TORONTO — North American Palladium (NAP) and Cadiscor Resources have announced their intention to combine their businesses. This is an all-share transaction that will see NAP issue 0.33 common share for each common share of Cadiscor. NAP will issue 14.3 million new shares, and current Cadiscor shareholders will own 14% of NAP after the deal closes.
Cadiscor’s main asset is the Sleeping Giant underground gold mine and mill 80 km north of Amos, QC. Cadiscor acquired the property from IamGold in October 2008. A 43-101 report commissioned by Cadiscor puts measured and indicated resources at 489,000 tonnes grading 9.7 g/t Au. Included in that number are proven and probable reserves of 235,300 at 9.3 g/t Au.
NAP operates North America’s only primary palladium producer, the Lac des Iles mine in northern Ontario. The mine was placed on temporary care-and-maintenance last October due to low metal prices. Prior to that, the Lac des Iles mine had produced 270,000 oz of palladium, 20,000 oz of platinum and 20,000 oz of gold annually.
Learn more about these companies at their websites, www.NAPalladium.com and www.Cadiscor.com.