Ann: IPO Prospectus for Western Gold Resources Lodged, page-11

The problem with the gold going alone as a company, has a few problems.
Starting out the company has only about $7million in cash,
WMX doesn't look like treating our gold, or, you would have heard about it by now. Or, maybe they want a bit more $'s to treat it. Which might make it not worth our while.
The resource is not big enough to warrant it's own plant at this stage
$7 million is not going to last long with a bit of drilling and exploration plus administration (directors).... expect a few credit raisings.
That's why it was better staying as part of GWR, they handled the cash and administration.
Shareholders 50% has been given away and we have still got the same administration..... "Nice work if you can get it"

It appears to me that the directors of GWR have not got a clue, when it comes to actually Mining