SECURITIES AND EXCHANGE COMMISSION

Form 6-K

Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
For the month of January, 2013
Commission File Number: 1-15142

NORTH AMERICAN PALLADIUM LTD.
(Name of Registrant)

200 Bay Street
Royal Bank Plaza, South Tower
Suite 2350
Toronto, Ontario
Canada M5J 2J2
(Address of Principal Executive Offices)

Indicate by checkmark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F   ¨             Form 40-F   x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   ¨
Indicate by checkmark whether the registrant, by furnishing the information contained in this Form is also thereby furnishing the information to the SEC pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes   ¨     Assigned    File No.                          No   x
If “Yes” is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b).

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	 		 		 	NORTH AMERICAN PALLADIUM LTD.	
					
Date:	 	January 31, 2013	 		 	By:	 	/s/ Tess Lofsky	
	 		 		 		 	Tess Lofsky
Vice President, General Counsel &
Corporate Secretary	

EXHIBIT INDEX

Exhibit	  	Description of Exhibit	
		
1	  	News Release – “North American Palladium Reports Excellent Exploration Results From the Second Half of 2012 Drilling at Lac des Iles”	

			
	 	NEWS RELEASE	
Exhibit 1
North American Palladium Reports Excellent Exploration Results
From the Second Half of 2012 Drilling at Lac des Iles
Toronto, Ontario, January 31, 2013 – North American Palladium Ltd. (“NAP” or the “Company”) (TSX: PDL) (NYSE MKT: PAL) today provided an update on its drill results from the second half of its 2012 underground and surface exploration programs at its Lac des Iles (“LDI”) palladium mine property in Northern Ontario.
Highlights:
 
 	•	 	Offset Zone underground extension drilling program delivers positive results indicating potential for expanding the resource to the south of and above the current limits of the deposit:	
 
 	•	 	Hole 12-706 (upper Offset Zone) intersected 21 metres grading 4.19 grams per tonne palladium (“g/t Pd”) and hole 12-601 (southern Offset Zone) intersected 10 metres averaging 4.27 g/t Pd;	
 
 	•	 	Sheriff Zone near-surface resource potential enhanced by positive definition drilling results featuring broad zones of lower grade palladium mineralization containing local, higher-grade intervals:	
 
 	•	 	Hole 12-179 intersected 130 metres averaging 1.26 g/t Pd including 24 metres grading 3.05 g/t Pd, and hole 12-185 intersected 106 metres grading 1.40 g/t Pd including 5 metres grading 4.68 g/t Pd;	
 
 	•	 	Initial resource estimate for the Sheriff Zone expected later in 2013;	
 
 	•	 	Roby Zone north extension drilling program returns high-grade intersections:	
 
 	•	 	Hole 12-259 intersected 5 metres grading 13.37 g/t Pd and hole 12-269 intersected 24 metres averaging 23.35 g/t Pd, including 3 metres grading 104.20 g/t Pd (amongst the highest ever reported from LDI);	
 
 	•	 	North VT Rim surface exploration drilling is starting to demonstrate lateral continuity and returns additional high-grade intercepts and broader zones of pit grade mineralization:	
 
 	•	 	Hole 12-036 intersected 6 metres with 12.4 g/t Pd including 1 metre grading 54.10 g/t Pd;	
 
 	•	 	New mineralization intersected on the North LDI property (at approximately 400-metre vertical depth on the first of four planned fence holes to be drilled)	
 
 	•	 	Hole NL 12-100 intersected 2 metres grading 3.58 g/t Pd and 1.08 g/t Pt.	
“We are very excited about the prospect of new sources of near-surface, pit-grade ore for our LDI operations,” commented André Douchane, Interim CEO and Chairman. “Work has already commenced to advance planning for the Sheriff Zone, which is ideally situated adjacent to our mill. We have a skilled and dedicated project team that is currently assessing the project economics, permitting requirements and production potential.”
Mr. Douchane continued: “In addition, excellent results from our Offset Zone and Roby Zone extension drilling, as well as our surface exploration programs highlight the tremendous potential for future resource expansion at LDI.”
 
