I asked Dr. Webb what’s delaying news on financing. Of course, he can’t be too specific, but he did offer the following possibilities that I've paraphrased here:

Dave said,

There could be many reasons. Among them are bad markets (money’s not there), slow closings (money is there today (in May), gone tomorrow (in June)), extended due diligence (site visits, etc.), alternative financing proposals (JV proposals, large company offers (and subsequent due diligence)), and many others. Simple projects are generally easier to finance, however once there’s a Preliminary Assessment, due diligence expands beyond geology (reserves/resources) and goes into engineering, taxation, capital costing, environmental, community relations, permitting etc. Furthermore, it’s sometimes not the large, but minor considertions that can cause delays.

Even the drafting of a news release for financings can take a long time when IR group rewords it, LOM and FM have to approve it (and always edit), lawyers review, board reviews (each member signs off), then reviews are exchanged. Only then is it disseminated. So, for example, a release written on a Monday would likely hit the wire that Thursday.

Cheers,

Baires