North American Palladium Announces Mineral Update

North American Palladium Ltd. (TSX:PDL,NYSE:PAL) announced an updated mineral reserve and resource estimate for its Lac des Iles palladium mine in Canada.

As quoted in the press release:

The new Offset Zone resource estimate was prepared by independent Qualified Person Todd McCracken, P. Geo., of Tetra Tech, Inc. (“Tetra Tech”). The current estimate incorporates results from the Company’s 2011 and Q1 2012 drill program, consisting of 164 drill holes totaling 45,995 metres. Cumulative Offset Zone exploration drilling to the end of March 2012 totals 535 holes and 229,376 metres.

The updated Offset Zone resource estimate includes 14.2 million tonnes of Measured and Indicated resources grading 5.22 grams per tonne palladium (“g/t Pd”) plus another 6.3 million tonnes of Inferred resources grading 4.40 g/t Pd.

North American Palladium’s President and CEO, William J. Biggar said:

The new resource model provides a foundation for effective, long-term mine planning that is critical to the successful ramp-up of mining operations in the Offset Zone deposit, while highlighting the opportunity to significantly expand resources from new underground drilling platforms that will become available next year after the shaft is commissioned.

Click here to read the North American Palladium Ltd. (TSX:PDL) press release.