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Liquidity now the big concern for Breakwater
Posted on May 12, 2008
Breakwater Resources Ltd. reported very disappointing first quarter earnings last week. But according to analysts, that is the least of the company's problems. The bigger issue is its cash position, which is rapidly deteriorating. At the end of 2007, Toronto-based Breakwater had $60.9-million in cash. That number plunged to $12.7-million at the end of March. Canaccord Adams analyst Orest Wowkodaw sees few positivecatalysts for the stock in the near-term. He warned that a liquiditycrunch is a real possibility if Breakwater has more operatingproblems, or if zinc prices fall much below Canacc...
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