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Lac des Iles Exploration
In 2012, the Company completed a total 50,148 metres of diamond drilling at LDI, of which:
 
 	•	 	19,405 metres were completed on surface projects (Sheriff Zone, North VT Rim and other areas on the Mine Block Intrusion); and	
 
 	•	 	30,743 metres on underground exploration and infill programs (Roby and Offset zones).	
Since the last exploration update on 2012 drilling ( see July 16, 2012 news release ), the Company completed 20,656 metres of diamond drilling at LDI, including:
 
 	•	 	5,114 metres at Sheriff;	
 
 	•	 	4,952 metres in the southern Offset Zone (12-600 series of holes);	
 
 	•	 	3,437 metres in the upper Offset Zone (12-700 series of holes);	
 
 	•	 	1,411 metres on the Offset Zone infill program (12-800 series of holes	
 
 	•	 	3,350 metres at Roby Zone; and	
 
 	•	 	2,392 metres at North VT Rim.	
A tabulation of significant palladium (“Pd”), platinum (“Pt”), gold (“Au”), nickel (“Ni”), copper (“Cu”) and cobalt (“Co”) assays received from drilling completed in the second half of the year are included in the Appendix, with select highlights listed in Tables 1 through 4 below.
The Company is currently working with an independent firm, Tetra Tech, to complete a pre-feasibility study for the LDI property that is expected to be filed in the first quarter of 2013. A key element for the report is an initial declaration of Offset Zone reserves, including an updated mining plan and project economics on only the converted Offset Zone reserves. The Company expects to do a full update on its mineral reserves and resources for the LDI property in the third quarter of 2013.
Offset Zone Extension and Infill Drilling
The immediate focus for Offset Zone underground drilling was to extend the resource to the south of the shaft to fill a gap that exists between the main Offset Zone deposit and what has historically been referred to as the Southern Norite Zone ( see Figure 1 ). Additional extension drilling completed last fall targeted the upper parts of the Offset Zone deposit ( see Figure 2 ).
In 2012, infill drilling on approximately 15-metre centres was focused on the northern portion of the upper Offset Zone ( see Figure 2 ). A total of 9,800 metres in 34 diamond drill holes were completed on the extension and infill drilling programs. Estimated true widths are 70-100% of the reported drill intersections in this release. Highlights from the fall 2012 Offset Zone underground drilling program are shown in Table 1 below. The location of the drill holes relative to the most recent resource shell ( see July 16, 2012 resource update ) is provided in Figure 2. Most of the drilling was completed on the upper part of the zone, to the north of the shaft. In 2013, efforts will focus on the area south of the shaft and adjacent to the initial shaft loading pocket at the 740-metre level.
 
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Mineralization south of the shaft was initially encountered in 2011 drilling ( see January 30, 2012 news release ), and extension drilling in this area will be the top priority for the underground drilling program in 2013. Infill drilling this year is planned between the 740 and 825-metre mine levels. Considering the close proximity to existing underground infrastructure, a southern extension to the Offset Zone could provide short-term lateral growth options and improved project economics by reducing haulage distances to the initial shaft loading pocket. It would also allow the Company to extend the life of the upper parts of the deposit and provide additional time to complete extension drilling at depth, into the footwall and above the currently defined limits to the deposit.
TABLE 1: Drilling highlights for the Offset Zone south/upper extension and infill programs (fall 2012).

Zone	  	Hole #	  	From (m)	  	To (m)	  	Length (m)	  	Pd (g/t)	 	  	Pt (g/t)	 	  	Au (g/t)	 	
Offset - South	  	12-601	  	160	  	170	  	10	  	 	4.27	  	  	 	0.59	  	  	 	0.22	  	
Offset - South	  	including	  	161	  	165	  	4	  	 	7.47	  	  	 	1.01	  	  	 	0.33	  	
Offset - Upper	  	12-701	  	128	  	147	  	19	  	 	3.16	  	  	 	0.31	  	  	 	0.33	  	
Offset - Upper	  	12-703	  	228	  	233	  	5	  	 	5.25	  	  	 	0.50	  	  	 	0.52	  	
Offset - Upper	  	12-705	  	159	  	192	  	33	  	 	3.98	  	  	 	0.37	  	  	 	0.28	  	
Offset - Upper	  	including	  	171	  	175	  	4	  	 	14.88	  	  	 	1.06	  	  	 	0.87	  	
Offset - Upper	  	and	  	303	  	316	  	13	  	 	4.20	  	  	 	0.51	  	  	 	0.16	  	
Offset - Upper	  	12-706	  	197	  	218	  	21	  	 	4.19	  	  	 	0.51	  	  	 	0.30	  	
Offset - Upper	  	including	  	209	  	214	  	5	  	 	7.40	  	  	 	0.98	  	  	 	0.45	  	
Offset - Upper	  	12-708	  	271	  	277	  	6	  	 	4.23	  	  	 	0.46	  	  	 	0.48	  	
Offset - Upper	  	and	  	297	  	299	  	2	  	 	8.13	  	  	 	0.86	  	  	 	0.51	  	
Offset - Upper	  	12-709	  	307	  	311	  	4	  	 	8.92	  	  	 	0.78	  	  	 	0.49	  	
Offset - Infill	  	12-841	  	103	  	129	  	26	  	 	5.90	  	  	 	0.40	  	  	 	0.49	  	
FIGURE 1: Geological map of the LDI mine block intrusion showing the location of the main mineralized zones. Underground Roby and Offset Zone deposits are shown in red (surface projections). Drilling areas for the fall 2012 exploration program are also indicated.

