Dear all, anyone who's done the maths with Apex knows there are various black holes for money otherwise everything would be sweet with their suppliers at the reported production... they are reporting "produced ounces" based on gold held up in the tanks which may or not be there, not actual ounces sold, now they have emptied all the tanks and sludge at the bottom of the tanks do you think they reset their gold in circuit back to what is actually there - I suspect not, as that would change their reported "production". I am an ex-employee and still owed about 8 months worth of superannuation payments. The site loses money every month and most accountants have only lasted for 6 months as they are sick of what goes on, I was on site for 2 years and worked with about 6 accountants who left. Mark Ashley is a gifted salesman and may well re-list somewhere or sell the assets on and the hard working people on site may go on with a different name on their shirts. At some point some auditors are going to run a slide rule over the site and realise (1) they lose money, every month (2) I know they have unfunded superannuation liabilities (3) they are not putting any money aside, out of current earnings for a tailings dam that will be required in 2012.
Just my 2c and there is a reason why the stock is priced so low.
AXM Price at posting:
0.8¢ Sentiment: Sell Disclosure: Held
