0.0043
North                                                                       
 VT Rim    12-042  24.00  31.00   7.00   6.29 0.24  0.16  0.010 0.033 0.0041
North                                                                       
 VT Rim including  25.00  26.00   1.00  23.40 0.83  0.85  0.058 0.073 0.0059
North                                                                       
 VT Rim    12-043  14.00  15.00   1.00  21.00 1.18  0.06  0.001 0.018 0.0029
North                                                                       
 VT Rim    12-047  20.00  22.00   2.00  15.10 1.05  0.12  0.006 0.028 0.0043
                                                                            
Sheriff    12-174  81.00 101.00  20.00   2.76 0.29  0.49  0.109 0.129 0.0076
Sheriff    12-175  47.00  56.00   9.00   3.68 0.29  0.26  0.099 0.091 0.0085
Sheriff       and 100.00 199.00  99.00   1.11 0.12  0.09  0.032 0.048 0.0066
Sheriff including 100.00 126.00  26.00   1.93 0.19  0.13  0.040 0.063 0.0081
Sheriff including 104.00 115.00  11.00   2.80 0.27  0.20  0.053 0.080 0.0088
Sheriff    12-176 106.00 125.00  19.00   1.22 0.13  0.06  0.023 0.035 0.0058
Sheriff    12-177  19.00  73.00  54.00   1.03 0.11  0.05  0.023 0.035 0.0048
Sheriff including  45.00  59.00  14.00   1.56 0.16  0.07  0.021 0.033 0.0047
Sheriff    12-179 122.00 252.00 130.00   1.26 0.14  0.09  0.037 0.053 0.0074
Sheriff including 130.00 154.00  24.00   3.05 0.33  0.20  0.065 0.082 0.0101
Sheriff including 141.00 145.00   4.00   7.12 0.73  0.27  0.124 0.138 0.0118
Sheriff    12-180  80.00 157.00  77.00   1.16 0.13  0.09  0.054 0.053 0.0067
Sheriff including  80.00  91.00  11.00   2.37 0.21  0.20  0.127 0.093 0.0081
Sheriff       and 241.00 267.00  26.00   1.05 0.14  0.05  0.016 0.036 0.0046
Sheriff    12-181  59.00 150.00  91.00   1.06 0.11  0.07  0.043 0.051 0.0062
Sheriff includ
ing  59.00  95.00  36.00   1.42 0.14  0.09  0.041 0.052 0.0060
Sheriff    12-182  62.00  63.00   1.00   6.12 0.24  0.14  0.071 0.048 0.0046
Sheriff    12-183 140.00 169.00  29.00   1.11 0.13  0.06  0.043 0.052 0.0079
Sheriff       and 196.00 210.00  14.00   1.63 0.19  0.14  0.058 0.059 0.0067
Sheriff    12-185 175.00 281.00 106.00   1.40 0.16  0.10  0.160 0.010 0.0099
Sheriff including 183.00 190.00   7.00   2.65 0.26  0.14  0.061 0.067 0.0079
Sheriff       and 327.00 332.00   5.00   4.68 0.53  0.36  0.133 0.138 0.0087
                                                                            
Offset                                                                      
 -South    12-601 160.00 170.00  10.00   4.27 0.59  0.22  0.082 0.132 0.0111
Offset                                                                      
 -South including 161.00 165.00   4.00   7.47 1.01  0.33  0.118 0.193 0.0119
Offset                                                                      
 -Upper    12-701 128.00 147.00  19.00   3.16 0.31  0.33  0.085 0.092 0.0076
Offset                                                                      
 -Upper    12-703 228.00 233.00   5.00   5.25 0.50  0.52  0.070 0.086 0.0100
Offset                                                                      
 -Upper    12-705 159.00 192.00  33.00   3.98 0.37  0.28  0.080 0.101 0.0075
Offset                                                                      
 -Upper including 171.00 175.00   4.00  14.88 1.06  0.87  0.121 0.116 0.0066
Offset                                                                      
 -Upper       and 303.00 316.00  13.00   4.20 0.51  0.16  0.249 0.203 0.0129
Offset                                                                      
 -Upper    12-706 197.00 218.00  21.00   4.19 0.51  0.30  0.094 0.099 0.0098
Offset                                                                      
 -Upper including 209.00 214.00   5.00   7.40 0.98  0.45  0.187 0.152 0.0134
Offset                                                                      
 -Upper    12-708 271.00 277.00   6.00   4.23 0.46  0.48  0.129 0.133 0.0105
Offset                                                                      
 -Upper       and 297.00 299.00   2.00   8.13 0.86  0.51  0.194 0.164 0.0116
Offset                                                                      
 -Upper    12-709 307.00 311.00   4.00   8.92 0.78  0.49  0.255 0.168 0.0138
Offset                                                                      
 -Infill   12-841 103.00 129.00  26.00   5.90 0.40  0.49  0.105 0.156 0.0068
                                                                            
Roby -                                                                      
 North     12-259 160.00 165.00   5.00  13.37 0.57  0.23  0.015 0.052 0.0056
Roby -                                                                      
 North     12-261 168.00 172.00   4.00   5.56 0.30  0.05  0.004 0.034 0.0043
Roby -                                                                      
 North     12-262 169.00 175.00   6.00   4.70 0.28  0.05  0.005 0.029 0.0040
Roby -                                                                      
 North        and 193.00 200.00   7.00   7.09 0.33  0.31  0.029 0.048 0.0047
Roby -                                                                      
 North     12-269 138.00 162.00  24.00  23.35 0.98  0.68  0.013 0.054 0.0057
Roby -                                                                      
 North  including 146.00 149.00   3.00 104.20 4.30  4.13  0.033 0.086 0.0050
                                                                            
North                                                                       
 LDI     NL12-100 549.00 558.00   9.00   1.03 0.32  0.04  0.008 0.050 0.0081
        including 549.00 551.00   2.00   3.58 1.08  0.12  0.031 0.086 0.0156
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Contacts:
North American Palladium Ltd.
Camilla Bartosiewicz
Director, Investor Relations and Corporate Communications
416-360-7374
camilla@nap.com
www.nap.com
 
 
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