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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer -- Ignore unavailable to you. Want to Upgrade?

To: CLK who wrote (295)	7/3/1999 9:58:00 AM
From: Sleeper	Read Replies (1) \| Respond to of 976

I follow North American Palladium on the Toronto Exchange under PDL.TO. when they were delisted on the Nasdaq they apparently lost their symbol as well. As far as a takeover candidate goes, I see them turning around in the next year and being a buyer of adjacent claims. With Pd in the $US330 range they should be profitable absent any unforeseen events. The kicker here is Kaiser-Frances and whether or not they want their money now. So far, Kaiser-Frances has been very patient and I suspect that, given a chance for major returns on this investment, they will remain so. Regardless, production costs on an open pit mine like Lac de Iles should be low relative to the deep miners and therefore the margins should be better for North American Palladium. Poor management and substandard equipment & practices are reportedly a think of the past. Let us hope so. Sleeper

To: CLK who wrote (295)	7/4/1999 2:16:00 PM
From: wayne	Read Replies (2) \| Respond to of 976

As far as I know there is no Nasdaq symbol ,in the company report from May they only report their shares trading on the Toronto exchange. They do have 10 million preferred shares but they have no bank debt and a strong working capital position ; I believe about 8.5 million dollars for operations. They say they will work all of 1999 without touching their credit facility which is pretty good for any mining venture. Finally, Pat Sheridan has 2 million common shares through SPG Mining and a 3% net cash return . If PDL were to double its reserves for example it would be a very good project even with its present debt. It would also be very attractive to another miner who wants to diversify out of base metals . A cash loaded miner like AUR comes to mind for example. If you check you will see PGM mines are very rare. P.S. I think in the last quarter they did make a dividend payment but I'm not sure of the details.If your thinking of investing and want to know , give them a call , they love to chat. When you get through you want ext. 14