Hi @midastouch0707, as far as I'm aware, out of the (4) previous owners of the Adelong mine, only (1) went broke during the ownership period. The other (3) owners decided to sell for a variety of reasons, but primarily because their shallow drilling programs had lack-lustre results (i.e. they didn't find any new high grade large scale mineralisation to underpin potential future production operations) & the prospect of future gold production ambitions became increasingly sketchy as time progressed. In the instance of Adelong Consolidated Mines the company changed their focus of activities from mining to investment in technology-based companies.
The sale history for the previous (4) owners of the Adelong mine is below...
Adelong Consolidated Gold Mines : announced the sale of the mine on 06/07/2000 for $750,000
Golden Cross Resources : announced the sale of the mine on 15/10/10 for $3M plus 1% of gold production capped at 2,500 oz.
Tasman Goldfields : Tasman rebranded themselves as BrightStar Resources & announced the sale of the mine on 25/01/11 for $1.75M
Macquarie Gold Limited : entered voluntary administration on 22/03/19 & the Administrators sold the mine to 3D Resources for $1.41M
It remains to be seen whether or not the required project funding materializes for ADG. Truckloads of cash required (and then some).
ADG Price at posting:
1.0¢ Sentiment: None Disclosure: Held
