North American Palladium Ltd. (NAP) is in the business of exploring and mining Platinum Group Metals (PGMs) and certain base and precious metals. Its principal asset is the Lac des Iles mine, located in the Thunder Bay District in Ontario. The Lac des Iles mine consists of an open pit mine, an underground mine and two processing plants. The primary deposits on the property are the Roby Zone and the Offset High Grade Zone (Offset Zone). During the year ended December 31, 2008, the Company’s primary projects were the Shebandowan West Project and the Arctic Platinum Project. Its wholly owned subsidiaries include Lac des Iles Mines Ltd. (LDI) and North American Palladium Arctic Services Ltd. (NAPFS). In May 2009, NAP completed the acquisition of Cadiscor Resources Inc.