you're prob. correct about the financing.....from the last analyst report also ment. the most likely area which may be giving us a gift in this pullback...

Fully-Diluted Shares
Our valuation model assumes all options and warrants are converted into common shares which resulted in 76.3M fully diluted shares (see full
table in Appendix C). We have also assumed that a $25M equity financing is completed in 2012 to fund the project up to development. This
is assumed to be completed at no less than the most recent closing price of $0.76 resulting in the potential issuance of up to 33M new shares.
An alternative option in 2012 is to raise only what is required to fund the prefeasibility study.