Form 6-K
 
SECURITIES AND EXCHANGE COMMISSION
 
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
 
For the month of April, 2008              Commission File Number:  1-15142
 
NORTH AMERICAN PALLADIUM LTD.
(Name of Registrant)
 
130 Adelaide Street West
Suite 2116
Toronto, Ontario
Canada  M5H 3P5
(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              o             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):         o
 
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):         o
 
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         o             Assigned File No.                                No           x
 
If “Yes” is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b).

 
This report on Form 6-K is specifically incorporated by reference into North American Palladium’s registration statement on Form S-8 (File No. 333-13766), which was originally filed with the Securities and Exchange Commission (the “ SEC ”) in July 2001 and the registration statements on Form F-10 originally filed with the SEC in May 2006 (File No. 333-133668), June 2006 (File No. 333-134764), August 2006 (File No. 333-136317), October 2006 (File No. 333-137822), December 2006 (File No. 333-139137), February 2007 (File No. 333-140478), April 2007 (File No. 333-141902), June 2007 (File No. 333-143528), August 2007 (File No. 333-145210) October 2007 (File No. 333-146513) and November 2007 (File No. 333-147126).
 
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: April 29, 2008	By:	/s/ Trent Mell	 	
 	 	Trent Mell
Vice President, General Counsel and Corporate Secretary	

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EXHIBIT INDEX

Exhibit	 	Description of Exhibit	
1	 	Press Release - “North American Palladium releases Infill Drilling Results for Offset High Grade Zone”	

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Exhibit 1

	 	2116-130 Adelaide St. W.
Toronto, Ontario
Canada  M5H 3P5	
 	 	 	
For Immediate Release	 	News Release	
 
AMEX: PAL, PAL.WS
TSX:  PDL, PDL.WT
 
North American Palladium Releases Infill Drilling Results
for Offset High Grade Zone
 
Toronto — April 29 - North American Palladium Ltd. is pleased to announce results from an infill drilling program for the Offset High Grade Zone (“OHGZ”) located at its Lac des Iles mine near Thunder Bay, Ontario.  A total of 44 drill holes, totaling 20,984 metres, were completed as part of this program. This drilling program was carried out from the Lac des Iles underground mine and targeted the upper portion of the OHGZ to a vertical depth of approximately 890 metres below surface.
 
The primary deposit at the Company’s Lac des Iles property is the Roby Zone, a disseminated magmatic nickel-copper-PGM deposit.  The OHGZ is believed to be the fault displaced continuation of the Roby Zone mineralization and is located below and approximately 250 meters to the west of the Roby Zone.  A mineral resource estimate for the OHGZ was prepared by Scott Wilson Roscoe Postle Associates (“RPA”) in October 2007 (see press release dated April 2, 2007) . The report showed that the OHGZ has significantly more mineral resources than the current underground mine at similar grades, while still being open along strike to the north, south and at depth.
 
The objective of this drilling campaign was to increase the confidence level in the upper portion of the OHGZ and to upgrade a portion of the inferred mineral resources to the measured and indicated categories.  RPA has been retained to update the mineral resources on this portion of the zone.  A surface diamond drill program is also being carried out to determine the outer limits of OHGZ mineralization.
 
Mr. Jim Excell, President and CEO said: “The grades and widths of the mineralization from this infill drilling program continue to support our view of the long term prospects for underground mining at Lac des Iles.  A scoping study examining the economic viability of several exploitation scenarios for the OHGZ is nearing completion and the results will be released shortly.”
 
Table 1: 2007 Drilling Results, Offset Zone Infill Drilling (1)

Hole ID	 	From 
 (m)	 	To 
 (m)	 	Length 
 (m)	 	Est. True Width (m)	 	Pd, Pt, Au 
 (3E g/t)	 	Pd 
 (g/t)	 	Pt 
 (g/t)	 	Ni 
 (%)	 	Cu 
 (%)	 	Au 
 (g/t)	
07-001	 	273.00	 	293.00	 	20.00	 	16.0	 	10.00	 	8.71	 	0.49	 	0.19	 	0.18	 	0.80	
incl	 	273.00	 	275.00	 	2.00	 	 	 	29.48	 	26.66	 	1.10	 	0.19	 	0.11	 	1.72	
07-002	 	313.00	 	334.00	 	21.00	 	13.7	 	7.53	 	6.81	 	0.47	 	0.11	 	0.08	 	0.25	
incl.	 	325.00	 	330.00	 	5.00	 	 	 	11.00	 	10.26	 	0.52	 	0.11	 	0.07	 	0.22	
and	 	355.00	 	364.00	 	9.00	 	5.4	 	6.54	 	5.62	 	0.36	 	0.16	 	0.14	 	0.56	
07-003	 	377.00	 	480.00	 	103.00	 	58.0	 	6.76	 	5.97	 	0.41	 	0.15	 	0.12	 	0.37	

