Canadian Palladium Resources Inc. (the Company) announced preliminary assay results for diamond drill holes EB20-11 through EB20-20 on the Company's East Bull Palladium Project (the "Project"), located in the Sudbury mining district, Ontario. The drilling intersected wide intervals of palladium mineralization that extend down dip from the current Mineral Resource. These intervals are preliminary results that do not include rhodium (Rh). At East Bull, Rh is a significant contributor to the Palladium-equivalent (Pd-eq) grade along with platinum (Pt), copper (Cu), gold (Au), nickel (Ni) and cobalt (Co). In addition, hole EB20-20 has not been completely sampled. Results will be updated when additional results have been received. Mineralization is contained within the north dipping "inclusion-bearing zone" near the south contact of the Early Proterozoic East Bull Gabbro intrusion. Drill holes EB20-11, -12, -13, drilled in the eastern part of the Property, intersected mineralization that extends the eastern part of the Deposit down dip. Holes EB20-17 to EB20-20 intersected wide zones of "contact mineralization" in the central part of the Deposit over a strike length of approximately 200 m and to depths of approximately 130 m. These holes extend mineralization 50 m down dip from the current Mineral Resource and mineralization remains open at depth. Length weighted Pd-Eq grades for the intersections in holes EB20-17 to -20 are consistent with the current Mineral Resource grade. Drill holes EB20-14, -15, -16 intersected an approximately 50 m wide zone of dykes and faulting that trends at approximately 070o and dips steeply south. These holes intersected only minor intervals of palladium mineralization. The structure has similarities with the Parisien Lake Deformation Zone located 3 km east of the Property and is potentially a host for "conduit-type" mineralization in the East Bull Gabbro. The results are part of a 10,000 m drill program with a primary objective of expanding the current Inferred Mineral Resource. The diamond drill holes were all drilled at an azimuth of 180o with inclinations ranging from -45o to -70o. Reported widths are drilled widths, with true widths estimated to be 100% for -45o holes to approximately 80% of drilled width for -70o holes.