EX-1 2 a08-13355_1ex1.htm EX-1

 

Exhibit 1

 

 

2116-130 Adelaide St. W.
Toronto, Ontario
Canada  M5H 3P5

 

 

 

For Immediate Release

 

News Release

 

AMEX: PAL, PAL.WS
TSX:  PDL, PDL.WT

 

North American Palladium Releases Infill Drilling Results
for Offset High Grade Zone

 

Toronto — April 29 - North American Palladium Ltd. is pleased to announce results from an infill drilling program for the Offset High Grade Zone (“OHGZ”) located at its Lac des Iles mine near Thunder Bay, Ontario.  A total of 44 drill holes, totaling 20,984 metres, were completed as part of this program. This drilling program was carried out from the Lac des Iles underground mine and targeted the upper portion of the OHGZ to a vertical depth of approximately 890 metres below surface.

 

The primary deposit at the Company’s Lac des Iles property is the Roby Zone, a disseminated magmatic nickel-copper-PGM deposit.  The OHGZ is believed to be the fault displaced continuation of the Roby Zone mineralization and is located below and approximately 250 meters to the west of the Roby Zone.  A mineral resource estimate for the OHGZ was prepared by Scott Wilson Roscoe Postle Associates (“RPA”) in October 2007 (see press release dated April 2, 2007). The report showed that the OHGZ has significantly more mineral resources than the current underground mine at similar grades, while still being open along strike to the north, south and at depth.

 

The objective of this drilling campaign was to increase the confidence level in the upper portion of the OHGZ and to upgrade a portion of the inferred mineral resources to the measured and indicated categories.  RPA has been retained to update the mineral resources on this portion of the zone.  A surface diamond drill program is also being carried out to determine the outer limits of OHGZ mineralization.

 

Mr. Jim Excell, President and CEO said: “The grades and widths of the mineralization from this infill drilling program continue to support our view of the long term prospects for underground mining at Lac des Iles.  A scoping study examining the economic viability of several exploitation scenarios for the OHGZ is nearing completion and the results will be released shortly.”

 

Table 1: 2007 Drilling Results, Offset Zone Infill Drilling(1)

 

Hole ID

 

From
(m)

 

To
(m)

 

Length
(m)

 

Est. True Width (m)

 

Pd, Pt, Au
(3E g/t)

 

Pd
(g/t)

 

Pt
(g/t)

 

Ni
(%)

 

Cu
(%)

 

Au
(g/t)

07-001

 

273.00

 

293.00

 

20.00

 

16.0

 

10.00

 

8.71

 

0.49

 

0.19

 

0.18

 

0.80

incl

 

273.00

 

275.00

 

2.00

 

 

 

29.48

 

26.66

 

1.10

 

0.19

 

0.11

 

1.72

07-002

 

313.00

 

334.00

 

21.00

 

13.7

 

7.53

 

6.81

 

0.47

 

0.11

 

0.08

 

0.25

incl.

 

325.00

 

330.00

 

5.00

 

 

 

11.00

 

10.26

 

0.52

 

0.11

 

0.07

 

0.22

and

 

355.00

 

364.00

 

9.00

 

5.4

 

6.54

 

5.62

 

0.36

 

0.16

 

0.14

 

0.56

07-003

 

377.00

 

480.00

 

103.00

 

58.0

 

6.76

 

5.97

 

0.41

 

0.15

 

0.12

 

0.37

 

 


 

Hole ID

 

From
(m)

 

To
(m)

 

Length
(m)

 

Est. True Width (m)

 

Pd, Pt, Au
(3E g/t)

 

Pd
(g/t)

 

Pt
(g/t)

 

Ni
(%)

 

Cu
(%)

 

Au
(g/t)

incl.