 

Hole ID	 	From 
 (m)	 	To 
 (m)	 	Length 
 (m)	 	Est. True Width (m)	 	Pd, Pt, Au 
 (3E g/t)	 	Pd 
 (g/t)	 	Pt 
 (g/t)	 	Ni 
 (%)	 	Cu 
 (%)	 	Au 
 (g/t)	
incl.	 	379.00	 	397.00	 	18.00	 	 	 	14.68	 	13.57	 	0.73	 	0.14	 	0.11	 	0.37	
and	 	427.00	 	448.00	 	21.00	 	 	 	8.58	 	7.46	 	0.51	 	0.20	 	0.16	 	0.61	
and	 	473.00	 	480.00	 	7.00	 	 	 	9.90	 	8.975	 	0.69	 	0.13	 	0.09	 	0.24	
07-004	 	445.00	 	448.60	 	3.60	 	2.5	 	6.04	 	5.51	 	0.40	 	0.09	 	0.05	 	0.13	
and	 	483.57	 	500.00	 	16.43	 	11.3	 	9.51	 	8.07	 	0.57	 	0.14	 	0.11	 	0.87	
07-005	 	279.85	 	294.15	 	14.30	 	11.5	 	10.16	 	9.42	 	0.52	 	0.18	 	0.11	 	0.22	
incl.	 	281.00	 	285.00	 	4.00	 	 	 	20.03	 	18.82	 	0.87	 	0.19	 	0.14	 	0.35	
07-006	 	305.80	 	336.00	 	30.20	 	20.3	 	9.38	 	8.37	 	0.53	 	0.13	 	0.12	 	0.49	
incl	 	314.00	 	323.65	 	9.65	 	 	 	14.40	 	13.04	 	0.69	 	0.13	 	0.11	 	0.68	
07-007	 	350.00	 	373.00	 	23.00	 	15.3	 	13.74	 	12.33	 	0.62	 	0.24	 	0.16	 	0.78	
incl	 	362.00	 	367.00	 	5.00	 	 	 	29.69	 	26.67	 	1.12	 	0.48	 	0.36	 	1.90	
07-008	 	410.00	 	432.00	 	22.00	 	12.4	 	7.87	 	6.86	 	0.50	 	0.15	 	0.10	 	0.51	
incl.	 	410.00	 	419.00	 	9.00	 	 	 	10.58	 	9.24	 	0.70	 	0.20	 	0.16	 	0.65	
and	 	426.00	 	432.00	 	6.00	 	 	 	9.19	 	7.94	 	0.53	 	0.17	 	0.11	 	0.72	
07-012	 	286.00	 	290.10	 	4.10	 	3.6	 	4.85	 	3.87	 	0.43	 	0.22	 	0.23	 	0.55	
07-015	 	304.60	 	316.80	 	12.20	 	10.0	 	8.43	 	7.45	 	0.38	 	0.12	 	0.07	 	0.60	
07-017	 	374.30	 	431.40	 	57.10	 	36.8	 	6.84	 	6.16	 	0.36	 	0.13	 	0.07	 	0.31	
incl.	 	374.30	 	395.00	 	20.70	 	 	 	9.12	 	8.3	 	0.49	 	0.15	 	0.05	 	0.34	
and	 	407.00	 	410.00	 	3.00	 	 	 	12.63	 	11.6	 	0.67	 	0.20	 	0.10	 	0.33	
07-018	 	244.00	 	257.00	 	13.00	 	9.0	 	6.31	 	5.60	 	0.37	 	0.22	 	0.07	 	0.33	
incl	 	253.00	 	257.00	 	4.00	 	 	 	9.32	 	8.21	 	0.46	 	0.29	 	0.12	 	0.64	
07-019	 	377.20	 	394.00	 	16.80	 	13.0	 	9.41	 	8.31	 	0.63	 	0.15	 	0.11	 	0.47	
incl.	 	380.20	 	384.00	 	3.80	 	 	 	18.94	 	17.03	 	1.11	 	0.24	 	0.18	 	0.80	
07-020	 	417.00	 	425.00	 	8.00	 	7.0	 	6.55	 	5.83	 	0.43	 	0.12	 	0.07	 	0.29	
07-021	 	480.27	 	552.00	 	71.73	 	33.8	 	6.51	 	5.76	 	0.40	 	0.18	 	0.11	 	0.34	
incl.	 	480.27	 	503.25	 	22.98	 	 	 	8.06	 	7.05	 	0.52	 	0.20	 	0.12	 	0.48	
incl.	 	496.27	 	503.25	 	6.98	 	 	 	13.89	 	12.64	 	0.74	 	0.23	 	0.08	 	0.49	
07-022	 	414.00	 	460.80	 	46.80	 	29.0	 	7.06	 	6.03	 	0.49	 	0.13	 	0.14	 	0.54	
incl.	 	414.00	 	425.80	 	11.80	 	 	 	8.45	 	7.26	 	0.58	 	0.11	 	0.11	 	0.61	
and	 	491.00	 	500.00	 	9.00	 	5.6	 	9.30	 	8.55	 	0.45	 	0.06	 	0.06	 	0.29	
07-023	 	332.79	 	336.00	 	3.21	 	2.4	 	3.23	 	2.90	 	0.23	 	0.06	 	0.04	 	0.10	
07-024	 	373.15	 	378.00	 	4.85	 	3.3	 	8.58	 	6.78	 	1.19	 	0.16	 	0.19	 	0.61	
and	 	398.00	 	405.00	 	7.00	 	4.8	 	7.32	 	6.37	 	0.57	 	0.12	 	0.09	 	0.38	
07-028	 	249.00	 	253.00	 	4.00	 	 	 	3.56	 	3.02	 	0.45	 	0.13	 	0.10	 	0.10	
and	 	395.00	 	400.00	 	5.00	 	3.5	 	4.64	 	3.94	 	0.50	 	0.06	 	0.06	 	0.21	
07-029	 	438.00	 	449.00	 	11.00	 	7.1	 	8.91	 	7.80	 	0.59	 	0.11	 	0.10	 	0.53	
and	 	489.00	 	504.00	 	15.00	 	9.7	 	7.45	 	6.69	 	0.43	 	0.11	 	0.08	 	0.33	
07-030	 	Encountered tonalite-did not intersect Offset Zone	
07-032	 	455.00	 	467.00	 	12.00	 	10.3	 	7.50	 	6.40	 	0.43	 	0.17	 	0.12	 	0.66	
07-034	 	393.00	 	402.80	 	9.80	 	8.6	 	9.29	 	8.59	 	0.41	 	0.13	 	0.13	 	0.28	
Incl.	 	400.00	 	402.80	 	2.80	 	 	 	18.21	 	17.09	 	0.72	 	0.14	 	0.12	 	0.40	
and	 	415.35	 	427.25	 	11.90	 	10.4	 	13.96	 	13.24	 	0.55	 	0.09	 	0.02	 	0.16	
07-035	 	439.20	 	441.15	 	1.95	 	1.6	 	16.72	 	15.35	 	0.89	 	0.08	 	0.06	 	0.48	
07-036	 	Encountered tonalite-did not intersect Offset Zone	

