CMKM Diamonds Inc. (fka CMKX)

[TSXminer]

Now this is interesting (from the Globe and Mail):

Frustration is growing among some small companies holding the commercial paper.

The worst off are junior resource companies, which were advised by banks to park their cash in these supposedly low-risk, liquid holdings, rather than a traditional low-interest savings account.

Many of these companies now need access to their capital to pay for mine development or meet payroll, and are hampered by the fact that banks have offered only limited support. One mining financier said banks are willing to extend lines of credit equal to only 50 per cent of ABCP holdings.

Apparently quite a few junior resource explorers have parked cash in ABCP, exposing themselves to the sub-prime meltdown. Shore Gold recently announced that they may have difficulty accessing their funds for their pre-feasability study.

Cameco also announced that its on the hook for $120 million of ABCP. I wonder how many other mining and exploration companies are affected?

Of course it didn't help when the rating agencies gave most of the paper an A+ rating.