poltava1, if you don't mind my thoughts toward answering your questions, please let me point out that there is no "bank" financing in mining these days, post Financial Crisis. Where such does happen, it is not involving exploration-phase mining companies, particularly those with "blind" targets such as Hay Mountain. So, where you observe that bank "terms are more favorable now", that really doesn't apply here.

So, yes, JV is the only alternative. Or, would you back a plan for the company to sell a half billion shares to raise the cash to get started, and then JV later?

Anyway, it's good to hear from management that interested parties do not seem to have formally dropped away.

Cheers,

VP