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[cbeck]

N.A. Palladium's Offset at 14.45 mt of 5.31 g/t Pd M+I

2011-06-13 16:57 ET - News Release

Mr. Michel Bouchard reports

NORTH AMERICAN PALLADIUM UPDATES PALLADIUM MINERAL RESOURCES

North American Palladium Ltd. has released an updated mineral resource estimate for the Offset zone at its Lac des Iles palladium mine in Northwest Ontario, Canada.

Highlights

* Offset zone measured and indicated resources total 14.5 million tonnes (a 68-per-cent increase) containing 2.5 million ounces of palladium (a 41-per-cent increase).
* Offset zone inferred resources total 3.1 million tonnes containing 500,000 ounces of palladium.
* Increased resource tonnage demonstrates the potential for a significantly longer mine life.
* Significant potential exists to increase LDI's mineral reserves and resources with additional step-out drilling on the Offset zone (which remains open at depth and along strike), possible Roby zone extensions (to be evaluated this year), and additional drilling on the newly discovered Cowboy, Outlaw and Sheriff zones.

"The new resource estimate for the Offset zone demonstrates the leverage that LDI has to a stronger palladium price environment," said William J. Biggar, North American Palladium's president and chief executive officer. "Most of the 2010 drill data used for the resource update was from infill drilling, aimed at improving our knowledge of the deposit for our updated mine explansion plan and commencement of mining in the Offset zone in 2012."

The updated resource estimate does not include drilling data from the newly discovered Cowboy, Outlaw and Sheriff zones, as there are insufficient drill data at this time to include them in a resource estimate. Exploration work in these zones will resume later in 2011.

The 2010 exploration program that formed the basis for the updated mineral resource estimate was mostly infill drilling. The program achieved its objectives of increasing the confidence level in the existing mineral resources of the Offset zone and demonstrating the potential for significantly more contained mineralization and longer mine life in a rising palladium price environment. This latest estimate, prepared by P&E Mining Consultants Inc., incorporates the results of the company's 2010 drill program, consisting of 228 drill holes totalling 76,995 metres, as well as all previous drill data. Cummulative Offset zone exploration to the end of 2010 totals 352 holes and 174,000 metres of drilling.

In calculating the updated resource estimate for the Offset zone, the palladium price assumption was increased to $475 (U.S.) per ounce (from $400 (U.S.) per ounce), and the cut-off grade was lowered to 3.5 grams per tonne palladium (from 4.0 grams per tonne), since the previous resource estimate calculation in May, 2010. The combination of the new drill data with the lower cut-off grade and higher palladium price expands the Offset zone deposit and will result in a longer mine life. Further increases in the palladium price assumption have the potential to significantly increase the contained mineralization.

The updated Offset zone estimate now shows almost 14.5 million tonnes of measured and indicated resources grading 5.31 grams per tonne palladium plus another three million tonnes of inferred resources grading 4.80 grams per tonne palladium. The tonnes in the measured and indicated resources increased by 68 per cent while, due to the lower cut-off grade, the average grade decreased from 6.29 grams per tonne palladium to 5.31 grams per tonne palladium. While mineralization in the LDI deposit is broadly disseminated, there is localized variability in the grades of the mineralization that will allow for early-stage selective mining to enhance palladium production.

The mineral resource calculation in the attached mineral resource estimate table for the Offset zone uses a minimum 3.5-gram-per-tonne-palladium-resource cut-off block and is current as at May 31, 2011. The updated Offset zone resource estimate will be incorporated into the revised mine expansion plan currently under way, which is expected to convert some of the mineral resources into mineral reserves. The updated mine expansion plan is scheduled to be released in the third quarter of this year.

MINERAL RESOURCE ESTIMATE (OFFSET ZONE)

Tonnes Pd Pt Au Ni Cu Pd
(000s) (g/t) (g/t) (g/t) (%) (%) (000s oz)

Measured 2,500 5.62 0.36 0.33 0.12 0.09 452
Indicated 11,955 5.24 0.36 0.32 0.12 0.10 2,016
Measured and
indicated 14,455 5.31 0.36 0.32 0.12 0.10 2,468
Inferred 3,071 4.80 0.34 0.22 0.08 0.07 474

The attached mineral reserve and resource estimate table with an updated mineral reserve and resource estimate for the LDI property as at May 31, 2011, reflects additions to mineral reserves in the Roby zone as a result of a lower cut-off grade and depletion from production.

