NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS



FOR:  NORTH AMERICAN PALLADIUM LTD.

TSE SYMBOL:  PDL

APRIL 16, 1998

North American Palladium Ltd. Announces Financial Results
for the Year Ended December 31, 1997

THUNDER BAY, ONTARIO--North American Palladium Ltd. (TSE-"PDL"), 
today released the financial results for the year ended December 
31, 1997.  The Company reported a net loss of $70,248,000 or $6.07
CDN per share (1996 - loss of $28,730,000 or $2.45 CDN per share),
which included depreciation and amortization of $50,807,000 (1996 
- $17,347,000).  The net loss for the three months ended December 
31, 1997 of $51,397,000 or $4.35 CDN per share (1996 - loss of 
$20,427,000 or $1.74 CDN per share) included a one time write down
of deferred expenditures and capital assets of $43,636,000. 


/T/

---------------------------------------------------------------
NORTH AMERICAN PALLADIUM LTD.
CORPORATE REPORT
(Canadian Funds in Thousands of Dollars Except Share
and Per Share Amounts)

                        Three Months Ended        Year Ended
                            December 31           December 31
                        1997        1996        1997       1996

Revenue from
 metal sales           5,846       5,092      19,188     20,249
Income from
 mining operations   (48,303)    (18,119)    (59,696)   (22,152)
Net Loss             (51,397)    (20,427)    (70,248)   (28,730)
Average shares
 outstanding      11,820,162  11,746,767  11,824,542 11,710,814
Net Profit (Loss)
 per share             (4.35)      (1.74)      (6.07)     (2.45)

Figures in parentheses are losses

/T/

The Company operates a platinum group metals property northwest of
Thunder Bay, Ontario.  Fixed assets, mining leases and deferred 
expenditures, net of depreciation and amortization, at December 
31, 1997 total $37,616,000, $12,390,000 and $5,000,000 
respectively. 

The financial statements for the year ended December 31, 1997 
include the accounts of the Company and its wholly owned 
subsidiaries. 

Due to the significant loss incurred by the Company during 1997, 
the Company will no longer be traded on the NASDAQ SmallCap Market
as of April 17, 1998. 


/T/

PRODUCTION STATISTICS
---------------------
            1996      1997  4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr.
            Total    Total
Palladium
 (troy oz.) 60,426  59,477   19,949   13,811   13,538   12,179
Platinum
 (troy oz.)  4,285   4,083    1,263    1,074      942      804
Gold
 (troy oz.)  3,811   3,675    1,117      875      905      778
Copper
 (lbs)     941,105 963,530  293,652  251,862  218,515  199,501
Nickel
 (lbs)     740,689 777,684  228,675  194,188  182,589  172,232

Tons Ore
 Milled    757,248 803,189  248,730  221,978  160,652  171,829

Concentrate
 (tons)      8,574  10,556    3,492    2,627    2,279    2,158

/T/

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
North American Palladium Ltd.
Joanne Kerr
Corporate Secretary
(807) 345-4479

---