Negative Working Capital Position At June 30th, 2012: Cash position, amounts receivable and pre-paid expenses: $1.547 million.
*
Accounts payable and taxes payable: $1.599 million.
*
AXI's working capital at June 30th 2012: $-52K.
*
Since June 30th, AXI has raised about $1.6 million (net). Most of this goes to pay Tetra Tech for the remaining feasibility study costs. So, the current position for AXI is dead broke again, waiting for the next debenture from XinXing to save them.
*
How long will the latest debenture take to close? The last one took 4 months. Probably not soon enough to drill at Tuktu 2 this September. Maybe they'll manage to put together a drilling program in 2013.