The Beaconsfield Gold mine has been given a 48 hour extension on its deadline to restructure the company.
The miner, BCD Resources, was told by its major shareholder, Minemakers, that unless it found another backer by yesterday afternoon, it would be liquidated.
However, it has since given the miner another two days leeway.
Minkemakers has stated that it has the capability to recoup its $8.5 million stake in BCD through a sell off of all its assets, including the Beaconsfield mine.
Minemakers lent BCD the $8.5 million to continue running, after a failed merger between it and Bendigo mining.
The failed deal nearly drove BCD under until Minemakers threw it the lifeline; however it has since expressed doubts about BCD’s ability to repay its debts.