Cadiscor Resources Inc.
TSX VENTURE : CAO
FRANKFURT : DQN

Cadiscor Resources Inc.

May 25, 2009 15:06 ET

Quebec Superior Court Approves Cadiscor's Business Combination With North American Palladium

MONTREAL, QUEBEC--(Marketwire - May 25, 2009) - Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE:CAO)(FRANKFURT:DQN) is pleased to announce that the Quebec Superior Court has approved the business combination (the "Transaction") between Cadiscor and North American Palladium Ltd ("NAP") (TSX:PDL)(NYSE Amex:PAL).

The Transaction is structured as a plan of arrangement, which was unanimously approved at special meeting of Cadiscor shareholders on May 22, 2009.

Pursuant to the plan of arrangement, Cadiscor will become a wholly-owned subsidiary of NAP and all of the issued and outstanding common shares of Cadiscor will be transferred to NAP in consideration for the issuance by NAP of 0.33 common shares of NAP for each Cadiscor share. All of the outstanding stock options, warrants and debenture of Cadiscor will become stock options, warrants and debenture of NAP using the same exchange ratio of 0.33.

The closing of the transaction is scheduled for May 26, 2009. Pursuant to the plan of arrangement, NAP will issue an aggregate of 14,457,715 common shares of NAP to the former shareholders of Cadiscor and will authorize the issuance of an additional 4,676,846 common shares upon the exercise of the stock options, warrants and debenture held by the former security holders of Cadiscor.

Upon closing, the trading of Cadiscor on the TSX Venture will be halted and the shares of Cadiscor will then be delisted from the TSX Venture.

Forward-Looking Statements

This press release contains forward-looking statements subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia, Ontario and Quebec.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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