 
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FIGURE 2: Longitudinal view, looking east, of the currently defined limits of the Offset Zone (red solid) showing location of the fall 2012 extension drilling program, the shaft and the underground ramp system.

Sheriff Zone Resource Definition Drilling
In 2012, NAP accelerated surface exploration on both the Sheriff Zone and the North VT Rim targets ( see Figure 1 ). The results from the first phase of the resource definition drilling results at the Sheriff Zone were reported in the Company’s July 16, 2012 news release. As part of the second phase of the Sheriff Zone resource definition drilling program, the Company completed 5,114 metres in 17 diamond drill holes. The estimated true width is approximately 70% of the reported intersection length but widths do reach up to 90%. Highlights are shown in Table 3 below.
The second phase of the drilling program is slated for completion later in the first quarter of 2013. After receipt and validation of all drilling results, the Company intends to prepare, in collaboration with Tetra Tech, an initial resource estimate for the Sheriff Zone.
NAP remains optimistic that the Sheriff Zone can provide a near-term source of pit-grade material to help replace mill feed (to be blended with higher-grade Offset Zone feed) that is currently being sourced from the Roby Open Pit. Sampling of split core and/or crush reject material is being conducted for bench-scale metallurgical studies that will commence in February. Bulk sampling, initial pit shell modeling and economic analyses are also being planned for later this year.
 
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TABLE 2: Drilling highlights for the ongoing Phase 2 resource definition program for the Sheriff Zone (fall 2012).

Zone	  	Hole #	  	From (m)	  	To (m)	  	Length (m)	  	Pd (g/t)	 	  	Pt (g/t)	 	  	Au (g/t)	 	
Sheriff	  	12-174	  	81	  	101	  	20	  	 	2.76	  	  	 	0.29	  	  	 	0.49	  	
Sheriff	  	12-175	  	47	  	56	  	9	  	 	3.68	  	  	 	0.29	  	  	 	0.26	  	
Sheriff	  	and	  	100	  	199	  	99	  	 	1.11	  	  	 	0.12	  	  	 	0.09	  	
Sheriff	  	including	  	100	  	126	  	26	  	 	1.93	  	  	 	0.19	  	  	 	0.13	  	
Sheriff	  	including	  	104	  	115	  	11	  	 	2.80	  	  	 	0.27	  	  	 	0.20	  	
Sheriff	  	12-176	  	106	  	125	  	19	  	 	1.22	  	  	 	0.13	  	  	 	0.06	  	
Sheriff	  	12-177	  	19	  	73	  	54	  	 	1.03	  	  	 	0.11	  	  	 	0.05	  	
Sheriff	  	including	  	45	  	59	  	14	  	 	1.56	  	  	 	0.16	  	  	 	0.07	  	
Sheriff	  	12-179	  	122	  	252	  	130	  	 	1.26	  	  	 	0.14	  	  	 	0.09	  	
Sheriff	  	including	  	130	  	154	  	24	  	 	3.05	  	  	 	0.33	  	  	 	0.20	  	
Sheriff	  	including	  	141	  	145	  	4	  	 	7.12	  	  	 	0.73	  	  	 	0.27	  	
Sheriff	  	12-180	  	80	  	157	  	77	  	 	1.16	  	  	 	0.13	  	  	 	0.09	  	
Sheriff	  	including	  	80	  	91	  	11	  	 	2.37	  	  	 	0.21	  	  	 	0.20	  	
Sheriff	  	and	  	241	  	267	  	26	  	 	1.05	  	  	 	0.14	  	  	 	0.05	  	
Sheriff	  	12-181	  	59	  	150	  	91	  	 	1.06	  	  	 	0.11	  	  	 	0.07	  	
Sheriff	  	including	  	59	  	95	  	36	  	 	1.42	  	  	 	0.14	  	  	 	0.09	  	
Sheriff	  	12-182	  	62	  	63	  	1	  	 	6.12	  	  	 	0.24	  	  	 	0.14	  	
Sheriff	  	12-183	  	140	  	169	  	29	  	 	1.11	  	  	 	0.13	  	  	 	0.06	  	
Sheriff	  	and	  	196	  	210	  	14	  	 	1.63	  	  	 	0.19	  	  	 	0.14	  	
Sheriff	  	12-185	  	175	  	281	  	106	  	 	1.40	  	  	 	0.16	  	  	 	0.10	  	
Sheriff	  	including	  	183	  	190	  	7	  	 	2.65	  	  	 	0.26	  	  	 	0.14	  	
Sheriff	  	and	  	327	  	332	  	5	  	 	4.68	  	  	 	0.53	  	  	 	0.36	  	
Roby Zone Extension Drilling
The Company also completed a program of underground extension drilling on the northern part of the Roby Zone including 3,350 metres in 15 holes. The estimated true width is between 75-95% of the actual drill intersections reported. Highlights from this program are shown in Table 3 below with the drilling areas illustrated in Figure 3. Of note are the excellent grades intersected in hole 12-269 which returned 3 metres at 104.2 g/t Pd – amongst the highest ever reported from LDI.
TABLE 3: Drilling highlights for the Roby Zone north extension program (fall 2012).

