financing coburn

I think that a defined and costed zircon project with a NPV of 10 times the current GUN share price is a great asset. What I am trying to get my head around is how a company with a market capitalisation of $35m and a project budget of $170m can get the cash? Why would a company put up big money as a minority project partner rather than attempting to buy the company outright for $60m or so? There will have to come a time when a takeover auction for the company will have to occur. The share price is too low to have a meaningful capital raising and the attractiveness of buying the company is more compelling than taking a slice of the Coburn project. I wonder whether roadblocks are put up against a takeover?