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North American Palladium Reports Final Drill Results at Ahmavaara Deposit, Finland; Pilot Plant Operation &Amp; Feasibility Study Commencing

Posted on: Monday, 22 October 2007, 15:00 CDT

North American Palladium (TSX: PDL)(AMEX: PAL) is pleased to announce the final results of an infill drill program at the Ahmavaara deposit, the larger of two deposits that comprise the Suhanko property. The Suhanko property is one of three advanced stage platinum group metal projects located south of Rovaniemi, Finland known as the Arctic Platinum Project ("APP") over which the Company has a right to earn up to a 60% interest from Gold Fields.

A total of 26 holes totalling 4,352 metres in length were drilled in this last phase, completing the 83-hole drilling program. The results of this infill drill program support NAP's interpretation of the geologic continuity and metal distribution that was based upon previous widely spaced drill holes.

In addition to this infill drilling campaign, bulk sampling is underway at both Suhanko property deposits, Ahmavaara and Konttijarvi and is nearing completion. A program of bench-scale metallurgical testing is ongoing in support of a pilot plant test that is expected to be carried out next month.

Mr. Jim Excell, President and CEO of North American Palladium commented, "These drilling results are very encouraging as they continue to confirm the excellent continuity of the metal content and the favourable widths of these shallow mineralized zones at the deposit. In terms of the nickel-copper and PGM's, the Ahmavaara drilling results are broadly comparable to those the Company mines from the open pit portion of its Lac des Isles mine near Thunder Bay, Ontario."

The Company has accepted a proposal from Aker Kvaerner to complete a definitive feasibility study and recently hired a 30-year veteran of the mining industry to oversee the work at APP as it moves closer to satisfying the conditions of its earn-in.

The mineralized drill intersections at Ahmavaara have been located within 200 metres from surface and have included such intersections as: 3.0 g/t Pd+Pt+Au ("3E") along a core length of 26.7 metres in drill hole RN/YP-746; 1.6 g/t 3E along a core length of 41 metres in drill hole RN/YP-734; and 2.2 g/t 3E along a core length of 28.2 metres in drill hole RN/YP-749. A complete listing of the drilling results is given in Table 1 below, and a listing of the drill hole co-ordinates can be found on the Company's website. Mineralized intervals were calculated using a cut-off grade of 1.0 g/t 3E.