Zone	  	Hole #	  	From (m)	  	To (m)	  	Length (m)	  	Pd (g/t)	 	  	Pt (g/t)	 	  	Au (g/t)	 	
Roby - North	  	12-259	  	160	  	165	  	5	  	 	13.37	  	  	 	0.57	  	  	 	0.23	  	
Roby - North	  	12-261	  	168	  	172	  	4	  	 	5.56	  	  	 	0.30	  	  	 	0.05	  	
Roby - North	  	12-262	  	169	  	175	  	6	  	 	4.70	  	  	 	0.28	  	  	 	0.05	  	
Roby - North	  	and	  	193	  	200	  	7	  	 	7.09	  	  	 	0.33	  	  	 	0.31	  	
Roby - North	  	12-269	  	138	  	162	  	24	  	 	23.35	  	  	 	0.98	  	  	 	0.68	  	
Roby - North	  	including	  	146	  	149	  	3	  	 	104.20	  	  	 	4.30	  	  	 	4.13	  	
 
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FIGURE 3: Longitudinal view, looking east, of the currently defined limits to the Roby Zone (red solid) showing location of the fall 2012 extension drilling program and the underground ramp system.

North VT Rim Surface Drilling
Historical exploration on the northern margin of the Mine Block Intrusion by NAP has defined a zone of low-sulfide palladium-rich mineralization referred to as the North VT Rim trend. The trend is characterized by significant local grade variability as indicated by the ‘bonanza’ palladium and adjacent low-grade trench results reported last year ( see January 30 th , 2012 news release ).
The North VT Rim trend has not been systematically drilled off yet, but based on existing trenching and drilling results, may have lateral continuity at or near surface over a distance of at least five hundred metres - extending east from the northeast end of the Roby Zone ( see Figure 1 ). The trend remains open further to the east and may extend as far east as the Creek Zone for a potential total strike length of 2 kilometres ( see Figure 1 ).
Based on the most recent drilling results, the North VT Rim trend appears to have a southerly dip of approximately 50°- 55° and strikes parallel to the geology of the Mine Block Intrusion in this area. In the fall of 2012, the Company completed 2,392 metres over 26 holes of surface exploration diamond drilling on the North VT Rim trend. Holes were arranged in fans to ensure a tight spacing (approximately 10-metre centres) of pierce points on the mineralized trend. Drilling was concentrated in the upper 50 metres of the trend and in two areas separated by approximately 400 metres. This drill hole layout was designed to provide additional insights into both local 3D and along strike 2D grade variability. The estimated true widths are between 50-90% of the actual drill intersections reported. Highlights are shown in Table 4 below.
 
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The Company is conducting applied mineralogical research on selected trench samples from the North VT Rim trend. The research is being conducted at the Micro Analytical Facility at Brandon University, Manitoba.
TABLE 4: Surface drilling highlights for the the North VT rim exploration program (fall 2012).

