ONTARIO — Toronto’s North American Palladium says the recent 43-101 report prepared by Scott Wilson RPA for the Offset high-grade zone outlines an indicated resource of 12.3 million tonnes containing nearly 2.0 million oz of palladium and 150,000 oz of platinum. The indicated resource grades 5.20 g/t Pd, 0.38 g/t Pt, 0.37 g/t Au, 0.13% Ni and 0.11% Cu. There is also an inferred resource of 4.6 million tonnes at 4.85 g/t Pd and 0.37 g/t Pt plus gold, nickel and copper.
The company has outlined a 2009 exploration budget of $7.0 million. The aim is to upgrade resources in the Offset zone and extend the potential mine life at the Lac des Iles (LDI) palladium mine. The East gabbro-breccia zone located south along strike and up-dip from the Offset zone will also be drilled. Drilling will test a large intrusive rock complex from surface on three zone as well as investigate a new grassroots opportunity at North LDI.
North American Palladium estimated that the Lac des Iles mine produced approximately 250,000 oz of palladium and significant by-product credits annually. The mine operated for 15 years, but was recently placed on care and maintenance.
More information is available at www.NAPalladium.com.