Vendors are also receiving equity in Tarku and other payments: 

'Upon completion of the Definitive Agreement, Tarku will issue 3,000,000 common shares [note: currently about 10% of Tarku's equity] to the Vendors in consideration for the Projects. The shares will be subject to resale restrictions of 4 equal period of 6 month each and a RoFR [right of first refusal - an option to repurchase before sale to a third party] will allow Tarku the opportunity to place these shares with existent shareholders at prevailing market price. At each anniversary date over the 3 years, Tarku will pay US$ 175,000 to the vendors of which a minimum of US$ 50,000 will be a cash payment and US$ 125,000 will be paid either in shares or in cash at the Companies discretion. In addition, Tarku will have to make several payments of a total of US$ 725,000 spread over the next 2 years to purchase specific options the Vendor has on certain patented and unpatented claims.'

But the long/short of it, assuming we are some part of this, is that it is better to have 25% of something of value (which would seem to be the case if $3M of drilling is completed over 3 years with a technical report produced) rather than 100% of dirt.

Bear in mind that is how Hay Mountain is going to go, as well, but (one might assume) with bigger numbers attached to the drilling. I.e., $10m for Phase 1 drilling will provide the funder with 25-50% earn-in, etc. Explorer's generally exit along the way as a target turns into a proven resource and ultimately a mine (or mines).

It has always struck me that JB didn't ever truly want to part with the Hay Mountain Project (or at least its best gems), but wanted to do it from soup-to-nuts (recall the 'no-see-um' mines).

I think with the corporate set-up of standing up various LLCs for different projects within the super project, that Brett is thinking similarly.

Perhaps if we can JV a few of the smaller projects, we can be in a better position to retain greater interersts - and perhaps even management authority - for the larger prizes in the caldera. 

Hope springs eternal...