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Hole ID	 	From 
 (m)	 	To 
 (m)	 	Length 
 (m)	 	Est. True Width (m)	 	Pd, Pt, Au 
 (3E g/t)	 	Pd 
 (g/t)	 	Pt 
 (g/t)	 	Ni 
 (%)	 	Cu 
 (%)	 	Au 
 (g/t)	
07-037	 	430.34	 	440.00	 	9.66	 	8.8	 	6.23	 	5.17	 	0.42	 	0.13	 	0.13	 	0.64	
07-041	 	393.00	 	397.00	 	4.00	 	2.1	 	3.20	 	2.75	 	0.37	 	0.04	 	0.02	 	0.08	
and	 	452.00	 	467.00	 	15.00	 	7.7	 	6.76	 	6.03	 	0.47	 	0.10	 	0.10	 	0.26	
07-042	 	481.40	 	492.00	 	10.60	 	4.5	 	11.02	 	9.67	 	0.66	 	0.17	 	0.12	 	0.68	
07-043	 	408.00	 	415.00	 	7.00	 	6.2	 	10.76	 	9.86	 	0.60	 	0.09	 	0.09	 	0.30	
incl.	 	410.00	 	413.00	 	3.00	 	 	 	18.60	 	17.29	 	0.85	 	0.10	 	0.09	 	0.46	
07-044	 	Encountered tonalite-did not intersect Offset Zone	
07-045	 	Encountered tonalite-did not intersect Offset Zone	
07-046	 	430.40	 	440.00	 	9.60	 	7.8	 	12.56	 	11.57	 	0.52	 	0.09	 	0.06	 	0.48	
incl.	 	431.40	 	435.40	 	4.00	 	 	 	20.85	 	19.33	 	0.71	 	0.12	 	0.09	 	0.81	
07-047	 	466.00	 	473.00	 	7.00	 	4.0	 	3.85	 	3.15	 	0.43	 	0.10	 	0.12	 	0.28	
07-048	 	452.25	 	465.00	 	12.75	 	9.6	 	6.29	 	5.64	 	0.41	 	0.08	 	0.04	 	0.24	
incl.	 	452.25	 	453.10	 	0.85	 	 	 	24.61	 	21.57	 	1.28	 	0.24	 	0.25	 	1.76	
and	 	477.00	 	486.25	 	9.25	 	5.1	 	7.62	 	6.76	 	0.56	 	0.09	 	0.06	 	0. 30	
07-049	 	432.50	 	481.00	 	57.50	 	35.5	 	7.09	 	5.76	 	0.77	 	0.20	 	0.20	 	0.56	
incl.	 	441.30	 	462.00	 	20.70	 	 	 	9.47	 	7.59	 	1.04	 	0.26	 	0.28	 	0.83	
and	 	468.00	 	476.00	 	8.00	 	 	 	8.59	 	6.93	 	0.90	 	0.27	 	0.27	 	0.76	
07-050	 	Encountered tonalite-did not intersect Offset Zone	

