Firstgold Corp. failed to submit its annual financial on time report Monday. The company said a pungent cash crunch banned it from filing the mandated audit. Company executives told the audit report for the recent fiscal year that ended 31 January would be completed when cash becomes available. Nonetheless, the authority did not mention when financial condition would improve.

The Cameron Park-based group inaugurated production in March at a gold mine at Nevada. However, since it had hit hard times as leading officials to deem selling Firstgold. The company hired Haywood Securities Inc. to help getting a buyer or extra financing. Haywood is a Canadian investment banking company.

The company’s chief executive Steve Akerfeldt told in a press release that Firstgold started negotiations with more three potential buyers. The company has leases on more than10,000 acres in Nevada. Firstgold has suspended gold processing. It has spent around $16 million to expand the processing facility & capability at Relief Canyon Mine.

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