Vancouver - Canadian Palladium Resources Inc.) (the 'Company') (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) is pleased to report that assays on recently completed drill holes on the Company's East Bull Palladium Deposit have returned some of the highest grades intersected to date on the Project.

These results are demonstrating the importance of sulphide-mineralized feeder conduits as an exploration target for high-grade palladium mineralization at the East Bull Deposit, located 90 km west of Sudbury, Ontario.

Wayne Tisdale, Canadian Palladium's CEO, commented 'The new GAP Target assay results demonstrate that high-grade semi-massive sulphides are associated with mineralized feeder conduits at East Bull. To date, our drilling program has mainly focussed on increasing the size of the disseminated mineral deposit, however, these latest holes are confirming an exciting new opportunity for defining high-grade mineralization in this large intrusive system.'

Holes EB-21-76 and -77 successfully targeted the EOH Zone and the overlying Garden Zone. Hole EB-21-77 intersected both zones for a total of 59 m of mineralization. Hole EB-21-78 was intended to test both the Garden Zone and underlying EOH Zone, however, the hole trajectory missed the EOH zone and intersected a wide high-grade interval of disseminated sulphide mineralization in the Garden Zone immediately west of the interpreted position of the EOH Zone. EB-21-79 was a successful Garden Zone in-fill hole to test for continuity of disseminated sulphide mineralization.

Hole EB-21-80 was drilled to test a possible feeder conduit underlying the Valhalla Zone in close proximity to high-grade results intersected in the Valhalla Zone early in the 2020 drilling program. Hole EB-21-80 intersected high-grade semi-massive sulphides and associated disseminated sulphide mineralization and confirms the importance of the conduit model at East Bull.

Pd-Eq grade based on parameters in the May 23, 2019, NI 43-101 Resource Estimate and Technical Report. Metal prices are based on 24-month trailing averages at January 31, 2018. In US$ these prices are: Pd - $767/oz; Pt - $973/oz; Rh - $1,000/oz; Au - $1.262/oz; Cu - $2.53/lb; Ni - $4.62/lb; Co - $20/lb.

The Valhalla and Garden Zone palladium mineralization is primarily hosted within a 45-degree-north-dipping vari-textured melagabbro unit near the basal contact of the East Bull gabbro. Drilling has successfully focused on testing the strike and downdip extensions of this contact-type mineralization that is typically tens of metres thick. The EOH zone mineralization is associated with a northeast striking, subvertical, mineralized magma conduit that underlies the Garden Zone. The new GAP target underlies the Valhalla Zone and is interpreted to have a similar northeast striking orientation.

Reported widths are drilled widths. Most diamond drill holes in the program to date were drilled at an azimuth of 180o with inclinations of -60o. Holes EB-21-77, -78, and -80 were drilled in a NW direction to test northeast trending feeder conduit structures. True widths estimated to be 90% of the intersections for the holes drilled at 180o. In addition to assay results reported here, rhodium is being analyzed and will be reported at a later date.

Contact:

Wayne Tisdale

Tel: (604) 639-4452

FORWARD LOOKING INFORMATION

This press release contains forward-looking information based on current expectations, including the proposed use of proceeds from the private placement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Canadian Palladium assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.

This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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