North American Palladium Ltd.
TSX : PDL
AMEX : PAL

North American Palladium Ltd.

November 10, 2008 19:32 ET

North American Palladium Reports Third Quarter 2008 Financial Results and Strong Liquidity Position

TORONTO, ONTARIO--(Marketwire - Nov. 10, 2008) - North American Palladium Ltd. (TSX:PDL)(AMEX:PAL), today announced financial results for the third quarter of 2008.

"The unprecedented speed and magnitude of the decline in metal prices resulted in a significant loss for the Company in the third quarter" said William Biggar, President and CEO. "As previously announced on October 21, 2008, we have put our Lac des Iles Mine on a care and maintenance basis until metal prices improve. In the interim, we will utilize our strong balance sheet to focus on exploration around the mine site and elsewhere on our 21,000 acre property, as well as strategic initiatives including acquisitions and joint ventures."

HIGHLIGHTS

- The Company is in a strong liquidity position. Working capital was $105.5 million at September 30, 2008, including cash and cash equivalents of $66.4 million. At the end of the third quarter 2008, long-term debt was $1.9 million.

- Revenue before pricing adjustments was $35.3 million for the third quarter of 2008, a decrease of $7.3 million (17%) compared to the same period last year. Mark-to-market pricing and foreign currency adjustments amounted to negative $44.2 million due to a rapidly declining commodity price environment during the quarter. Revenue after pricing adjustments was negative $8.9 million.

- Palladium sales for the third quarter of 2008 were recognized for accounting purposes at US$199 per ounce, a 42% decrease compared to US$344 per ounce in the same period last year.

- Loss from mining operations for the quarter ended September 30, 2008 was $66.0 million compared to a loss of $10.2 million in the same period last year. This loss includes the $44.2 million in pricing adjustments, as well as a $5.6 million write-down of ore and concentrate inventories due to the decline in commodity prices.

- Net loss for the quarter ended September 30, 2008 was $71.2 million or $0.85 per share compared to a net loss of $14.0 million or $0.25 per share in the third quarter last year.

Third Quarter 2008 Results

Palladium production volumes in the third quarter of 2008 decreased by 8% to 63,791 ounces versus 69,283 ounces in the same period last year. Palladium production for the nine months ended September 30, 2008 was 190,673 ounces compared to 214,139 ounces in the same period last year.

Palladium sales in the third quarter of 2008 were recorded at US$199 per ounce, a price decrease of 42%, compared to US$344 per ounce in the same period last year.

Revenue before pricing adjustments for the third quarter of 2008 was $35.3 million, a decrease of $7.3 million (17%) compared to the third quarter of 2007 reflecting primarily the impact of declining commodity prices and lower production volumes. Negative pricing adjustments from settlements and mark-to-market of concentrate awaiting settlement decreased third quarter 2008 revenue by $44.2 million ($47.2 million negative commodity price adjustment and a $3.0 million favourable foreign exchange rate adjustment) which led to negative revenue after pricing adjustments of $8.9 million, a decrease of $45.4 million compared to third quarter 2007 revenue of $36.5 million.

For the nine months ended September 30, 2008, revenue after pricing adjustments was $114.1 million, a decrease of $35.3 million (24%) compared to $149.4 million in the same period last year. Negative pricing adjustments from settlements and mark-to-market of concentrate awaiting settlement decreased revenue for the nine months ended September 30, 2008 by $24.6 million ($31.4 million negative commodity price adjustment and a $6.8 million favourable foreign exchange rate adjustment).

Cash cost per ounce(1) of palladium produced, net of by-product metal revenues and royalties, was US$530 per ounce for the third quarter of 2008 versus US$225 per ounce for the same period last year. The significant increase in cash cost per ounce is attributable to the reduction of by-product revenue due to lower commodity prices.

The Company recognized a loss from mining operations of $66.0 million in the third quarter of 2008 compared to a loss of $10.2 million in the same period last year. This loss includes the $44.2 million in pricing adjustments, as well as a $5.6 million write-down of ore and concentrate inventories due to the decline in commodity prices. For the nine months ended September 30, 2008, the Company recorded a loss from mining operations, before an insurance recovery of $13.8 million, of $37.0 million compared to income from mining operations of $1.5 million for the same period last year.

The net loss for the third quarter of 2008 was $71.2 million or $0.85 per share compared to a net loss of $14.0 million or $0.25 per share in the same period last year.