     Table 1 - Results of the Phase 2 In-fill Drilling at the Ahmavaara                                  Deposit, Finland. --------------------------------------------------------------------------- --------------------------------------------------------------------------- Hole        From Length  True    Pd/    Pd    Pt    Au    Cu    Ni  ZONE                m      m  len-    Pt/   g/t   g/t   g/t     %     %                         gth %     Au                                  (3E)                                  g/t               --------------------------------------------------------------------------- RN/YP-734  80.00  41.00   100   1.56  1.16  0.27  0.12  0.20  0.06  Upper ---------------------------------------------------------------------------   incl.    80.00   1.00         3.51  2.53  0.65  0.32  0.28  0.12 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-745 168.00  15.00   100   3.52  2.66  0.72  0.15  0.19  0.09  Upper ---------------------------------------------------------------------------   incl.   171.00   1.00        12.93 10.10  2.73  0.10  0.13  0.21 --------------------------------------------------------------------------- and       209.00   6.33   100   2.23  1.69  0.30  0.23  0.57  0.19  Lower ---------------------------------------------------------------------------   incl.   214.00   1.33         3.72  2.72  0.62  0.38  0.85  0.20 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-746 137.00   7.00    90   1.36  0.90  0.27  0.18  0.18  0.11 ---------------------------------------------------------------------------   incl.   143.00   1.00         2.01  1.39  0.39  0.23  0.22  0.11 --------------------------------------------------------------------------- and       152.00  26.75    90   3.04  2.21  0.52  0.31  0.35  0.10  Upper+                                                                      lower ---------------------------------------------------------------------------   incl.   175.55   0.45         9.32  6.28  1.30  1.74  2.90  0.42 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-747  98.00  14.16   100   1.58  1.15  0.35  0.08  0.07  0.06  Upper ---------------------------------------------------------------------------   incl.   106.00   0.55         6.29  4.38  1.68  0.23  0.19  0.06 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-749 146.00   9.00   100   1.01  0.73  0.19  0.09  0.11  0.07 ---------------------------------------------------------------------------   incl.   154.00   1.00         1.50  1.15  0.25  0.10  0.10  0.08 --------------------------------------------------------------------------- and       165.00  28.16   100   2.16  1.57  0.41  0.18  0.34  0.06  Upper ---------------------------------------------------------------------------   incl.   169.00   1.00         5.61  4.23  1.02  0.36  0.36  0.05 --------------------------------------------------------------------------- and       196.61  16.45   100   2.15  1.63  0.24  0.29  0.51  0.15  Lower ---------------------------------------------------------------------------   incl.   200.00   1.00         5.06  3.45  0.46  1.15  1.12  0.33 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-750 122.00  19.22    90   1.77  1.27  0.33  0.16  0.15  0.11  Upper ---------------------------------------------------------------------------   incl.   124.00   1.00         7.06  5.02  1.56  0.48  0.24  0.13 --------------------------------------------------------------------------- and       171.00  10.00    90   1.34  1.07  0.18  0.08  0.21  0.10  Lower ---------------------------------------------------------------------------   incl.   172.00   1.00         3.31  2.78  0.45  0.09  0.43  0.29 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-751   8.10  17.90    70   1.27  0.94  0.25  0.08  0.16  0.08  Upper ---------------------------------------------------------------------------   incl.    25.00   1.00         1.85  1.30  0.40  0.15  0.21  0.08 --------------------------------------------------------------------------- and        50.71  11.29    80   1.03  0.80  0.15  0.07  0.20  0.08  Lower ---------------------------------------------------------------------------   incl.    55.00   0.83         2.00  1.56  0.31  0.13  0.50  0.19 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-753 191.00  16.49   100   3.39  2.63  0.53  0.23  0.71  0.24  Lower ---------------------------------------------------------------------------   incl.   197.72   1.28         9.83  7.94  1.53  0.35  1.93  0.75 --------------------------------------------------------------------------- and       214.00   3.00   100   1.99  1.53  0.19  0.26  0.79  0.14 ---------------------------------------------------------------------------   incl.   214.00   1.00         3.48  2.59  0.35  0.53  1.80  0.15 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-754  43.93   5.59   100   3.12  2.49  0.42  0.22  0.39  0.15 ---------------------------------------------------------------------------   incl.    43.93   1.07         7.35  6.52  0.58  0.25  0.53  0.11 --------------------------------------------------------------------------- and        62.00   5.10    80   1.89  1.40  0.36  0.12  0.18  0.12  Upper1 ---------------------------------------------------------------------------   incl.    63.00   1.00         4.17  3.10  0.89  0.21  0.23  0.20 --------------------------------------------------------------------------- and        75.94  27.06    80   2.34  1.80  0.39  0.16  0.25  0.16  Upper2+                                                                      lower ---------------------------------------------------------------------------   incl.    86.00   0.91        14.00 11.70  2.20  0.10  0.33  1.15 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-755  14.00  13.00   100   2.01  1.26  0.39  0.36  0.12  0.07  Upper ---------------------------------------------------------------------------   incl.    15.00   0.50         6.26  4.37  1.56  0.33  0.25  0.15 --------------------------------------------------------------------------- and        56.00   9.00    90   1.15  0.89  0.17  0.11  0.24  0.09 ---------------------------------------------------------------------------   incl.    56.00   1.00         2.04  1.52  0.37  0.16  0.32  0.14 --------------------------------------------------------------------------- and        71.00   8.00    90   1.19  0.88  0.18  0.13  0.18  0.05 ---------------------------------------------------------------------------   incl.    72.00   1.00         2.08  1.45  0.30  0.33  0.34  0.05 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-756 165.15  35.67    90   2.11  1.52  0.34  0.25  0.31  0.10  Upper+                                                                      lower ---------------------------------------------------------------------------   incl.   192.00   1.00         6.04  3.81  0.81  1.42  0.85  0.20 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-757 123.00  15.00    70   1.18  0.88  0.21  0.09  0.14  0.07  Upper ---------------------------------------------------------------------------   incl.   136.00   1.00         2.37  1.79  0.44  0.14  0.27  0.12 --------------------------------------------------------------------------- and       150.00  43.00    80   2.00  1.34  0.26  0.40  0.47  0.09  Lower ---------------------------------------------------------------------------   incl.   179.32   0.68        15.96  7.01  0.59  8.36  4.69  0.22 --------------------------------------------------------------------------- and       199.65   7.23    90   3.37  2.78  0.36  0.23  0.52  0.38  Lower ---------------------------------------------------------------------------   incl.   201.00   1.00         5.97  5.31  0.50  0.16  0.47  0.97 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-758  58.00  26.00    70   1.86  1.34  0.38  0.19  0.17  0.09  Upper ---------------------------------------------------------------------------   incl.    65.04   0.96         4.99  3.57  1.11  0.31  0.27  0.08 --------------------------------------------------------------------------- and       110.00  14.00    90   2.54  2.00  0.31  0.22  0.40  0.20  Lower ---------------------------------------------------------------------------   incl.   119.90   0.50        15.18 13.40  1.64  0.14  0.68  