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Message: Completes Acquisition of Cadiscor Resources

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Completes Acquisition of Cadiscor Resources

posted on May 26, 09 11:18AM

May 26, 2009

North American Palladium Completes Acquisition of Cadiscor Resources

TORONTO, ONTARIO--(Marketwire - May 26, 2009) - North American Palladium Ltd. (NAP) (TSX:PDL)(NYSE Amex:PAL) today announced the completion of the acquisition of Cadiscor Resources Inc. in an all-share transaction whereby Cadiscor shareholders received 0.33 common shares of NAP for each common share of Cadiscor. NAP issued 14.5 million common shares on closing, and now has 101.3 million shares issued and outstanding.

Mr. William Biggar, President and Chief Executive Officer commented "We are very pleased to have completed this acquisition, which is an important first step in our evolution into a diversified precious metals producer. The Sleeping Giant gold mine, located in the prolific Abitibi region of Quebec, is an excellent asset with near-term production. Operational teams are already in place at Sleeping Giant and are preparing for the re-start of the mine in the fourth quarter of this year. Annual production is expected to be approximately 50,000 ounces. We believe that there is also potential to extend mine life and our exploration team will be conducting an extensional drilling program later this year."

About North American Palladium

North American Palladium is a diversified precious metals company that owns and operates the Lac des Iles mine which produced platinum group metals for 15 years until October 2008 when it was placed on temporary care and maintenance due to low metal prices. Prior to the temporary shutdown, the mine had annual production of 270,000 ounces of palladium, 20,000 ounces of platinum and 20,000 ounces of gold. The Company also owns and operates the Sleeping Giant gold mine located in the Abitibi region of Quebec, which produced over 1 million ounces of gold from 1988-2008 at an average grade of 11.44 g/t. Production at Sleeping Giant is expected to resume in the fourth quarter of 2009. North American Palladium benefits from operating in a politically stable jurisdiction with developed infrastructure and a history of innovation and excellence in mining. Please visit www.napalladium.com for more information.

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