Ann: IPO Prospectus for Western Gold Resources Lodged, page-142

The wmx jv was a better idea than what they've gone with.
What has to be realised is that $7 mill is not going to go far. They need more drilling to increase the gold. $7m doesn't go far when you start drilling.
I don't know how much more gold They need to justify a plant, but it's a lot more than they have at the moment. All in all you are talking a lot of $$$.
When they run out of money, it will then be Capital Raising through Sophisticated Investors (diluting shares) or the shareholders(put your hands in your pockets)
The wmx jv didn't need to give the management a second job, doing what they already do in their first job.