Mostly: Classical

[amarksp]

a long term hold for you...!! "for at least a quarter, maybe two"

Here's my analysis:
1) In 2Q PAL had both mill throughput and recovery problems
2) In 3Q, per very important 10/6 press release, PAL resolved the mill throughput issue but had terrible recovery at 63% compared to 74% recent historical average.
3) Per guidance in 10/6 release, PAL has now resolved recovery issue it appears, they guided 4Q production of palladium to 56K ounces vs. 40K ounces in 3Q and 48K ounces in 2Q.
4) High Grade from underground which they will mix with low grade open pit starting 1Q06 should significantly improve palladium production for 2006.