NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

 
 
FOR:  NORTH AMERICAN PALLADIUM LTD 
 
TSE SYMBOL:  PDL 
NASDAQ SYMBOL:  PDLCF POLCF 
 
JANUARY 24, 1997 
 
North American Palladium Ltd. Gets Powered Up. 
 
THUNDER BAY, ONTARIO--North American Palladium Ltd. (NASDAQ &  
TSE), today announced the completion of its power line conversion  
project.  All facilities at the Lac des Iles Mine have been fully  
converted to hydro power with the final mill circuits being  
successf ully connected on January 19th, 1997.  
 
In addition to the power connection, the Pressure Filter  
installation in the Mill facility has been completed with the  
first concentrate throughput on December 18, 1996.  The pressure  
filter addition has exceeded Company expectations in reducing the  
mois ture content of the final concentrate to 9-11 percent.  The  
Company is charged $232 CDN per dry metric ton of concentrate for  
moisture content of 17 percent and an additional $20 CDN per ton  
for each additional percentage point.  Prior to the installation  
of the pressu re filter the Company was averaging about 21 percent 
thus incurring moisture penalties of  approximately $450,000 CDN  
per year.  Under the new system the penalties will be saved in  
addition to processing costs dropping  to $212 CDN per dry metric  
ton.    
 
October, November and December 1996 produced a record 4th quarter  
production run as 192,729 tons ran through the mill in spite of  
the many shut downs necessary to convert the mill facility to  
hydro power.    
 
In commenting, President & CEO Mr. C.D. McDoulett, Jr. said "The  
combination of the power line and pressure filter completed  
projects will save the Company approximately $150 to $200,000 per  
month in operating costs as well as cause some increase in prod  
uction due to the lack of downtime hours most notable with the  
diesel generator sets."  
 
North American Palladium Ltd. owns and operates a platinum group  
metals mine located approximately fifty miles north of Thunder  
Bay, Ontario, Canada.   
 

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FOR FURTHER INFORMATION PLEASE CONTACT: 
North American Palladium Ltd 
C.D. McDoulett, Jr. 
President & CEO 
(807) 345-4479 
 

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