NEWS RELEASE TRANSMITTED BY CCNMatthews



FOR:   NORTH AMERICAN PALLADIUM LTD.

TSE SYMBOL: PDL

APRIL 03 2000 - 17:25 EDT

North American Palladium Ltd. Announces U.S $90 Million
Project Term Loan Commitment for Major Mine Expansion


North American Palladium Ltd. is pleased to announce that it has
received and accepted a commitment letter from a syndicate of
three Canadian chartered banks which have agreed to provide a
project term loan in the amount of U.S.$90 million. The credit
facility will be made available to the Company to partially
finance the Lac des Iles mine expansion. The total cost to
construct and complete the mine expansion is estimated to be
U.S.$126.5 million and the Company expects to finance the balance
of its funding requirements from the net proceeds of an equity
offering.

The closing date for the credit facility will be not later than
May 1, 2000 and is subject to usual conditions precedent for a
project financing of its type, including a review of the AGRA
Simons feasibility study by an independent engineer. The credit
facility provides that the Company's major shareholder will
guarantee all amounts due under the credit facility and fund any
cost overruns which occur prior to completion of the mine
expansion.

The Company is undertaking preliminary initiatives for the Lac
des Iles mine expansion construction program, subject to the
availability of financing and environmental permits. Because of
these initiatives, the Company anticipates that a new 15,000
tonnes per day concentrator will be commissioned in second
quarter 2001. Based on the feasibility study, the expanded
operation is expected to produce an annual average of 248,900
ounces of palladium, 24,200 ounces of platinum, 19,100 ounces of
gold, plus copper, nickel and cobalt over more than an eleven
year mine life.

The Lac des Iles Mine is located 85 km north of Thunder Bay,
Ontario and is Canada's only primary producer of platinum group
metals and one of the largest platinum group metals deposits in
the world. Palladium is a vital and essential component in the
production of auto catalysts, which significantly reduce harmful
automobile emissions. World demand for palladium continues to
increase as a result of legislation enforcing stricter vehicle
emission limits.

For further information contact:

Keith C. Minty - President & CEO
Tel: (807) 624-0960 Ext. 14    Fax: (807) 624-0961
or
George D. Faught - Vice President Finance & CFO
Tel: (416) 232-9532      Fax: (416) 207-9288

Forward Looking Statements - Some statements contained in this
release are forward-looking and, therefore, involve uncertainties
or risks that could cause actual results to differ materially.
Such forward-looking statements include comments regarding the
Lac des Iles Feasibility Study, project expansion financing,
permitting and performance. Factors that could cause actual
results to differ materially include metal price volatility,
economic and political events affecting metal supply and demand,
fluctuations in ore grade, ore tons milled, geological,
technical, mining or processing problems, future results of
exploration programs, and availability of financing. The Company
disclaims any obligation to update forward looking statements.

North American Palladium Ltd.           
P.O. Box 3386
Thunder Bay, Ontario P7B 5J9                                   

Website:www.napalladium.com                  





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