Zone	  	Hole #	  	From (m)	  	To (m)	  	Length (m)	  	Pd (g/t)	 	  	Pt (g/t)	 	  	Au (g/t)	 	
North VT Rim	  	12-031	  	18	  	22	  	4	  	 	4.67	  	  	 	0.26	  	  	 	0.06	  	
North VT Rim	  	12-033	  	21	  	25	  	4	  	 	5.10	  	  	 	0.21	  	  	 	0.05	  	
North VT Rim	  	12-034	  	15	  	31	  	16	  	 	2.21	  	  	 	0.14	  	  	 	0.02	  	
North VT Rim	  	12-035	  	37	  	41	  	4	  	 	5.05	  	  	 	0.50	  	  	 	0.09	  	
North VT Rim	  	12-036	  	18	  	24	  	6	  	 	12.40	  	  	 	0.38	  	  	 	0.16	  	
North VT Rim	  	including	  	23	  	24	  	1	  	 	54.10	  	  	 	1.32	  	  	 	0.59	  	
North VT Rim	  	12-037	  	18	  	32	  	14	  	 	1.98	  	  	 	0.12	  	  	 	0.04	  	
North VT Rim	  	12-038	  	20	  	30	  	10	  	 	2.21	  	  	 	0.12	  	  	 	0.04	  	
North VT Rim	  	12-039	  	21	  	28	  	7	  	 	4.70	  	  	 	0.18	  	  	 	0.07	  	
North VT Rim	  	12-041	  	22	  	29	  	7	  	 	3.84	  	  	 	0.17	  	  	 	0.09	  	
North VT Rim	  	12-042	  	24	  	31	  	7	  	 	6.29	  	  	 	0.24	  	  	 	0.16	  	
North VT Rim	  	including	  	25	  	26	  	1	  	 	23.40	  	  	 	0.83	  	  	 	0.85	  	
North VT Rim	  	12-043	  	14	  	15	  	1	  	 	21.00	  	  	 	1.18	  	  	 	0.06	  	
North VT Rim	  	12-047	  	20	  	22	  	2	  	 	15.10	  	  	 	1.05	  	  	 	0.12	  	
North LDI Intrusion Surface Drilling
Historical exploration on the North LDI intrusion has identified numerous surface occurrences of anomalous palladium mineralization from 0.1 to 4.0 g/t and generally associated with pyroxenite and peridotite layers and disseminated magmatic sulfide mineralization. There has been limited surface drilling by NAP on the North LDI complex (a total of 3,420 metres in 7 diamond drill holes completed in 2003 and 2009). The geology, geochemistry and mineral potential of the North LDI intrusion is currently being studied by NAP in collaboration with an academic study at Queens University, Ontario.
NAP recently completed an airborne magnetic and electromagnetic survey (Geotech Ltd.’s VTEM system – see December 11, 2012 news release ) that returned both magnetic and electromagnetic anomalies that helped focus plans for drilling. In the summer of 2012, the Company laid out a fence of four holes designed to better establish the 3D geology and grade distributions on the better exposed eastern part of the intrusion ( see Figure 4 ).
Two of these holes (NL 12-100 and NL 12-101) were completed in the fall of 2012 (total of 2,148 metres) and results have been received for one of these (hole NL 12-100), which intersected a previously unrecognized interval of PGE mineralization at a vertical depth of approximately 400 metres. The intersection cut 2 metres at 3.58 g/t Pd and 1.08 g/t Pt within a broader zone of anomalous palladium and platinum values ( e.g., 9 metres at 1.03 g/t Pd; see Appendix ). The true width of the mineralization is estimated to be 1.88 metres. It is not yet known if this zone has lateral continuity or what deposit model best fits the observed petrological and mineralogical characteristics. The Company expects to complete the four hole fence later this year and will provide an update on North LDI exploration as new results are received.
 
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FIGURE 4: Geological map for the North LDI intrusion and the LDI mine block intrusion showing the location of the planned four hole fence of surface diamond drill holes at North LDI. Two holes (NL 12-100, NL 12-101) were completed in the fall of 2012.

2013 Exploration Plans
In 2013, NAP’s LDI exploration program will be focused on defining extensions to both the Offset Zone and Roby Zone resources and on identifying additional, pit-grade material at surface. Surface exploration will be focused on the Sheriff Zone and the North VT Rim trend and are expected to include the first systematic drilling on the South VT Rim target (see Figures 1 and 4) .
Greenfields exploration activity will continue in 2013 with the completion of the Phase 1 drilling program expected by the end of February. A total of 5,000 metres of drilling is expected to be completed in the first quarter of 2013, bringing the total for the program to approximately 12,000 metres ( see Figure 5 ). A comprehensive review of the large amount of technical data that has been acquired for the Company’s greenfields properties will be undertaken in the second quarter of 2013. The outcomes of this review will include a definition and ranking of exploration drill targets that could be pursued later in the year.
 
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FIGURE 5: Outline of greenfields PGE exploration properties relative to the Mine Block property and LDI operations showing expected drilling for Phase 1 . All of the greenfields properties are located within 30 kilometers of the LDI mill.

