Canadian Palladium Resources Inc. Signs 10,000 M Diamond Drill Contract

With the recent closing of a $4 million non-brokered financing, the planned exploration program is fully funded. The primary objective of the program is to expand the Company's current NI 43-101 inferred resource of 523,000 ounces of Palladium equivalent (News Release dated July 3, 2019). The present resource is defined over 1.8 kilometres and drilled down dip (-45^o) to 125 metres. The new program will test the full 3.0 km length, to a depth of 240 metres. The Company's goal is to expand upon the inferred resource.

Drilling will commence shortly with the expectation of having core to view at the Prospectors and Developers Association of Canada (PDAC) Convention in early March. Access to the property is via a numbered highway that connects to a bush trail previously built to service historic drilling. Selection of diamond drill sites by the company's geologists and advisors has commenced.

Wayne Tisdale states, "Given the recent and unprecedented increase in palladium prices, we want to move quickly to expand our inferred resource. The closing of our financing and the commencement of our exploration program allows us to do exactly that."

For additional information please contact:

Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4472

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