JD,

With all due respect, you are making the same mistake as you did with UC. You are adding up the options for all the coming years to present a large number and argue that it can't be done!

Of course, the reason they set these up in an incremental fashion is so the partner only puts more money in as he sees more promise for the project.

As one sees more promise for the project (drill hits!) you have no trouble raising the additional money.

Here is the relevant portion from the news release. It is an OPTION to spend up to 20 million, not a requirement. 

Under the terms of the definitive agreement, WSR has the right to earn up to a 50% interest in the Claims by funding CDN$20.0 million in expenditures on the Property over a 4 year period. For each CDN$5.0 million in expenditures incurred by WSR on the Claims, WSR will acquire a 12.5% interest in the Claims, up to a maximum 50% interest.

It's all how one spins it I suppose.

BK