what is so good about this stock, page-15

Wal,

In that case may I put to you the case for "researching" in PNA;
1) The investment premise need rest only on one simple to understand mine, everything else can be treated as part of that growth bonus you seek.
2) Little ongoing capex for current operations, and high margins make this single mine relatively easy to evaluate and relatively forgiving of error.
3) Major costs include diesel and steel for grinding (both should correlate with poc), power (stably priced hydro) and gold (credits) which most would presume pretty reliable at the budgetted 700 to 800 USD/oz level.
4) Management have played news flow pretty straight with us, and have proven ept at adapting to changing circumstances, and making the tough decisions in a reasonably timely manner.

How you sleep at night with something as comparatively complex as KZL and so much more marginal perplexes me, but if after all you fall to see the merit in PNA - SELL.

We're a band of volunteers here, not conscripts. Plus I thought we'd eaten all the sheep weeks ago when they were following each other up to 47, back to 28, etc.

EL