Canadian Palladium Makes Option Payment, Provides Drilling Update
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FOR IMMEDIATE RELEASE
CANADIAN PALLADIUM MAKES OPTION PAYMENT, PROVIDES DRILLING UPDATE
Vancouver, British Columbia, March 4, 2020 – Canadian Palladium Resources Inc. (formerly 21C
Metals Inc.) (the "Company") (CSE: BULL) (OTCQB: DCNNF) (FSE: DC R1) announces that ,
pursuant to the terms of the Option Agreement entered into with Pavey Ark Minerals Inc. (the “Agreement”)
(see February 26, 2019 press release ) to acquire a 100% interest in the East Bull palladium property (the
“Property”), the Company confirms it has exceeded the contractual minimum exploration expenditures on
the Property, issued 750,000 common shares of the Company, and made a $150,000 cash payment.
Canadian Palladium’s diamond drilling program is well underway on the Company’s East Bull Palladium
Property. With the recent closing of a $4 million non-brokered financing, the planned exploration program
is fully funded. The objective of the program is to expand the Company’s current NI 43- 101 inferred
resource of 523,000 ounces of Palladium equivalent (see July 3, 2019 press release). The present resource
is defined over 1.8 kilometers and drilled down dip (-45o) to 125 meters. The ongoing program is testing
the full 3.0 km length, to a depth of 240 meters. The Company’s goal is to expand upon this inferred
resource. To date, the Company has received sample results from the first diamond drill hole, EB -20-01,
(see March 2, 2020 press release). Most notably, Canadian Palladium’s hole EB20-01 intersected:
• 3.32g/t palladium over 7 meters
• 2.50 g/t palladium over 10 meters
• 3.77 g/t palladium + platinum + gold over 10 meters
• Including 7.13 g/t combined palladium + platinum + gold over 3 meters
Pursuant to the Agreement, and over a period of four years (should the Company elect to continue), the
Company is obliged to incur $1,750,000 in exploration expenditures, issue $975,000 in cash payments, and
issue an aggregate of 4.5 million common shares of Canadian Palladium to Pavey Ark in accordance with
the following schedule:
Minimum
Exploration
Expenditures
Common
Shares
Issued
Cash
Issued
Due Date
- - $25,000 On Term Sheet signing (issued)
- 750,000 $75,000 Within 5 days of signing (issued)
$250,000 750,000 $150,000 On or before March 1, 2020 (issued)
$500,000 1,000,000 $200,000 On or before March 1, 2021
$500,000 1,000,000 $250,000 On or before March 1, 2022
$500,000 1,000,000 $300,000 On or before March 1, 2023
$1,750,000 4,500,000 $975,000
Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4472
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Reader Advisory
This news release contains certain "forward- looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other si milar words, or statements that certain events or conditions "may" or
"will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements
with respect to the proposed timing and completion of the private placement and the proposed use of proceeds from
the private placement. Although we believe that the expectatio ns reflected in the forward -looking information are
reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future
results, performance or achievements. Consequently, there is no representation that the ac tual results achieved will
be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results
to differ materially from those anticipated in the forward -looking information. Some of the risks and other factors
that could cause the results to differ materially from those expressed in the forward- looking information include, but
are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental
regulation and environmental regulation; failure to obtain industry partner and other third party consents and
approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals
from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations;
competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions;
geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failur e
to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that
this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
We undertake no duty to update any of the forward-looking information to conform such information to actual results
or to changes in our expectations except as otherwise required by applicable securities le gislation. Readers are
cautioned not to place undue reliance on forward-looking information.
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adequacy or accuracy of this release.