With a market cap of $27.75 Million, cash equal to $5 Million minus last quarter's expenses, and a total production expenditure anticipated to be nearly eight times the market cap, I do not believe it is practical at this time to try to push ahead to a production situation. I think the strategy here is to conservatively raise money to continue drilling to expand resources where a significant fraction of which will become reserves upon completing the FS. There is no way equity or debt financing will come close to getting the $200 million over the next three years unless the SP goes up significantly. Maybe a combination of more gold in the ground and a more speculative gold market will ignite the fire.

Of course, one possible exception here is a JV. Another is a buyout. But in the present situation Webb has to play his poker hand extremely conservatively and wait for a hand that he can win, because he's the short stack.