Businessweek

North American Palladium Ltd. engages in the exploration, mining, and production of precious metal properties in Canada. The company has two wholly-owned subsidiaries: Lac des Iles Mines Ltd. (LDI) and NAP Quebec Mines Ltd. (NAP Quebec). Mineral Properties in Ontario Lac des Iles Property The company’s Lac des Iles property is located approximately 85 kilometres northwest of the city of Thunder Bay, Ontario, Canada. The property consists of an open pit, a ramp-accessed underground mine, a shaft accessed underground mine (under construction), and a mill with a nominal capacity of approximately 15,000 tonnes per day. Legris Lake Property In addition to the company’s wholly-owned 30,000-acre land package surrounding the Lac des Iles property, the company has an option to acquire 100% of the Legris Lake PGM property. In 2011, the company conducted 3,000 metres of drilling at this property. Tib Lake Property In 2011, the company has an agreement with Houston Lake Mining Inc. regarding the intention of the parties to enter into an option and purchase agreement where it would have an option to acquire a 100% of the Tib Lake property located northwest of the Lac des Iles mine, subject to a 2.5% net smelter royalty in favour of third parties. Salmi Property The company has an agreement with certain optionors whereby it obtained the right to conduct exploration and development activities as well as an right and option to acquire a 100% undivided interest in all or part of the Salmi property, located near the Lac des Iles mine. Shabaqua Property In 2010, the company also entered into option agreements for the Moose Calf and Kukkee gold properties located west of Thunder Bay near McGraw Falls, collectively known as the Shabaqua gold property. Shebandowan Property and Shebandowan West Project The company has a 50% interest in the Shebandowan property pursuant to an option and joint venture agreement with Vale Limited (Vale). The property is located approximately 90 kilometres west of Thunder Bay, Ontario and approximately 100 kilometres southwest of its Lac des Iles mine. The property contains a series of nickel copper-PGM mineralized zones and consists of 6 unpatented claims (8 units) covering an area of approximately 132 hectares, and 205 patented and leased mining claims totalling approximately 7,842 hectares, all of which are held 100% by Vale. Mineral Properties in Quebec Vezza Project The company’s Vezza property is a development project located approximately 25 kilometres south of the town of Matagami, Quebec and 85 kilometres from the Sleeping Giant mine and mill complex. The Vezza property consists of 49 contiguous mining claims covering a surface area of 691 hectares. In 2011, the company drilled 37 surface holes for 6,243 metres and 161 holes for 17,933 metres from underground, for a combined total of 24,176 metres in 198 holes. Flordin Property The Flordin property is located approximately 31 kilometres north of the town of Lebel-sur-Quevillon, Quebec. The Flordin property represents 40 contiguous ground-staked claims and covers an area of 593 hectares. As at March 14, 2011, the Flordin property had been drilled by 523 holes totalling approximately 63,500 metres, and only 329 diamond drill holes (38,331 metres) were considered in the Flordin Report. In 2011, the company conducted a 4,857 metre drill program consisting of 36 diamond drill holes to evaluate open pit potential and to advance permitting and bulk sampling. Discovery Project The company’s Discovery project is located approximately 35 kilometres northwest of the town of Lebel-sur-Quevillon, Quebec. This exploration property is comprised of 124 contiguous mining claims covering 3,351 hectares. The property is 100% owned by NAP Quebec. Dormex Property and Sleeping Giant Surface Exploration The Dormex property is located adjacent to the Sleeping Giant mine and mill. In 2011, the company conducted 8,965 metres of drilling to follow up on geophysical anomalies and gold anomalies in the 2010 reverse circulation program, and to test new geophysical targets. The company also owns the Sleeping Giant gold mine and mill located in the Abitibi region of Quebec. Laflamme Property Laflamme is an early-stage exploration joint venture in the Abitibi region of Quebec with Midland Exploration Inc. (Midland). In 2011, the company fulfilled the requirements to exercise the option to acquire a 50% interest in the project. The company is the operator of the joint venture and may acquire an additional 15% interest by completing a feasibility study. History The company was founded in 1968. It was formerly known as Madeleine Mines Ltd. and changed its name to North American Palladium Ltd. in 1993.