2.40 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-759  81.00   5.00    90   1.65  1.21  0.30  0.14  0.13  0.03  Lower ---------------------------------------------------------------------------   incl.    81.00   1.00         3.59  2.82  0.71  0.06  0.04  0.03 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP                                                               Upper+  -760B    161.76  31.24    90   1.72  1.30  0.28  0.15  0.30  0.09   lower ---------------------------------------------------------------------------   incl.   182.00   1.00         8.00  5.95  1.81  0.24  1.88  0.56 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-761  84.00  17.00    90   1.43  1.02  0.32  0.09  0.11  0.08  Upper ---------------------------------------------------------------------------   incl.    90.00   1.00         2.63  1.94  0.66  0.02  0.05  0.10 --------------------------------------------------------------------------- and       128.00   5.36    90   1.72  1.45  0.21  0.06  0.39  0.28 ---------------------------------------------------------------------------   incl.   128.00   0.80         4.33  3.83  0.46  0.05  0.84  0.90 --------------------------------------------------------------------------- and       171.00  11.87    90   2.77  2.28  0.35  0.13  0.86  0.44  Lower ---------------------------------------------------------------------------   incl.   180.00   1.09         8.70  7.82  0.69  0.18  4.31  1.55 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-762  28.00   4.74    90   1.53  1.10  0.32  0.10  0.13  0.08  Upper ---------------------------------------------------------------------------   incl.    31.00   1.00         2.43  1.72  0.59  0.14  0.15  0.08 --------------------------------------------------------------------------- and        97.00  19.00    90   1.43  1.09  0.24  0.10  0.16  0.06 ---------------------------------------------------------------------------   incl.   113.00   1.00         3.08  2.45  0.50  0.13  0.23  0.20 --------------------------------------------------------------------------- and       129.77  16.23    90   1.38  1.03  0.19  0.17  0.25  0.07  Lower ---------------------------------------------------------------------------   incl.   142.00   1.00         2.15  1.67  0.24  0.24  0.42  0.11 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-763 136.00  23.00    80   1.28  0.99  0.21  0.08  0.20  0.10 ---------------------------------------------------------------------------   incl.   150.00   1.00         4.27  3.24  0.85  0.18  0.34  0.15 --------------------------------------------------------------------------- and       167.73  33.27    80   1.90  1.48  0.23  0.20  0.39  0.15  Lower1 ---------------------------------------------------------------------------   incl.   188.00   1.00         4.61  3.70  0.48  0.43  0.68  0.60 --------------------------------------------------------------------------- and       212.61   5.85    90   1.98  1.61  0.20  0.17  0.39  0.14  Lower2 ---------------------------------------------------------------------------   incl.   218.00   0.46         3.94  3.40  0.37  0.17  0.62  0.30 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-764  75.10  11.90    80   2.56  1.89  0.42  0.24  0.38  0.11 ---------------------------------------------------------------------------   incl.    85.00   1.00         4.07  3.05  0.73  0.29  0.48  0.19 --------------------------------------------------------------------------- and       130.00  19.00    80   1.48  1.12  0.27  0.09  0.16  0.11  II                                                                      Upper1 ---------------------------------------------------------------------------   incl.   147.00   1.00         3.23  2.46  0.70  0.08  0.20  0.21 --------------------------------------------------------------------------- and       153.00   9.00    80   1.18  0.88  0.19  0.12  0.18  0.06  II                                                                      Upper2 ---------------------------------------------------------------------------   incl.   153.00   1.00         2.05  1.45  0.39  0.21  0.26  0.10 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-766  28.80   6.20   100   1.32  0.93  0.32  0.07  0.08  0.08 ---------------------------------------------------------------------------   incl.    28.80   1.20         2.73  1.93  0.66  0.14  0.15  0.09 --------------------------------------------------------------------------- and        43.00  16.00   100   1.58  1.16  0.34  0.08  0.10  0.03  Upper ---------------------------------------------------------------------------   incl.    43.00   0.58         4.40  3.09  1.10  0.21  0.27  0.10 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-767  22.47   8.53   100   3.30  2.37  0.75  0.17  0.09  0.05  Upper ---------------------------------------------------------------------------   incl.    27.23   0.43        14.35 10.90  3.11  0.34  0.14  0.12 --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-768  77.00  18.00   100   1.47  1.06  0.26  0.15  0.15  0.06  Upper ---------------------------------------------------------------------------   incl.    77.00   1.00         4.77  3.57  1.15  0.05  0.04  0.15 --------------------------------------------------------------------------- and       116.00   4.00   100   2.04  1.50  0.41  0.12  0.41  0.25 ---------------------------------------------------------------------------   incl.   116.00   1.00         3.28  2.43  0.64  0.20  0.63  0.63 --------------------------------------------------------------------------- and       131.90  26.10   100   1.76  1.37  0.23  0.16  0.43  0.13  Lower ---------------------------------------------------------------------------   incl.   157.00   1.00         3.10  2.75  0.19  0.16  2.01  0.49    --------------------------------------------------------------------------- and       211.00   9.00   90    1.22  0.89  0.14  0.19  0.24  0.06  II                                                                      Upper ---------------------------------------------------------------------------   incl.   218.29   0.71         1.89  1.15  0.15  0.59  0.38  0.06    --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-769  70.00  20.00  100    1.29  0.96  0.23  0.10  0.15  0.08  Upper ---------------------------------------------------------------------------   incl.    84.00   1.00         2.51  1.89  0.50  0.12  0.23  0.12    --------------------------------------------------------------------------- and        96.00  36.00  100    1.55  1.18  0.22  0.15  0.26  0.12  Lower ---------------------------------------------------------------------------   incl.   102.00   1.00         5.03  4.10  0.82  0.11  0.66  0.28    --------------------------------------------------------------------------- and       167.00  10.00   90    1.67  1.21  0.36  0.10  0.10  0.08  II                                                                      Upper ---------------------------------------------------------------------------   incl.   175.15   0.85         5.69  4.38  1.09  0.22  0.30  0.22    --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-770  61.40  21.60  100    2.17  1.59  0.45  0.12  0.11  0.05  Upper ---------------------------------------------------------------------------   incl.    66.00   1.00         4.46  2.99  1.01  0.46  0.14  0.08    --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-771  48.00  20.00  100    1.61  1.17  0.33  0.11  0.16  0.07  Upper ---------------------------------------------------------------------------   incl.    53.26   0.74         3.41  2.06  0.64  0.71  0.15  0.08    --------------------------------------------------------------------------- --------------------------------------------------------------------------- RN/YP-772  45.00   7.00  100    2.17  1.52  0.47  0.17  0.24  0.11  Upper+                                                                      Lower ---------------------------------------------------------------------------   incl.    50.00   1.00         3.94  2.65  0.74  0.54  0.85  0.18    --------------------------------------------------------------------------- Note: The column labelled "3E" represents the summation of three elements:       Palladium (Pd), Platinum (Pt) and Gold (Au). 