Technical Information and Qualified Persons
The assay analyses performed during NAP’s exploration drilling programs are subject to a formal quality assurance and quality control program. Diamond drill core from exploration drilling is logged and sampled on the mine site and at the Company’s exploration office in Thunder Bay with sample transport by the Company and Courtesy Courier to Activation Laboratories Ltd. (Thunder Bay and Ancaster), an independent accredited laboratory, for assay analysis. Check assay analyses are carried out by SGS Minerals Services (Toronto), a laboratory that is also independent of the Company.
The Company’s exploration team designed and executed the drilling program under the supervision of Cameron McLean, P. Geo., an employee of NAP and a Qualified Person as defined by National Instrument 43-101, who has reviewed and approved the content of this news release.
About North American Palladium
NAP is an established precious metals producer that has been operating its flagship Lac des Iles mine (LDI) located in Ontario, Canada since 1993. LDI is one of only two primary producers of palladium in the world, and is currently undergoing a major expansion to increase production and reduce cash costs per ounce. NAP also operates the Vezza gold mine located in the Abitibi region of Quebec. The Company’s shares trade on the NYSE MKT under the symbol PAL and on the TSX under the symbol PDL.
For further information please contact:
Camilla Bartosiewicz
Director, Investor Relations and Corporate Communications
Telephone: 416-360-7374
Email: camilla@nap.com
 
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Cautionary Statement on Forward Looking Information
Certain information included in this news release constitutes ‘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’, ‘forecast’, and similar expressions identify forward-looking statements. Such statements include, without limitation, any information as to our future exploration results, financial or operating performance, including: statements with respect to the exploration potential of the LDI or greenfields properties, projected grades and other statements that express management’s expectations or estimates of future performance. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions contained in this news release, which may prove to be incorrect, include, but are not limited to: that the Company’s interpretations of the ore body are accurate, that prices for key exploration and development supplies, including labour, will remain consistent with the Company’s expectations, that the Company’s current estimates of mineral reserves and resources are accurate, and that there are no material delays in the timing of ongoing projects. The forward-looking statements are not guarantees of future performance. The Company cautions the reader that such forward-looking statements involve known and unknown risks that may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. Such risks include, but are not limited to: the possibility that new exploration targets may not meet management’s expectations, uncertainty of mineral reserves and resources, inherent risks associated with exploration and development, the risk that the Offset Zone and other zones may not be successfully developed, and uncertainty of the ability of the Company to obtain financing. For more details on the factors, assumptions and risks see 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, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
 
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APPENDIX:

Zone	  	Hole Number	  	From (m)	  	To (m)	  	Length (m)	  	Pd (g/t)	  	Pt (g/t)	  	Au (g/t)	 	  	Cu (%)	 	  	Ni (%)	 	  	Co (%)	 	
North VT Rim	  	12-031	  	18.00	  	22.00	  	4.00	  	4.67	  	0.26	  	 	0.06	  	  	 	0.002	  	  	 	0.027	  	  	 	0.0039	  	
North VT Rim	  	12-033	  	21.00	  	25.00	  	4.00	  	5.10	  	0.21	  	 	0.05	  	  	 	0.003	  	  	 	0.025	  	  	 	0.0036	  	
North VT Rim	  	12-034	  	15.00	  	31.00	  	16.00	  	2.21	  	0.14	  	 	0.02	  	  	 	0.003	  	  	 	0.026	  	  	 	0.0039	  	
North VT Rim	  	12-035	  	37.00	  	41.00	  	4.00	  	5.05	  	0.50	  	 	0.09	  	  	 	0.008	  	  	 	0.028	  	  	 	0.0039	  	
North VT Rim	  	12-036	  	18.00	  	24.00	  	6.00	  	12.40	  	0.38	  	 	0.16	  	  	 	0.008	  	  	 	0.030	  	  	 	0.0043	  	
North VT Rim	  	including	  	23.00	  	24.00	  	1.00	  	54.10	  	1.32	  	 	0.59	  	  	 	0.028	  	  	 	0.053	  	  	 	0.0059	  	
North VT Rim	  	12-037	  	18.00	  	32.00	  	14.00	  	1.98	  	0.12	  	 	0.04	  	  	 	0.005	  	  	 	0.028	  	  	 	0.0044	  	
North VT Rim	  	12-038	  	20.00	  	30.00	  	10.00	  	2.21	  	0.12	  	 	0.04	  	  	 	0.004	  	  	 	0.027	  	  	 	0.0041	  	
North VT Rim	  	12-039	  	21.00	  	28.00	  	7.00	  	4.70	  	0.18	  	 	0.07	  	  	 	0.003	  	  	 	0.024	  	  	 	0.0036	  	
North VT Rim	  	12-041	  	22.00	  	29.00	  	7.00	  	3.84	  	0.17	  	 	0.09	  	  	 	0.007	  	  	 	0.030	  	  	 	0.0043	  	
North VT Rim	  	12-042	  	24.00	  	31.00	  	7.00	  	6.29	  	0.24	  	 	0.16	  	  	 	0.010	  	  	 	0.033	  	  	 	0.0041	  	
North VT Rim	  	including	  	25.00	  	26.00	  	1.00	  	23.40	  	0.83	  	 	0.85	  	  	 	0.058	  	  	 	0.073	  	  	 	0.0059	  	
North VT Rim	  	12-043	  	14.00	  	15.00	  	1.00	  	21.00	  	1.18	  	 	0.06	  	  	 	0.001	  	  	 	0.018	  	  	 	0.0029	  	
North VT Rim	  	12-047	  	20.00	  	22.00	  	2.00	  	15.10	  	1.05	  	 	0.12	  	  	 	0.006	  	  	 	0.028	  	  	 	0.0043	  	
											
