As there is no cost pressure on AXM to smelt gold at the moment,...

As there is no cost pressure on AXM to smelt gold at the moment, they may be waiting for a higher price to convert the ore to gold and cash. As the gold production is going to be ramped up gradually, it makes sense to run the plant according to best cash return. This is so important now with many other mines[nickel] being put on care and maintenace. The management seem to be concentrating on getting the best return for shareholders so production of the final gold may be done on a price/batch basis. If all gold miners did the same it would help support the price of gold and ensure profitable operations. However, the first bar will have a comforting effect on the share price. The POG looks headed back to $900 US. It may well go higher if the people of India go for more gold as a result of the terrorist activity on their doorstep. Also expect some international tension after Obama takes the reigns and is tested in his first few weeks.