 

379.00

 

397.00

 

18.00

 

 

 

14.68

 

13.57

 

0.73

 

0.14

 

0.11

 

0.37

and

 

427.00

 

448.00

 

21.00

 

 

 

8.58

 

7.46

 

0.51

 

0.20

 

0.16

 

0.61

and

 

473.00

 

480.00

 

7.00

 

 

 

9.90

 

8.975

 

0.69

 

0.13

 

0.09

 

0.24

07-004

 

445.00

 

448.60

 

3.60

 

2.5

 

6.04

 

5.51

 

0.40

 

0.09

 

0.05

 

0.13

and

 

483.57

 

500.00

 

16.43

 

11.3

 

9.51

 

8.07

 

0.57

 

0.14

 

0.11

 

0.87

07-005

 

279.85

 

294.15

 

14.30

 

11.5

 

10.16

 

9.42

 

0.52

 

0.18

 

0.11

 

0.22

incl.

 

281.00

 

285.00

 

4.00

 

 

 

20.03

 

18.82

 

0.87

 

0.19

 

0.14

 

0.35

07-006

 

305.80

 

336.00

 

30.20

 

20.3

 

9.38

 

8.37

 

0.53

 

0.13

 

0.12

 

0.49

incl

 

314.00

 

323.65

 

9.65

 

 

 

14.40

 

13.04

 

0.69

 

0.13

 

0.11

 

0.68

07-007

 

350.00

 

373.00

 

23.00

 

15.3

 

13.74

 

12.33

 

0.62

 

0.24

 

0.16

 

0.78

incl

 

362.00

 

367.00

 

5.00

 

 

 

29.69

 

26.67

 

1.12

 

0.48

 

0.36

 

1.90

07-008

 

410.00

 

432.00

 

22.00

 

12.4

 

7.87

 

6.86

 

0.50

 

0.15

 

0.10

 

0.51

incl.

 

410.00

 

419.00

 

9.00

 

 

 

10.58

 

9.24

 

0.70

 

0.20

 

0.16

 

0.65

and

 

426.00

 

432.00

 

6.00

 

 

 

9.19

 

7.94

 

0.53

 

0.17

 

0.11

 

0.72

07-012

 

286.00

 

290.10

 

4.10

 

3.6

 

4.85

 

3.87

 

0.43

 

0.22

 

0.23

 

0.55

07-015

 

304.60

 

316.80

 

12.20

 

10.0

 

8.43

 

7.45

 

0.38

 

0.12

 

0.07

 

0.60

07-017

 

374.30

 

431.40

 

57.10

 

36.8

 

6.84

 

6.16

 

0.36

 

0.13

 

0.07

 

0.31

incl.

 

374.30

 

395.00

 

20.70

 

 

 

9.12

 

8.3

 

0.49

 

0.15

 

0.05

 

0.34

and

 

407.00

 

410.00

 

3.00

 

 

 

12.63

 

11.6

 

0.67

 

0.20

 

0.10

 

0.33

07-018

 

244.00

 

257.00

 

13.00

 

9.0

 

6.31

 

5.60

 

0.37

 

0.22

 

0.07

 

0.33

incl

 

253.00

 

257.00

 

4.00

 

 

 

9.32

 

8.21

 

0.46

 

0.29

 

0.12

 

0.64

07-019

 

377.20

 

394.00

 

16.80

 

13.0

 

9.41

 

8.31

 

0.63

 

0.15

 

0.11

 

0.47

incl.

 

380.20

 

384.00

 

3.80

 

 

 

18.94

 

17.03

 

1.11

 

0.24

 

0.18

 

0.80

07-020

 

417.00

 

425.00

 

8.00

 

7.0

 

6.55

 

5.83

 

0.43

 

0.12

 

0.07

 

0.29

07-021

 

480.27

 

552.00

 

71.73

 

33.8

 

6.51

 

5.76

 

0.40

 

0.18

 

0.11

 

0.34

incl.

 

480.27

 

503.25

 

22.98

 

 

 

8.06

 

7.05

 

0.52

 

0.20

 

0.12

 

0.48

incl.

 

496.27

 

503.25

 

6.98

 

 

 

13.89

 

12.64

 

0.74

 

0.23

 

0.08

 

0.49

07-022

 

414.00

 

460.80

 

46.80

 

29.0

 

7.06

 

6.03

 

0.49

 

0.13

 

0.14

 

0.54

incl.

