Well we can cross a few items off my list. From Puma's May 9 MD&A (on Sedar.com), they've essentially written off the 2 properties in russia ...

Therfore, going forward, the main asset of value of the Company is its cash position of approximately $4.2 million as at December 31. Further to a Press Release on January 26, 2009, the Company has retained Toronto based investment bankers Fraser Mackenzie Limited to explore corporate pportunities in order to maximize shareholder value. Management expects that the Company will have net cash of approximately $3.5 million after potential transaction costs, which is the value it will bring to a potential merger partner.

With essentially no properties with immediate value for exploration, Puma decided to find a partner who needed their cash ... it would provide the best short term value to shareholders. Reading between the lines, though, it would seem that the Russion properties can be maintained at minimal cost and could possibly provide added value down the road ... kind of like T.A.R.P.