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

To: Bruce Robbins who wrote (872)	2/14/2001 9:44:04 PM
From: Sleeper	Respond to of 976

Bruce, you have summed the situation up very nicely. I am anticipating a short to medium term pullback in Pd prices because of all the factors you've pointed out. Indeed, I think the economic slowdown will dampen demand for Pd considerably since 2 of the hardest hit sectors will be autos and computers. As consumption falls and the Russians have to bring more to market to continue their hard currency cash flows at present levels, the cycle will become self perpetuating. 2-3 years out, I see demand rising again but at the same time new supplies, particularly from South Africa, coming on line. In summary, everything I have read and know to be the case points to an ultimate easing in Pd prices. Broken markets have a way of mending themselves, as Adam Smith pointed out. PAL is still very well situated with probable large untapped reserves and a mine expansion program in place. I think the stock will do well long term. But 10x increases in 14 months will not happen again, IMO. Hope this helps, Bruce. Regards- Sleeper

To: Bruce Robbins who wrote (872)	2/19/2001 2:52:53 PM
From: Sleeper	Read Replies (1) \| Respond to of 976

Legris Lake Platinum-Palladium Project Optioned To Placer Dome(CLA) Limited Toronto, Ontario - Monday, February 19, 2001, 12:54 PM EST Avalon Ventures Ltd. ("Avalon") and Starcore Resources Ltd. ("Starcore"), (collectively, the "Companies") are pleased to announce that they have agreed to the essential terms of a proposed option/joint venture agreement received from Placer Dome (CLA) Limited ("Placer") concerning the Companies' 50/50 Legris Lake Platinum-Palladium Joint Venture Project located near Thunder Bay, Ontario. The Companies completed a $400,000 work program on the property in 2000 resulting in the discovery of significant palladium-platinum-copper-nickel mineralization assaying up to 2.04 g/t Pd, 0.41 g/t Pt, 0.71 g/t Au, 0.42% Cu and 0.13% Ni over a 9.95 metre interval in hole L00-08. Under the proposed agreement, Placer will have the right to earn a 50% interest in the Legris Lake property by spending $4.0 million on exploration work over 4 years. Placer can ultimately increase its interest to 60% upon delivery of a bankable feasibility study. Other essential terms of the proposed agreement are as follows: * Firm commitment by Placer to fund a minimum $1.0 million exploration program during the first year; * Placer is responsible for funding all future cash payment obligations due under the underlying option agreement and will reimburse Starcore for cash payments made to date, totalling $30,000; * Future year program budgets to be not less than $250,000; * Avalon to be the manager of the exploration work programs. Placer has the right to become project manager upon commencement of a feasibility or pre-feasibility study. Closing of this transaction is subject to due diligence on title and all technical data to be completed by Placer before March 16, 2001, as well as regulatory approval and execution of a definitive Option/Joint Venture Agreement. For further information contact Donald Bubar at (416) 364-4938 or Ralph Brown at (604) 602-4935. ON BEHALF OF THE BOARD ON BEHALF OF THE BOARD OF AVALON VENTURES LTD. OF STARCORE RESOURCES LTD. "Donald S. Bubar" "Ralph Brown" Donald S. Bubar, President Ralph Brown, President The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Sleeper