North American Palladium(AMEX:PAL)- PGM Producer Message Board

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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer

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To: dave brown who wrote (387)	12/24/1999 10:43:00 AM
From: dave brown	of 976

Many may have seen this already, however heres the highlights from the Dominick & Dominick Report, Novemeber 1999 North American Palladium Ltd. Recommendation: Speculative Buy Symbol: PDL (TSE) Recent Price: $3.80 52 Week High Low: $0.80-$4.80 Share Capital Basic: 12.1 million Fully Diluted: 12.8 million Market Capitalization: $46 million Market Float: $30 million HIGHLIGHTS Recent Tripling of Palladium Resources May Justify Tripling Annual Production to over 200,000 Ounces * Produces over 80,000 ounces of palladium per year at Lac des Iles open pit mine located 85 km north of Thunder Bay, Ontario; * New President and CEO, Keith Minty, P.Eng has turned company profitable on an operating basis; * Low price hedges were wound down in Q3/98-now receiving world market price for palladium which is currently trading at about US$400 per ounce; * Increased geological resources by additional diamond drilling of contained palladium in measured and indicated resources to 5 million ounces up from under 1 million ounces; * Feasibility study in process to increase mine production from 2,400 tonnes per day to 15,000 tonnes per day and produce over 200,00 ounces of palladium per year; * Company owes $110 million in debt and $50 million in preferred shares to the Kaiser-Francis Oil Company, the controlling shareholder. SPECULATIVE BUY (PDL-TSE,$3.80) North America Palladium shares present a unique opportunity to invest in North America's only other primary palladium producer. Palladium contained in resources have increased by five times and a bankable feasibility study is underway to lead to a tripling of production to over 200,000 ounces per year at estimated cash costs below US$150 per ounce. Despite a heavily indebted balance sheet, we believe the large increase in resources to over 5 million ounces will lead to a major financial turnaround for this company over the next two to three years to become a premium mining company. We recommend purchase for risk oriented investors.

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