A general description of the geological setting and mineralization found at the Ahmavaara deposit and the results of the previous 57 drill holes were disclosed in news releases dated July 12, 2007 and September 24, 2007, which are available on the Company's website.

Diamond drill core from these drilling programs is transported by joint venture personnel from the various project sites to Rovaniemi, Finland for logging and splitting. The split samples are transported to the GTK (Finnish Geological Survey) laboratory, an accredited laboratory, for sample preparation and analysis. At GTK, precious metals are analyzed utilizing a standard fire assay with ICP-OES finish and base metals are analyzed utilizing an aqua-regia digestion and ICP-OES finish. Mr. Reno Pressacco, Vice President of Exploration & Development for North American Palladium Ltd., is the Qualified Person, as defined in National Instrument 43-101, who supervised the work carried out on the Arctic Platinum Project.

North American Palladium is Canada's only primary producer of palladium. The Company's core palladium business at the Lac des Iles mine is strengthened by a significant contribution from nickel, platinum, gold and copper by-product metals. The Company continues to pursue three advanced-stage exploration projects: the Offset High Grade Zone at its Lac des Iles mine, the Shebandowan Project, located approximately 100 kilometres from the mine, and the Arctic Platinum Project in Finland.

Please visit www.napalladium.com for further information on North American Palladium.

 Contacts: North American Palladium Ltd. Jim Excell President and Chief Executive Officer (416) 360-7971 Ext. 223 Email: jexcell@napalladium.com  North American Palladium Ltd. Linda Armstrong Director, Investor Relations (416) 360-7971 Ext. 226 Email: larmstrong@napalladium.com Website: www.napalladium.com

SOURCE: North American Palladium Ltd.

Source: MARKET WIRE

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