The independent governance structure of the fund makes the possible combination of TDC and WCX much more equitable for the partners, for the managements, and for shareholders, and therefore much more likely.

Why have they publicly attached the fund to TDC in the early days and not WCX? Both are in the Black/Sonnenreich fold, so either could have been the target host of the fund. Because nearly all of their production assets and personnel are located at TDC, which means any producing acquisitions would require TDC assets and personnel for start up. And TDC would likely have gone under with the loss of huge amounts of investment capital and the valuable++ Yellowknife project itself by Black and Sonnenreich if the fund had been attached to WCX. They might also have lost excellent personnel with great potential for the future such as BB if WCX had been the host of the fund rather than TDC. They needed time for Yellowknife to be approved, and they needed a source of capital to fund it and to explore the WCX assets as well without dilution. This way they get both WCX and TDC going. All speculation, but this makes most sense right now. I think what will trigger all these developments coming together is when the pain of the acquisitions and their enthusiasm to be acquired has maximized, and when the price of gold is imminently recovering but the acquisitions are beyond the pale and cannot benefit from it. Ike