Sheriff	  	12-174	  	81.00	  	101.00	  	20.00	  	2.76	  	0.29	  	 	0.49	  	  	 	0.109	  	  	 	0.129	  	  	 	0.0076	  	
Sheriff	  	12-175	  	47.00	  	56.00	  	9.00	  	3.68	  	0.29	  	 	0.26	  	  	 	0.099	  	  	 	0.091	  	  	 	0.0085	  	
Sheriff	  	and	  	100.00	  	199.00	  	99.00	  	1.11	  	0.12	  	 	0.09	  	  	 	0.032	  	  	 	0.048	  	  	 	0.0066	  	
Sheriff	  	including	  	100.00	  	126.00	  	26.00	  	1.93	  	0.19	  	 	0.13	  	  	 	0.040	  	  	 	0.063	  	  	 	0.0081	  	
Sheriff	  	including	  	104.00	  	115.00	  	11.00	  	2.80	  	0.27	  	 	0.20	  	  	 	0.053	  	  	 	0.080	  	  	 	0.0088	  	
Sheriff	  	12-176	  	106.00	  	125.00	  	19.00	  	1.22	  	0.13	  	 	0.06	  	  	 	0.023	  	  	 	0.035	  	  	 	0.0058	  	
Sheriff	  	12-177	  	19.00	  	73.00	  	54.00	  	1.03	  	0.11	  	 	0.05	  	  	 	0.023	  	  	 	0.035	  	  	 	0.0048	  	
Sheriff	  	including	  	45.00	  	59.00	  	14.00	  	1.56	  	0.16	  	 	0.07	  	  	 	0.021	  	  	 	0.033	  	  	 	0.0047	  	
Sheriff	  	12-179	  	122.00	  	252.00	  	130.00	  	1.26	  	0.14	  	 	0.09	  	  	 	0.037	  	  	 	0.053	  	  	 	0.0074	  	
Sheriff	  	including	  	130.00	  	154.00	  	24.00	  	3.05	  	0.33	  	 	0.20	  	  	 	0.065	  	  	 	0.082	  	  	 	0.0101	  	
Sheriff	  	including	  	141.00	  	145.00	  	4.00	  	7.12	  	0.73	  	 	0.27	  	  	 	0.124	  	  	 	0.138	  	  	 	0.0118	  	
Sheriff	  	12-180	  	80.00	  	157.00	  	77.00	  	1.16	  	0.13	  	 	0.09	  	  	 	0.054	  	  	 	0.053	  	  	 	0.0067	  	
Sheriff	  	including	  	80.00	  	91.00	  	11.00	  	2.37	  	0.21	  	 	0.20	  	  	 	0.127	  	  	 	0.093	  	  	 	0.0081	  	
Sheriff	  	and	  	241.00	  	267.00	  	26.00	  	1.05	  	0.14	  	 	0.05	  	  	 	0.016	  	  	 	0.036	  	  	 	0.0046	  	
Sheriff	  	12-181	  	59.00	  	150.00	  	91.00	  	1.06	  	0.11	  	 	0.07	  	  	 	0.043	  	  	 	0.051	  	  	 	0.0062	  	
Sheriff	  	including	  	59.00	  	95.00	  	36.00	  	1.42	  	0.14	  	 	0.09	  	  	 	0.041	  	  	 	0.052	  	  	 	0.0060	  	
Sheriff	  	12-182	  	62.00	  	63.00	  	1.00	  	6.12	  	0.24	  	 	0.14	  	  	 	0.071	  	  	 	0.048	  	  	 	0.0046	  	
Sheriff	  	12-183	  	140.00	  	169.00	  	29.00	  	1.11	  	0.13	  	 	0.06	  	  	 	0.043	  	  	 	0.052	  	  	 	0.0079	  	
Sheriff	  	and	  	196.00	  	210.00	  	14.00	  	1.63	  	0.19	  	 	0.14	  	  	 	0.058	  	  	 	0.059	  	  	 	0.0067	  	
Sheriff	  	12-185	  	175.00	  	281.00	  	106.00	  	1.40	  	0.16	  	 	0.10	  	  	 	0.160	  	  	 	0.010	  	  	 	0.0099	  	
Sheriff	  	including	  	183.00	  	190.00	  	7.00	  	2.65	  	0.26	  	 	0.14	  	  	 	0.061	  	  	 	0.067	  	  	 	0.0079	  	
Sheriff	  	and	  	327.00	  	332.00	  	5.00	  	4.68	  	0.53	  	 	0.36	  	  	 	0.133	  	  	 	0.138	  	  	 	0.0087	  	
											