(1)           A listing of the drill hole collar information and previously released results (press release dated October 3, 2007) can be found on North American Palladium’s website at www.napalladium.com.
 
The assaying performed during this drilling campaign was subject to a formal quality assurance and quality control (QA/QC) program.  Diamond drill core is logged and split on site with split samples transported by the Company to Accurassay Laboratories, an independent accredited laboratory located in Thunder Bay, for analysis. Approximately 10% of the analyzed samples are sent to and re-sampled by ALS Chemex, a laboratory that is also independent of the Company. The check samples are being analyzed by ALS Chemex using the same procedures employed by Accurassay. Ms. Krista Nelson, P.Geo, a geologist employed by North American Palladium, is the Qualified Person who supervises the QA/QC work carried out for the OHGZ drilling program. The design and execution of this drilling program was done by the company’s exploration team under the supervision of Paul Nielsen, P.Geo, a Qualified Person, who has reviewed and approved the contents of this news release.
 
About North American Palladium
 
North American Palladium is one of North America’s largest producers of palladium.  The Company’s core palladium business at the Lac des Iles mine is strengthened by a significant contribution from platinum, nickel, gold and copper by-product metals.  The Company is actively progressing its three advanced exploration projects: the Offset High Grade Zone at its Lac des Iles Mine, the Shebandowan West Project, located approximately 100 kilometres from the mine, and the Arctic Platinum Project in Finland.  Please visit www.napalladium.com for more information.

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For further information please contact:
 Jim Excell
President and Chief Executive Officer
Tel: (416) 360-7971 Ext. 223
Email:  jexcell@napalladium.com
 
Linda Armstrong
Director, Investor Relations
(416) 360-7971 Ext. 226
Email: larmstrong@napalladium.com

Forward-Looking Statements
 
Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management’s expectations or estimates of future performance, constitute ‘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’ and similar expressions identify forward-looking statements.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  These statements are based on certain factors and assumptions, including but not limited to, the assumption that market fundamentals will result in increased palladium demand and prices and sustained by-product metal demand and prices; the integrated operation of the Company’s underground mine and the open pit mine remain viable operationally and economically; financing is available on reasonable terms; expectations for blended mill feed head grade and mill performance will proceed as expected; new mine plan scenarios will be viable operationally and economically; and plans for mill production, sustainable recoveries from the Lac des Iles mine, exploration at Lac des Iles and elsewhere will all proceed as expected.  The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of North American Palladium to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: metal price volatility; economic and political events affecting metal supply and demand; changes in the regulatory environment; fluctuations in ore grade or ore tonnes milled; geological, technical, mining or processing problems; future production; changes in the life-of-mine plan or the ultimate pit design; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of mineral reserves; adverse changes in our credit rating; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in 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. Readers are cautioned not to put undue reliance on these forward-looking statements.

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