Article: North American Palladium Ltd.: Drilling at the Narkaus Property in Finland Confirms High Grade Reef and Contact Style Mineralization This news release contains forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release

TORONTO, ONTARIO--(CCNMatthews - June 1, 2007) - North American Palladium Ltd. ("NAP") (TSX:PDL)(AMEX:PAL) is pleased to announce the final results of its drill campaign on the Narkaus (SK Reef) Property in Finland (the "Narkaus Property"). The Narkaus Property is one of a group of advanced stage PGM deposits located south of Rovaniemi, Finland known as the Arctic Platinum Project ("APP") over which NAP has a joint venture agreement with Gold Fields Limited ("Gold Fields").

The Narkaus Property is comprised of three target areas: Kuohunki, Nutturalampi and Siika-Kama and is located 20 km to the northeast of the Suhanko Property, the subject of a feasibility study by Gold Fields in 2005. ...

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