Monday, August 30, 2010

Cash crunch delays Firstgold report - Sacramento Business Journal:

http://www.maudquaedvlieg.nl/en/kunstenaar.php
Company executives say the audit for the fiscal year thatendedf Jan. 31 will be completed when moneybecomesa available. However, the companyy did not detail when finances would TheCameron Park-based company (OTCBB: FGOC) begajn production at a gold mine in Nevada in March, but has sincw hit hard times, leading executives to consider sellingy Firstgold. Firstgold has hired Canadian investmen banking company HaywoodSecurities Inc. to help it find a buyer or additional Firstgold chief executive officer Steve Akerfeldt said in a news releasee that the company has started discussions with thredpotential buyers.
It has leases on 10,00p0 acres in Nevada and spenrt $16 million to develop the processing facility at ReliefgCanyon Mine. The company has suspended gold and ithas $3.7 million in payables, separate from its debt that cannot be repaid until new financing has been according to a news release last month. Firstgold has been in defaultr on debt covenants and securitization agreementssincr December. On March 31, the compan announced it had a forbearance agreement with lenderse that would expireApril 30. On Aprikl 22, two primary lenders terminated the forbearance period and declared defaults of seniodr securedpromissory notes.
Shares of Firstgold remaine d unchanged at 5 centzs intrading Tuesday. About 325,000 shares were

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