NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

 
 
FOR: NORTH AMERICAN PALLADIUM LTD
 
TSE SYMBOL:  PDL 
NASDAQ SYMBOL:  POLCF PDLCF 
 
MAY 22, 1997 
 
North American Palladium Ltd. - 1996 Annual Meeting 
Results 
 
THUNDER BAY, ONTARIO--North American Palladium Ltd. (NASDAQ &  
TSE), today announced that Michael P. Amsden, Peter M. Blunt, D.   
Joseph Graham, C.D. McDoulett, Jr. and Walter R. Ranta were  
elected to its Board of Directors at its Annual and Special  
Meeting of Shareholders held in Thunder Bay, Ontario at 11:00 am   
(local time).  
 
C.D. McDoulett, Jr., President and Chief Executive Officer of the  
Company, also announced that shareholders overwhelmingly approved  
a resolution authorizing the Company to redo its note payable to  
Kaiser-Francis Oil Company in an amount of up to $100,000,000.   
The note will be retired from the cash flow of the company.   
Kaiser-Francis did not vote on the note restructuring.  
 
Mr. McDoulett also said that the Power Line installed by the  
Company was tied in during January 1997, and that the Pressure  
Filter was also completely installed and put into operation in  
January.  The Crushing System is expected to be fully completed by 
the first of July, with the Secondary System operational by June 1 
and the Primary System operational by June 20.  The combination of 
new improvements is expected to raise revenues by up to one and  
one-half million dollars per month and to lower expenses of  
operation by more that Seven Hundred fifty thousand dollars per  
month.  McDoulett noted that the price of palladium has been very  
high in recent weeks, setting the stage for North American  
Palladium to earn Eight to Twelve Million Dollars US over the next 
12 months, beginning July 1, 1997.   
 
McDoulett also announced that the 1997 Exploration Program is  
scheduled to begin over the summer.  Former government geologists  
have advised the Company that its property is the most prospective 
in northwestern Ontario for platinum group metals.  The Company's  
property contains over 11,300 acres in the same reef that contains 
the Roby Zone, now being mined.  The Company expects to  
significantly increase its reserves over the course of the next  
year.  
 

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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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