NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS



FOR:  NORTH AMERICAN PALLADIUM LTD

TSE SYMBOL:  PDL

JULY 15, 1998

North American Palladium Ltd. - Property Expansion And
Progress Report

THUNDER BAY, ONTARIO--North American Palladium Ltd. (TSE -"PDL") 
announced today that an additional 101 claim units of mineral land
at Wakinoo Lake have been acquired by Lac des Iles Mines Ltd., the
Company's wholly owned subsidiary, and that these claims will be 
included in the 1998 Exploration Program which is well underway.  
The newly acquired claims bring the total holdings of the Company 
to approximately 27,798 acres, a 142 percent increase since March 
1998, all of which are within a 50 mile radius of the current 
operating open pit.   

Mr. Keith C. Minty, President and CEO of the Company, stated that 
the Board of Directors believe in the mineral potential of the Lac
des Iles area and thus have approved an aggressive Exploration 
Program ("Program") on all the properties including certain 
portions of the existing Lac des Iles complex not currently in 
production.  The Program will be completed in three phases with a 
Board of Directors review at each phase completion.  

The Program has been designed to have a three-fold purpose; 1) to 
evaluate the areas potential for a high tonnage, low grade ore 
source which would extend the life of the mine, 2) to evaluate 
previously drilled areas where mineralization was located to gain 
further information and compile data and, 3) to discover new 
mineralization targets.   

The total cost of the Program is estimated at approximately $1.1 
million.  

EXPLORATION UPDATE 

The Company is currently trenching the "C" zone, a portion of 
which was previously mined in 1996 down to a depth of 119 feet.  
Further information needs to be compiled to assess the zone's full
potential. 

A mapping and detail sampling program is currently underway on the
north extension of the mineralized Roby Zone.  In addition, 
geophysical surveys have commenced over the "D" zone, as well as 
prospecting on the area north of the Lac des Iles complex and the 
Tib Lake property.  

The Company reports that it is also in the midst of a trenching 
program on the Wakinoo property which has previously shown a PGM 
occurrence discovered by a non-affiliated Company in 1976.  In 
commenting on the Wakinoo property, Mr. Minty states that "with 
today's new technology the Company believes it can properly assess
the known mineralization and test the continuity of the strike 
zone however there is currently not sufficient data as to the size
and/or grade of the mineralization." 

Lac des Iles mine is the largest primary producer of palladium in 
Canada.  The Lac des Iles mine site is located approximately 55 
miles north north-west of Thunder Bay, Ontario, Canada and 
consists of a 2,650 ton per day flotation mill fed from the 
adjacent open pit 

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FOR FURTHER INFORMATION PLEASE CONTACT:
North American Palladium Ltd
Keith C. Minty
President and CEO
(807) 345-4479
(807) 345-7796  (FAX)
[email protected]

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