you said, Some have suggested this company is bordering on "bankruptcy". I think that is an exaggeration.
You reckon having only $1m in the bank not so long back was not teetering on the edge of bankruptcy, well my friend i would say they were almost certainly doing that and almost certainly trading insolvent for a while.
You cant have an operation that burns $8m a month and only have $1m in the bank and not be close to bankruptcy, one very small problem with the plant that cost more than a mil and they would have been stuffed, fair suck of the sav, they were not even paying thier bills on time at one stage.
There may now be a glimmer of hope for them as the higher gold price has saved there bacon long enough to maybe rain in some of the cost's and get production and recoveries up under the new Mans expert stewardship.
AXM Price at posting:
2.0¢ Sentiment: None Disclosure: Held