Offset - South	  	12-601	  	160.00	  	170.00	  	10.00	  	4.27	  	0.59	  	 	0.22	  	  	 	0.082	  	  	 	0.132	  	  	 	0.0111	  	
Offset - South	  	including	  	161.00	  	165.00	  	4.00	  	7.47	  	1.01	  	 	0.33	  	  	 	0.118	  	  	 	0.193	  	  	 	0.0119	  	
Offset - Upper	  	12-701	  	128.00	  	147.00	  	19.00	  	3.16	  	0.31	  	 	0.33	  	  	 	0.085	  	  	 	0.092	  	  	 	0.0076	  	
Offset - Upper	  	12-703	  	228.00	  	233.00	  	5.00	  	5.25	  	0.50	  	 	0.52	  	  	 	0.070	  	  	 	0.086	  	  	 	0.0100	  	
Offset - Upper	  	12-705	  	159.00	  	192.00	  	33.00	  	3.98	  	0.37	  	 	0.28	  	  	 	0.080	  	  	 	0.101	  	  	 	0.0075	  	
Offset - Upper	  	including	  	171.00	  	175.00	  	4.00	  	14.88	  	1.06	  	 	0.87	  	  	 	0.121	  	  	 	0.116	  	  	 	0.0066	  	
Offset - Upper	  	and	  	303.00	  	316.00	  	13.00	  	4.20	  	0.51	  	 	0.16	  	  	 	0.249	  	  	 	0.203	  	  	 	0.0129	  	
Offset - Upper	  	12-706	  	197.00	  	218.00	  	21.00	  	4.19	  	0.51	  	 	0.30	  	  	 	0.094	  	  	 	0.099	  	  	 	0.0098	  	
Offset - Upper	  	including	  	209.00	  	214.00	  	5.00	  	7.40	  	0.98	  	 	0.45	  	  	 	0.187	  	  	 	0.152	  	  	 	0.0134	  	
Offset - Upper	  	12-708	  	271.00	  	277.00	  	6.00	  	4.23	  	0.46	  	 	0.48	  	  	 	0.129	  	  	 	0.133	  	  	 	0.0105	  	
Offset - Upper	  	and	  	297.00	  	299.00	  	2.00	  	8.13	  	0.86	  	 	0.51	  	  	 	0.194	  	  	 	0.164	  	  	 	0.0116	  	
Offset - Upper	  	12-709	  	307.00	  	311.00	  	4.00	  	8.92	  	0.78	  	 	0.49	  	  	 	0.255	  	  	 	0.168	  	  	 	0.0138	  	
Offset - Infill	  	12-841	  	103.00	  	129.00	  	26.00	  	5.90	  	0.40	  	 	0.49	  	  	 	0.105	  	  	 	0.156	  	  	 	0.0068	  	
											
Roby - North	  	12-259	  	160.00	  	165.00	  	5.00	  	13.37	  	0.57	  	 	0.23	  	  	 	0.015	  	  	 	0.052	  	  	 	0.0056	  	
Roby - North	  	12-261	  	168.00	  	172.00	  	4.00	  	5.56	  	0.30	  	 	0.05	  	  	 	0.004	  	  	 	0.034	  	  	 	0.0043	  	
Roby - North	  	12-262	  	169.00	  	175.00	  	6.00	  	4.70	  	0.28	  	 	0.05	  	  	 	0.005	  	  	 	0.029	  	  	 	0.0040	  	
Roby - North	  	and	  	193.00	  	200.00	  	7.00	  	7.09	  	0.33	  	 	0.31	  	  	 	0.029	  	  	 	0.048	  	  	 	0.0047	  	
Roby - North	  	12-269	  	138.00	  	162.00	  	24.00	  	23.35	  	0.98	  	 	0.68	  	  	 	0.013	  	  	 	0.054	  	  	 	0.0057	  	
Roby - North	  	including	  	146.00	  	149.00	  	3.00	  	104.20	  	4.30	  	 	4.13	  	  	 	0.033	  	  	 	0.086	  	  	 	0.0050	  	
											
North LDI	  	NL12-100	  	549.00	  	558.00	  	9.00	  	1.03	  	0.32	  	 	0.04	  	  	 	0.008	  	  	 	0.050	  	  	 	0.0081	  	
	  	including	  	549.00	  	551.00	  	2.00	  	3.58	  	1.08	  	 	0.12	  	  	 	0.031	  	  	 	0.086	  	  	 	0.0156	  	
 
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