As at September 30, 2008 the Company had cash and cash equivalents of $66.4 million compared to $74.6 million as at December 31, 2007. Net working capital as at September 30, 2008 was $105.5 million compared to $128.4 million at December 31, 2007.

The Company's current and long-term debt position was reduced to $12.3 million at September 30, 2008 compared to $39.1 million at December 31, 2007, a reduction of $26.8 million.

(1) Non GAAP measure. Reference should be made to footnote 1 at the end of this press release.

Outlook

For the balance of 2008 and into 2009, the Company will continue to focus on the development of its Offset High Grade Zone (OHGZ) deposit which is believed to be the fault displaced continuation of the Roby Zone. The OHGZ is still open along strike to the north, south and at depth. The Roby Zone is the main Platinum Group Metals deposit at the Lac des Iles Mine which has been mined for 15 years and recently produced approximately 250,000 ounces of palladium and significant by-product credits annually.

The temporary closing of the Lac des Iles Mine will cut expenses and maintain the Company's strong balance sheet and liquidity position. As at September 30, 2008 the Company had working capital of $105.5 million including cash and cash equivalents of $66.4 million, and long-term debt of $1.9 million. In addition to the cash on hand, management expects to realize significant cash flow over the next few months as payment is received for metal sales made prior to the closure.

While in care and maintenance mode, the Company will retain the senior mine management team and facility security. The Company will also retain its exploration and financial teams in Thunder Bay and the small corporate staff in Toronto. Management estimates that corporate overhead, personnel costs and facility and maintenance expenditures at the mine will be in the range of $5.0 million to $6.0 million per quarter excluding discretionary investment in exploration activities.

Going forward, management intends to focus on strategic initiatives, including:

1. Continuing the work required to complete a feasibility study on the Offset High Grade Zone. This project has the potential to extend the life of the Lac des Iles Mine significantly.

2. Utilizing our experienced new exploration team to carry out drilling and exploration operations at Lac des Iles to further delineate resources as well as maintaining grassroots exploration on the property adjacent to the mine; and

3. Leveraging the Company's strong balance sheet to pursue potential acquisitions and joint venture opportunities that may emerge in these difficult and volatile markets.

In the current environment, management expects that there will be many attractive strategic options to consider. The Company will pursue acquisition opportunities aggressively and with discipline to enhance shareholder value over the long-term.

Conference Call and Webcast

The Company will host its third quarter conference call at 2:00 p.m. ET on Tuesday, November 11, 2008. The toll-free conference call dial-in number is 1-888-789-0150 and the local and overseas dial-in number is 416-695-6622.

The conference call will be simultaneously webcast and archived at www.napalladium.com and at http://www.investorcalendar.com/IC/CEPage.asp?ID=136501. A replay of the conference call will be available until December 2, 2008 toll-free at 1-800-408-3053, locally and overseas at 416-695-5800, access code #3273881.

(1) Non-GAAP Measure

This press release refers to cash cost per ounce which is not a recognized measure under Canadian GAAP. This non-GAAP financial measure does not have any standardized meaning prescribed by Canadian GAAP and is therefore unlikely to be comparable to a similar measure presented by other issuers. Management uses this measure internally. The use of this measure enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. Management believes that this measure better reflects the Company's performance for the current period and is a better indication of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP. The following table reconciles this non-GAAP measure to the most directly comparable Canadian GAAP measure:



Reconciliation of Cash Cost per Ounce to Financial Statements

Three Months Nine Months
Ended Ended
September 30 September 30
(thousands of dollars
except per ounce amounts) 2008 2007 2008 2007
--------------------------------------------------------------------------
Production costs $ 31,350 $ 28,845 $ 92,679 $ 94,535
Smelter treatment, refining
and freight costs 6,528 5,510 18,070 16,505
--------------------------------------------------------------------------
37,878 34,355 110,749 111,040
Less by-product metal revenue (6,535) (21,454) (65,385) (81,425)
--------------------------------------------------------------------------
$ 31,343 $ 12,901 $45,364 $ 29,615
--------------------------------------------------------------------------
Divided by ounces
of palladium 56,321 57,686 168,972 189,085
Cash cost per ounce (C$) $ 557 $ 224 $ 268 $ 157
C$ exchange rate 1.050 0.996 1.032 1.070
--------------------------------------------------------------------------
Cash cost per ounce (US$) $ 530 $ 225 $ 260 $ 146
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Further information about the third quarter results are available in the
Company's financial statements and MD&A, which will be filed on its
website, with Canadian provincial securities authorities (www.sedar.com)
and with the U.S. Securities and Exchange Commission (www.sec.gov).