MINERAL RESERVE AND RESOURCE ESTIMATE (LDI PROPERTY)

Tonnes Pd Pt Au Ni Cu Pd
(000s) (g/t) (g/t) (g/t) (%) (%) (000s oz)
Reserves
Proven
Roby zone (1,3) 283 7.40 0.42 0.36 0.08 0.08 67
Probable
Roby zone (1,3) 637 5.10 0.39 0.33 0.09 0.08 105
Total proven and
probable 920 5.81 0.40 0.34 0.08 0.08 172
Resources
Measured
Offset zone (1,2) 2,500 5.62 0.36 0.33 0.12 0.09 452
Open pit (1,3) 3,722 1.99 0.23 0.17 0.07 0.08 238
Stockpile (1,3) 508 2.21 0.20 0.18 0.07 0.05 36
Total measured 6,730 3.36 0.28 0.23 0.09 0.08 726
Indicated
Offset zone (1,2) 11,955 5.24 0.36 0.32 0.12 0.10 2,016
Roby zone (1,3) 3,144 7.62 0.44 0.33 0.08 0.06 770
Open pit (1,3) 2,565 2.20 0.24 0.18 0.07 0.08 181
Stockpile (1,3) 13,365 0.970 0.12 0.08 0.06 0.03 417
Total indicated 31,029 3.40 0.26 0.21 0.09 0.06 3,384
Total measured and
indicated 37,759 3.39 0.26 0.21 0.09 0.06 4,110
Inferred
Offset zone (1,2) 3,071 4.80 0.34 0.22 0.08 0.07 474

(1) Prepared in accordance with National Instrument 43-101 (standards of
disclosure for mineral projects) and the Canadian Institute of Mining,
Metallurgy and Petroleum classification system.
(2) The mineral resource estimate for the Offset zone was prepared by
Antoine Yassa, PGeo, and Eugene Puritch, PEng, of P&E Mining Consultants
Inc., both independent qualified persons within the meaning of NI 43-101.
The mineral resource calculation uses a minimum 3.5-gram-per-tonne-
palladium-resource-block cut-off; assays were capped at various levels
depending on metal-grade distributions. Resources were estimated to the
4,070 mine level (negative 930-metre elevation), a maximum depth of 1,430
m. The following metal price assumptions were used: $475 (U.S.) per ounce
palladium, $1,500 (U.S.) per ounce platinum, $1,100 (U.S.) per ounce gold,
$9 (U.S.) per pound nickel and $3 (U.S.) per pound copper. A U.S.-
dollar/Canadian-dollar exchange rate of 95 U.S. cents equals $1 (Canadian)
was also applied.
(3) The mineral reserve and resource estimate for the Roby zone, open pit
and stockpiles were estimated as of June 30, 2010, by Scott Wilson RPA and
updated by David Penna, PGeo, an employee of the company and a qualified
person under NI 43-101 to reflect: (i) additions to mineral reserves in the
Roby zone as a result of a lower cut-off palladium grade and higher
palladium price in the Roby zone; (ii) depletion from production up to
May 31, 2011; and (iii) mineral reserves from the crown pillar (supported
by an internal engineering report). The following cut-off grades were used:
(i) 1.8-gram-per-tonne palladium equivalent for the Roby open pit, within
an optimized pit shell run below the current pit survey; (ii) 1.9-gram-per-
tonne palladium equivalent for the mine stockpiles; and (iii) 5.8-gram-per-
tonne palladium equivalent for the underground Roby zone. These cut-off
grades were determined under the assumption that production would take
place at a rate of 14,000 tonnes per day. Metal price assumptions of $350
(U.S.) per ounce palladium, $1,400 (U.S.) per ounce platinum, $850 (U.S.)
per ounce gold, $6.50 (U.S.) per pound nickel and $2 (U.S.) per pound
copper were used in the estimation of the cut-off grade. A U.S.-dollar/
Canadian-dollar exchange rate of 1.11 was also applied.

Based on the metal prices assumed in the resource update, the byproduct metals of the Offset zone (platinum, gold, copper and nickel) represent approximately 30 per cent of metal revenue. Byproduct revenue is treated as a reduction of cash cost per ounce.

Continuing exploration at LDI

Exploration at LDI is continuing with an $8.8-million, 25,000-metre drill program. The 2011 program includes more infill drilling in the lower portion of the Offset zone (to upgrade the resource category at depth), defining the upper extension of the Offset zone, and conducting more underground exploration following the extensions of the Offset zone at depth and toward the south. An exploration update on the 2011 drill results to date is targeted to be released later this month.

There are four drills on surface (targeting the North VT rim, southeast Roby and Sheriff zones and the deep part of the Offset zone) and two underground drills (one targeting the upper extensions of the Offset zone and the other testing for potential upper north Roby zone extensions).

The Roby zone was recently subject to a survey of all previous drill data, aimed at investigating possible mineralized extensions south and north of the actual mining areas. The size of the potential extensions will be evaluated through a drill campaign, initiated during the second quarter. If these extensions prove to be minable, accessing these areas would require minimal development given the existing Roby zone infrastructure, which would only be required to be extended along strike.

Technical information and qualified person

Michel Bouchard, PGeo, vice-president, exploration and development, for North American Palladium, and Eugene Puritch, PEng, president of P&E Mining Consultants, both qualified persons as defined by NI 43-101, have reviewed and approved the content of this news release.

Additional information can be found in North American Palladium's recent Form 40-F/annual information form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. The current mineral reserve and mineral resource estimates for each of these properties are available on SEDAR and the company website.

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Antwort auf Beitrag Nr.: 41.642.078 von cbeck am 14.06.11 08:44:06

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