 

414.00

 

425.80

 

11.80

 

 

 

8.45

 

7.26

 

0.58

 

0.11

 

0.11

 

0.61

and

 

491.00

 

500.00

 

9.00

 

5.6

 

9.30

 

8.55

 

0.45

 

0.06

 

0.06

 

0.29

07-023

 

332.79

 

336.00

 

3.21

 

2.4

 

3.23

 

2.90

 

0.23

 

0.06

 

0.04

 

0.10

07-024

 

373.15

 

378.00

 

4.85

 

3.3

 

8.58

 

6.78

 

1.19

 

0.16

 

0.19

 

0.61

and

 

398.00

 

405.00

 

7.00

 

4.8

 

7.32

 

6.37

 

0.57

 

0.12

 

0.09

 

0.38

07-028

 

249.00

 

253.00

 

4.00

 

 

 

3.56

 

3.02

 

0.45

 

0.13

 

0.10

 

0.10

and

 

395.00

 

400.00

 

5.00

 

3.5

 

4.64

 

3.94

 

0.50

 

0.06

 

0.06

 

0.21

07-029

 

438.00

 

449.00

 

11.00

 

7.1

 

8.91

 

7.80

 

0.59

 

0.11

 

0.10

 

0.53

and

 

489.00

 

504.00

 

15.00

 

9.7

 

7.45

 

6.69

 

0.43

 

0.11

 

0.08

 

0.33

07-030

 

Encountered tonalite-did not intersect Offset Zone

07-032

 

455.00

 

467.00

 

12.00

 

10.3

 

7.50

 

6.40

 

0.43

 

0.17

 

0.12

 

0.66

07-034

 

393.00

 

402.80

 

9.80

 

8.6

 

9.29

 

8.59

 

0.41

 

0.13

 

0.13

 

0.28

Incl.

 

400.00

 

402.80

 

2.80

 

 

 

18.21

 

17.09

 

0.72

 

0.14

 

0.12

 

0.40

and

 

415.35

 

427.25

 

11.90

 

10.4

 

13.96

 

13.24

 

0.55

 

0.09

 

0.02

 

0.16

07-035

 

439.20

 

441.15

 

1.95

 

1.6

 

16.72

 

15.35

 

0.89

 

0.08

 

0.06

 

0.48

07-036

 

Encountered tonalite-did not intersect Offset Zone

 

 

2


 

Hole ID

 

From
(m)

 

To
(m)

 

Length
(m)

 

Est. True Width (m)

 

Pd, Pt, Au
(3E g/t)

 

Pd
(g/t)

 

Pt
(g/t)

 

Ni
(%)

 

Cu
(%)

 

Au
(g/t)

07-037

 

430.34

 

440.00

 

9.66

 

8.8

 

6.23

 

5.17

 

0.42

 

0.13

 

0.13

 

0.64

07-041

 

393.00

 

397.00

 

4.00

 

2.1

 

3.20

 

2.75

 

0.37

 

0.04

 

0.02

 

0.08

and

 

452.00

 

467.00

 

15.00

 

7.7

 

6.76

 

6.03

 

0.47

 

0.10

 

0.10

 

0.26

07-042

 

481.40

 

492.00

 

10.60

 

4.5

 

11.02

 

9.67

 

0.66

 

0.17

 

0.12

 

0.68

07-043

 

408.00

 

415.00

 

7.00

 

6.2

 

10.76

 

9.86

 

0.60

 

0.09

 

0.09

 

0.30

incl.

 

410.00

 

413.00

 

3.00

 

 

 

18.60

 

17.29

 

0.85

 

0.10

 

0.09

 

0.46

07-044

 

Encountered tonalite-did not intersect Offset Zone

07-045

 

Encountered tonalite-did not intersect Offset Zone

07-046

 

430.40

 

440.00

 

9.60

 

7.8

 

12.56

 

11.57

 

0.52

 

0.09

 

0.06

 

0.48

incl.