About North American Palladium

North American Palladium is a Canadian mining company that produces palladium, platinum, nickel, copper and gold from its 100% owned Lac des Iles Mine located in Thunder Bay, Ontario. The mine was placed on temporary care and maintenance in October 2008 due to low commodity prices. In 2007, the mine produced approximately 4% of the world's total palladium production. Palladium, platinum and by-product metals have been mined at Lac des Iles since 1993. North American Palladium has two advanced exploration projects: the Offset High Grade Zone at its Lac des Iles Mine and the Shebandowan West Project, located 100 kilometres from the mine. Please visit www.napalladium.com for further information on North American Palladium.

Cautionary Statement on Forward-Looking Information

Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These statements are based on certain factors and assumptions, including but not limited to, the assumption that market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices; the Company's mine remains viable operationally and economically; financing is available on reasonable terms; expectations for mill feed head grade and mill performance will proceed as expected; new mine plan scenarios will be viable operationally and economically; and plans for mill production, metal recoveries from the Lac des Iles mine, exploration at Lac des Iles and elsewhere will all proceed as expected.

The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of North American Palladium to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: metal price volatility; economic and political events affecting metal supply and demand; disruptions to credit and equity markets; changes in the regulatory environment; fluctuations in ore grade or ore tonnes milled; geological, technical, mining or processing problems; future production; changes in the life-of-mine plan; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of mineral reserves; adverse changes in our credit rating; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements.



North American Palladium Ltd.
Consolidated Balance Sheets
(expressed in thousands of Canadian dollars)

September 30 December 31
2008 2007
---------------------------------------------------------------------------
(unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 66,427 $ 74,606
Concentrate awaiting settlement, net 51,263 79,087
Taxes recoverable 753 62
Inventories 14,914 26,320
Other assets 4,436 2,563
---------------------------------------------------------------------------
137,793 182,638
Mining interests, net 121,696 114,464
Mine restoration deposit 8,718 8,272
---------------------------------------------------------------------------
$268,207 $305,374
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 21,844 $ 20,757
Future mining tax liability - 168
Current portion of obligations
under capital leases 1,869 1,672
Current portion of convertible notes payable 3,427 25,710
Current portion of long-term debt 5,123 5,918
---------------------------------------------------------------------------
32,263 54,225
Mine restoration obligation 9,144 8,878
Obligations under capital leases 1,429 1,824
Long-term debt 500 3,957
Future mining tax liability - 539
---------------------------------------------------------------------------
43,336 69,423
Shareholders' Equity
Common share capital and purchase warrants 481,207 443,986
Stock options 2,035 1,673
Equity component of convertible notes
payable, net of issue costs 575 6,044
Contributed surplus 11,761 6,292
Deficit (270,707) (222,044)
---------------------------------------------------------------------------
Total shareholders' equity 224,871 235,951
---------------------------------------------------------------------------
$268,207 $305,374
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Operations,
Comprehensive Income and Deficit
(expressed in thousands of Canadian dollars, except share and per share
amounts)
(unaudited)

Three months ended Nine months ended
September 30 September 30
2008 2007 2008 2007
---------------------------------------------------------------------------
Revenue - before pricing
adjustments $35,331 $42,674 $138,786 $156,429
Pricing adjustments:
Commodities (47,203) 237 (31,444) 6,957
Foreign exchange 2,992 (6,419) 6,807 (13,960)
---------------------------------------------------------------------------
Revenue - after pricing
adjustments (8,880) 36,492 114,149 149,426
---------------------------------------------------------------------------
Operating expenses
Production costs 31,350 28,845 92,679 94,535
Inventory commodity
pricing adjustment 5,618 -- 5,474 --
Smelter treatment,
refining and freight
costs 6,528 5,510 18,070 16,505
Amortization 12,958 12,201 32,872 36,032
Insurance recovery - - (13,800) -
Loss on disposal of
equipment 515 - 1,573 -
Asset retirement costs 155 173 463 850
---------------------------------------------------------------------------
Total operating expenses 57,124 46,729 137,331 147,922
---------------------------------------------------------------------------
Income (loss) from
mining operations (66,004) (10,237) (23,182) 1,504
---------------------------------------------------------------------------
Other expenses
General and
administration 3,831 1,695 5,837 5,712
Exploration 4,231 2,933 18,400 6,959
Interest and other
financing costs 76 4,328 2,980 15,471
Foreign exchange gain (244) (3,170) (467) (8,151)
---------------------------------------------------------------------------
Total other expenses 7,894 5,786 26,750 19,991
---------------------------------------------------------------------------
Loss before taxes (73,898) (16,023) (49,932) (18,487)
Income and mining tax
recovery (2,656) (1,990) (1,672) (895)
---------------------------------------------------------------------------
Net loss and comprehensive
loss for the period (71,242) (14,033) (48,260) (17,592)
Deficit, beginning of
period, as previously
reported (199,465) (196,923) (222,044) (193,364)
Adoption of new
accounting standards
for inventory - - (403) -
---------------------------------------------------------------------------
Deficit, end of period $(270,707) $(210,956) $(270,707) $(210,956)
---------------------------------------------------------------------------
Net loss per share
Basic $(0.85) $(0.25) $(0.59) $(0.32)
---------------------------------------------------------------------------
Diluted $(0.85) $(0.25) $(0.58) $(0.32)
---------------------------------------------------------------------------
Weighted average number
of shares outstanding
Basic 83,832,622 55,226,870 81,903,252 54,289,652
---------------------------------------------------------------------------
Weighted average number
of shares outstanding
Diluted 83,832,622 55,226,870 83,339,655 54,289,652
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read
in conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Cash Flows
(expressed in thousands of Canadian dollars)
(unaudited)

