Canadian Palladium Makes Option Payment on East Bull Palladium Project

Critical Minerals & Rare Earths

March 1, 2021 (Source) — Canadian Palladium Resources Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) (the “Company”) 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 1,000,000 common shares of the Company, and made the first tranche of the next cash payment to Pavey Ark Minerals Inc.

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 $1,000,000 in cash payments, and issue an aggregate of 4.5 million common shares of Canadian Palladium to Pavey Ark Minerals 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(all shares issued, first cash tranche issued)
$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 $1,000,000


Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4472

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 similar 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 expectations 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 actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

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