The Beaconsfield gold mine of BCD Resources Ltd (ASX: BCD) could be in danger of entering receivership should it fail to repay a $5 million loan it acquired from Bendigo Mining Ltd (ASX: BDG).

Financial Analyst Chris Elliot said on Tuesday that industry experts are now puzzled on the true state of the relationship between BCD Resources, used to be known as Beaconsfield Gold, and the Victorian-based Bendigo Mining.

The two companies were set to merge and Bendigo even extended the $5 million to BCD for its northern Tasmanian mining activities, which currently employs an estimated 200 full-time workers.

Yet the business relationship of the two mining firms seemed to have gone sour as Bendigo recently announced that BCD has breached their agreement though both companies opted not to divulge further details that would shed light on the alleged deal breakdowns.

Mr Elliot said that analysts are now in doubt in so far as Bendigo's motives on its deal with BCD Resources were concerned as he cited that "it seems to have come out of the blue when previous announcements have been everything's going on accordingly well."

Sources said that BCD needs to repay the loan by Wednesday under pains of possible move by Bendigo Mining to recover the money from BCD's Beaconsfield mine site and the likelihood that the agreed merger would be cancelled, which could push BCD into receivership.

At present, Bendigo Mining maintains a 10 percent stake on BCD Resources as the latter announced last month that the remote mining method it has been implementing was not turning out as anticipated.

Also, a BCD spokesman contacted for details on the issue merely said that the company would not be releasing any information amidst its trading halt status on the shares market.