Three months ended Nine months ended
September 30 September 30
2008 2007 2008 2007
---------------------------------------------------------------------------
Cash provided by (used in)
Operations
Net loss for the period $(71,242) $(14,033) $(48,260) $(17,592)
Operating items not
involving cash
Accretion expense
relating to convertible
notes payable 400 3,144 3,285 10,656
Amortization 10,259 12,201 30,892 36,032
Amortization of deferred
financing costs 21 175 184 616
Interest on convertible
notes settled in shares 85 427 682 2,008
Accrued interest on mine
restoration deposit (45) - (129) (110)
Unrealized foreign
exchange loss (gain) 1,487 3,679 (6,593) 7,088
Asset retirement costs 155 173 463 850
Future income tax
recovery (2,925) (1,990) (2,121) (895)
Stock based
compensation and
employee benefits 550 292 1,377 1,317
Loss on disposal of
equipment 515 - 1,573 -
---------------------------------------------------------------------------
(60,740) 4,068 (18,647) 39,970
Changes in non-cash working
capital 68,223 5,375 42,060 (25,015)
---------------------------------------------------------------------------
7,483 9,443 23,413 14,955
---------------------------------------------------------------------------
Financing Activities
Advances under purchase
facility - (4,878) - 3,990
Issuance of common shares
and warrants, net of
issue costs - - 10,475 5,703
Repayment of long-term
debt (1,539) (1,496) (4,575) (10,538)
Repayment of
obligations under
capital leases (469) (480) (1,322) (1,562)
Mine restoration deposit (51) - (317) -
---------------------------------------------------------------------------
(2,059) (6,854) 4,261 (2,407)
---------------------------------------------------------------------------
Investing Activities
Additions to mining
interests (11,622) (2,940) (36,147) (11,547)
Proceeds on disposal
of mining interests 77 - 294 -
---------------------------------------------------------------------------
(11,545) (2,940) (35,853) (11,547)
---------------------------------------------------------------------------
Increase (decrease)
in cash and cash
equivalents (6,121) (351) (8,179) 1,001
Cash and cash equivalents,
beginning of period 72,548 4,505 74,606 3,153
---------------------------------------------------------------------------
Cash and cash equivalents,
end of period $66,427 $4,154 $66,427 4,154
---------------------------------------------------------------------------
Cash and cash equivalents
consisting of:
Cash $11,071 $4,154 $11,071 $4,154
Short term investments 55,356 - 55,356 -
---------------------------------------------------------------------------
$66,427 $4,154 $66,427 $4,154
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Shareholders' Equity
(expressed in thousands of Canadian dollars, except share amounts)
(unaudited)

