Canadian Palladium Resources Inc. announced preliminary assay results for diamond drill holes EB20-21 through EB20-25 on the Company's East Bull Palladium Project, located in the Sudbury mining district, Ontario. These results include the widest intervals of palladium mineralization reported to date at East Bull and are down dip from the current Mineral Resource. The mineralization in the reported intervals is less than 135 m vertical depth from surface. Results include: EB20-22 with 71.0 m at 1.10 g/t Palladium Equivalent (Pd-Eq); EB20-21 with 66.0 m at 1.07 g/t Pd-Eq; EB20-23 with 55.0 m at 0.97 Pd-Eq; and EB20-24 with 11 m at 1.92 Pd-Eq. These intervals are preliminary results that do not include rhodium (Rh), a contributor to the Palladium-equivalent (Pd-Eq) grade at East Bull. Results will be updated when additional results have been received. Drill Results - The reported intersections are located in the central part of the East Bull Property. The palladium mineralization in holes EB20-21 to EB20-24 is contained within the north dipping "vari-textured, inclusion-bearing gabbro" near the south contact of the Proterozoic East Bull Gabbro Intrusion. The drill holes all intersected consistent, wide zones of palladium mineralization associated with disseminated sulphides over a strike length of 250 m. The mineralized zone dips north from surface at 45o and has been defined down-dip for approximately 200 m to a maximum vertical depth of approximately 135 m. Drill holes EB20-21 to EB20-24 all exhibit a consistent igneous stratigraphy with leuco-gabbro in the hanging wall of the vari-textured gabbro that hosts the disseminated sulphide mineralization. Mineralization remains open at depth and along strike. A figure showing the hole locations is provided at the end of the press release. The results are part of a continuing 10,000 m drill program with a primary objective of expanding the current Inferred Resource. Canadian Palladium has assays pending on mineralization in an additional 14 holes that were drilled east of the holes reported in this release. The diamond drill holes were all drilled at an azimuth of 180o with inclinations ranging from -60o to -70o. Reported widths are drilled widths, with true widths estimated to be 90% of drilled widths for -60o holes to approximately 85% of drilled width for -70o holes. Palladium equivalent "Pd-Eq" is calculated with USD metal prices based on 24-month trailing averages as of January 31, 2018 and assumptions on concentrate recovery, smelter payable and refining charges based on comparable projects that were used in the Company's 2019, NI 43-101 Technical Report and Mineral Resource Estimate for the East Bull Property. East Bull Project Mineral Resource Estimate - P&E Mining Consultants Inc. of Brampton, Ontario has previously prepared a NI 43-101 Mineral Resource Estimate and Technical Report on the Property for the Company dated May 23, 2019 (the "43-101 Report"). The NI 43-101 Technical Report estimates a pit-constrained Inferred Mineral Resource of 11.1 million tonnes of 1.46 grams per tonne (523,000 ounces) palladium equivalent. The Property consists of approximately 1,000 hectares covering more than 3.6 kilometres strike length of the palladium mineralized "Inclusion-bearing zone" of the East Bull layered gabbroic intrusion.