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

To: Randall E. Brubaker who wrote (170)	12/11/1997 11:52:00 AM
From: Richard Mazzarella	Respond to of 976

Randall, the only tax loss selling left is retail investors, most of the funds are done. Also, people anticipate bounces from tax loss selling and buy before the end of the year. Time will tell how this stock plays out, but I don't think it will get any cheaper, it's way oversold IMO.

To: Randall E. Brubaker who wrote (170)	12/12/1997 11:06:00 AM
From: Jason Marcotte	Read Replies (1) \| Respond to of 976

I thought I would give everybody an update on the progress which has been made on the operational side of PDL. There has been some concern expressed on this thread about the effectiveness of the capital improvement program. The most effective of the capital improvements has just this week been fully and completely started up (coarse ore bin). There is always a time lag between introduction of a process improvement and the financial gain expected to be realized. While the power line has been in place since the New Year, it was a few weeks before the entire site was hooked up and the generators shut down. It was two or three months after that before all the generator bills stopped rolling in. As well, the company was forced to rely on a contract crusher until well into July to supply fine ore to the mill and was still using them for coarse ore up until early November while all the bugs were worked out in the primary crusher circuit. Thus, we won't see the full impact of the capital improvements until 1998. In September, October and November the mill processed +80,000 tons/ month (a 25% to 35% increase in tonnge expectations) while the grade to the mill held steady and even showed some signs of rising. That is in itself a 25% to 35% increase in the number of ounces of palladium sent to the mill and subsequently down the road to the smelter. If the mine can duplicate that improvment in ounces to the mill, it will be in very good shape indeed. Hope this helps. Jason