Number of Capital Stock
shares stock options Warrants
---------------------------------------------------------------------------
Balance, December 31, 2007 75,770,570 $430,793 $1,673 $13,193
Transitional adjustment on
adoption of inventory standard - - - -
Common shares issued:
For principal repayments on
convertible notes payable 5,417,830 26,501 - -
For interest payments on
convertible notes payable 151,427 682 - -
Pursuant to unit offering,
net of issue costs 2,800,000 9,575 - -
Tax effect of flow-through
shares - (1,452) - -
Warrants Issued:
Pursuant to unit offering,
net of issue costs - - - 899
Warrants exercised 100 1 - -
Stock-based compensation/RRSP
expense 198,678 1,015 362 -
Net loss and comprehensive
loss for the nine months ended
September 30, 2008 - - - -
---------------------------------------------------------------------------
Balance, September 30, 2008 84,338,605 $467,115 $2,035 $14,092
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Equity
component of
convertible Total
notes Contributed shareholders'
payable surplus Deficit equity
---------------------------------------------------------------------------
Balance, December 31, 2007 $6,044 $6,292 $(222,044) $235,951
Transitional adjustment on
adoption of inventory
standard - - (403) (403)
Common shares issued:
For principal repayments
on convertible notes payable (5,469) 5,469 - 26,501
For interest payments on
convertible notes payable - - - 682
Pursuant to unit offering,
net of issue costs - - - 9,575
Tax effect of flow-through
shares - - - (1,452)
Warrants Issued:
Pursuant to unit offering,
net of issue costs - - - 899
Warrants exercised - - - 1
Stock-based compensation
/RRSP expense - - - 1,377
Net loss and comprehensive
loss for the nine months
ended September 30, 2008 - - (48,260) (48,260)
---------------------------------------------------------------------------
Balance, September 30, 2008 $575 $11,761 $(270,707) $224,871
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Consolidated Statements of Shareholders' Equity
(expressed in thousands of Canadian dollars, except share amounts)

Number of Capital Stock
shares stock options Warrants
---------------------------------------------------------------------------
Balance, January 1, 2007 52,947,693 $331,705 $1,269 $8,038
Common shares issued:
For principal repayments on
convertible notes payable 1,642,596 16,350 - -
For interest payments on
convertible notes payable 232,775 2,008 - -
Private placement of
flow-through shares (net) 550,000 5,686 - -
Tax effect of flow-through
shares - (1,114) - -
Stock options exercised 5,000 17 - -
Fair value of stock options
exercised - 10 (10) -
Stock-based compensation
/RRSP expense 103,415 940 346 -
Net loss and comprehensive
loss for the nine months
ended September 30, 2007 - - - -
---------------------------------------------------------------------------
Balance, September 30, 2007 55,481,479 355,602 1,605 8,038
Common shares issued:
For principal repayments on
convertible notes payable 1,478,401 9,830 - -
For interest payments on
convertible notes payable 108,753 636 - -
Pursuant to unit offering,
net of issue costs 18,666,667 64,461 - -
Warrants issued:
Pursuant to unit offering,
net of issue costs - - - 5,155
Stock-based compensation
/RRSP expense 35,270 264 68 -
Net loss and comprehensive
loss for the nine months
ended December 31, 2007 - - - -
---------------------------------------------------------------------------
Balance, December 31, 2007 75,770,570 $430,793 $1,673 $13,193
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Equity
component of
convertible Total
notes Contributed shareholders'
payable surplus Deficit equity
---------------------------------------------------------------------------
Balance, January 1, 2007 $12,336 $- $(193,364) $159,984
Common shares issued:
For principal repayments
on convertible notes payable (3,557) 3,557 - 16,350
For interest payments on
convertible notes payable - - - 2,008
Private placement of
flow-through shares (net) - - - 5,686
Tax effect of flow-through
shares - - - (1,114)
Stock options exercised - - - 17
Fair value of stock options
exercised - - - -
Stock-based compensation
/RRSP expense - - - 1,286
Net loss and comprehensive
loss for the nine months
ended September 30, 2007 - - (17,592) (17,592)
---------------------------------------------------------------------------
Balance, September 30, 2007 8,779 3,557 (210,956) 166,625
Common shares issued:
For principal repayments on
convertible notes payable (2,735) 2,735 - 9,830
For interest payments on
convertible notes payable - - - 636
Pursuant to unit offering,
net of issue costs - - - 64,461
Warrants issued:
Pursuant to unit offering,
net of issue costs - - - 5,155
Stock-based compensation
/RRSP expense - - - 332
Net loss and comprehensive
loss for the nine months
ended December 31, 2007 - - (11,088) (11,088)
---------------------------------------------------------------------------
Balance, December 31, 2007 $6,044 $6,292 $(222,044) $235,951
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Certain prior period amounts have been reclassified to conform to the
presentation adopted in 2008. These financial statements should be read in
conjunction with the notes and management's discussion and analysis,
available online at www.sedar.com and www.sec.gov and on the Company's
website at www.napalladium.com.


Contact Information