It is clear PEX has neither the will, the ability or the finance...

It is clear PEX has neither the will, the ability or the finance to move the company forward to mining. It should focus purely on finding a JV partner to fund the move to mining. The longer it leaves it the worse shape the company will be in financially and market cap wise and hence the least profitable deal it will be able to strike with a JV partner. It needs to work on this now while it still has options. The alternative down the track will be a takeover at bargain basement prices. If you doubt this scenario just take a look at Echo Resources now. Endless drill programs firming up their resource with a clear plan to mine stage and they get taken out at a price that is less than their previous highs.