Canadian Palladium Resources Inc. announced that the company has received 2D and 3D interpretations for the recently completed magnetotelluric (MT) survey on the company's East Bull Palladium Project, located in the Sudbury mining district, Ontario. The results identify two new, shallow drill targets that are adjacent to the Valhalla Deposit palladium resource. The MT method is an electromagnetic geophysical method with excellent depth penetration and is capable of detecting disseminated sulphide mineralization associated with the high palladium tenor sulphides found on the company's East Bull Property. Analysis and interpretation of the MT survey results was completed by Mr. Kevin Stevens of Stevens Geophysics Inc. A section of the 3D inversion of the SW part of MTLine 1 on Canadian Palladium's East Bull Property shows the colour contoured resistivity ranging from low of <1,000 ohm-m (orange) to high of >10,000 ohm-m (blue). The section shows the Valhalla Palladium Deposit with previous drill holes as an area of lower resistivity. The Valhalla Deposit actually dips to the north, with the MT section showing a shallow apparent dip to the NE due to MT Line crossing the deposit at an oblique angle. The Folson Deformation Zone (FDZ) is associated with the truncation of the resistivity low associated with the potential extension of the Valhalla Deposit. Prospective targets are defined by resistivity lows. Targets at depths of less than 500 m are amenable to drill testing in the current program. Target 1 on potentially represents a down dip extension of the Valhalla Deposit to a depth of approximately 300 m which is considerably deeper than previous drilling. Target 2 is an area of lower resistivity located at 400 m depth and is southwest of the Valhalla Deposit. This may be related to a conductor located south of the Valhalla Deposit that was identified in a 2007 VTEM airborne survey by previous operators. The location of a Maxwell conductive plate model for a bore hole electromagnetic anomaly (BHEM plate) in hole ME-00-19 is also shown. This BHEM plate also corresponds with the VTEM conductor. Target 2 may be located near the base of the East Bull intrusion or in mafic metavolcanic host rocks.