Audax Resources and Newmont Mining

GLIMMERS of hope are fading fast at Audax Resources and Newmont Mining and their once highly-touted Bronzewing South gold prospect near Leinster in central WA.

A heavyweight drilling campaign, backed by lots of cash and technical clout has failed to find the bonanza that everyman (and his dog) thought lay under the dusty scrub country due south of the Bronzewing mine.

Readers with memories will know that the much hoped for southern extension of the mine was the subject of 10 years of legal argument between Audax and Australia’s richest prospector, Mark Creasy.

Audax won, and the celebrations at head office in Edward Street, East Perth, continued deep into the night, though the celebrants might now be asking what it was they won.

From a 52-week high of 80 cents in March, Audax has slumped to 32 cents, with the share price graph looking very ordinary – in line with a decade of dashed expectation.