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

To: Elizabeth Andrews who wrote (509)	3/6/2000 8:58:00 PM
From: Sleeper	Read Replies (1) \| Respond to of 976

Outstanding analysis Elizabeth. I concur that this stock is a bargain. Here are other factors to consider: Pd market is currently owned by the Russian mafia. they are not know for giving things away (see my posted article of today). No other Pd mine has the capability of rapid expansion Other claims surrounding NAP are not yet approved to produce and once approved will take a minimum of two years for first production Pd production shortfall is predicted for the near and intermediate terms by most reputable analysts Just some random thoughts. I guess you could say I am bullish on NAP's prospects- Sleeper

To: Elizabeth Andrews who wrote (509)	3/8/2000 1:02:00 AM
From: Kim Johnson	Read Replies (3) \| Respond to of 976

Hello Elizabeth, You've done some "good work" in your analysis of PDL. I did notice however that you refer to a NSR (net smelter return). My research has led me believe the company does pay a 3% net profit interest (scheduled to go to 5% late this year). BIG, BIG DIFFERENCE BETWEEN THE TWO. Net profit is after ALL possible costs and expenses even taxes are taken out. Net smelter is MUCH more valuable/costly. It was explained to me a NSR is almost as good as 10 times the percentage (ie 1% NSR is almost as good as a 10% share in the claim). According to the 1998 Annual Report that I have read PDL DOES NOT pay a Net Smelter but does pay a Net Profit. Did you see SWC take off today? IMHO we will do very, very well in PDL as I believe the Russian cupboard is bare. Kim