 

431.40

 

435.40

 

4.00

 

 

 

20.85

 

19.33

 

0.71

 

0.12

 

0.09

 

0.81

07-047

 

466.00

 

473.00

 

7.00

 

4.0

 

3.85

 

3.15

 

0.43

 

0.10

 

0.12

 

0.28

07-048

 

452.25

 

465.00

 

12.75

 

9.6

 

6.29

 

5.64

 

0.41

 

0.08

 

0.04

 

0.24

incl.

 

452.25

 

453.10

 

0.85

 

 

 

24.61

 

21.57

 

1.28

 

0.24

 

0.25

 

1.76

and

 

477.00

 

486.25

 

9.25

 

5.1

 

7.62

 

6.76

 

0.56

 

0.09

 

0.06

 

0. 30

07-049

 

432.50

 

481.00

 

57.50

 

35.5

 

7.09

 

5.76

 

0.77

 

0.20

 

0.20

 

0.56

incl.

 

441.30

 

462.00

 

20.70

 

 

 

9.47

 

7.59

 

1.04

 

0.26

 

0.28

 

0.83

and

 

468.00

 

476.00

 

8.00

 

 

 

8.59

 

6.93

 

0.90

 

0.27

 

0.27

 

0.76

07-050

 

Encountered tonalite-did not intersect Offset Zone

(1)          A listing of the drill hole collar information and previously released results (press release dated October 3, 2007) can be found on North American Palladium’s website at www.napalladium.com.

 

The assaying performed during this drilling campaign was subject to a formal quality assurance and quality control (QA/QC) program.  Diamond drill core is logged and split on site with split samples transported by the Company to Accurassay Laboratories, an independent accredited laboratory located in Thunder Bay, for analysis. Approximately 10% of the analyzed samples are sent to and re-sampled by ALS Chemex, a laboratory that is also independent of the Company. The check samples are being analyzed by ALS Chemex using the same procedures employed by Accurassay. Ms. Krista Nelson, P.Geo, a geologist employed by North American Palladium, is the Qualified Person who supervises the QA/QC work carried out for the OHGZ drilling program. The design and execution of this drilling program was done by the company’s exploration team under the supervision of Paul Nielsen, P.Geo, a Qualified Person, who has reviewed and approved the contents of this news release.

 

About North American Palladium

 

North American Palladium is one of North America’s largest producers of palladium.  The Company’s core palladium business at the Lac des Iles mine is strengthened by a significant contribution from platinum, nickel, gold and copper by-product metals.  The Company is actively progressing its three advanced exploration projects: the Offset High Grade Zone at its Lac des Iles Mine, the Shebandowan West Project, located approximately 100 kilometres from the mine, and the Arctic Platinum Project in Finland.  Please visit www.napalladium.com for more information.

 

 

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For further information please contact:
Jim Excell
President and Chief Executive Officer
Tel: (416) 360-7971 Ext. 223
Email:  jexcell@napalladium.com

 

Linda Armstrong
Director, Investor Relations
(416) 360-7971 Ext. 226
Email: larmstrong@napalladium.com

 

 

Forward-Looking Statements

 

Certain information included in this press release, including any information as to our future 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 and contingencies.  These statements are based on certain factors and assumptions, including but not limited to, the assumption that market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices; the integrated operation of the Company’s underground mine and the open pit mine remain viable operationally and economically; financing is available on reasonable terms; expectations for blended mill feed head grade and mill performance will proceed as expected; new mine plan scenarios will be viable operationally and economically; and plans for mill production, sustainable recoveries from the Lac des Iles mine, exploration at Lac des Iles and elsewhere will all proceed as expected.  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 risks, uncertainties and other factors include, but are not limited to: metal price volatility; economic and political events affecting metal supply and demand; changes in the regulatory environment; fluctuations in ore grade or ore tonnes milled; geological, technical, mining or processing problems; future production; changes in the life-of-mine plan or the ultimate pit design; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of mineral reserves; adverse changes in our credit rating; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in 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. Readers are cautioned not to put undue reliance on these forward-looking statements.

 

 

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