Greenshore, i have also managed to look through all their...

Greenshore,
i have also managed to look through all their announcements and can tell you that the reason AXM sits where they are is not because of their deposit [i.e. Wiluna]. It is the ability or rather lack of ability of the management and the decisions they made during the course of the GFC.

AXM's drill hits were superb and they did manage to come up with a 1 million ounce deposit that was high grade in the space of 6 months. But it was their financing abilities and lack of hedging expertise that let them down....they went too deep in the red during the GFC and then had to issue 100's of millions of rights issues. Interestingly enough, they were producing over 140,000 ounces but needed $53 million of the proceeds to pay of the senior secured notes.

In 2010, they now have a gold resource of 2.2 million ounces but it is because of their mismanagement during the past two years, they are left with a huge dilution in the register.

It had nothing to do with the viability of their gold projects.

Just thought i clarify that....as i said in previous posts, one can have an excellent deposit but nothing will come to fruition if we have salesmen at the helm. On the other hand, an average deposit in the hands of proven management, that can be quite rewarding.