"The Company is looking at a variety of alternatives to deal with the potential funding shortfall. Once the PEA is complete on the SKK mine, the Company will be in a better position to determine its best alternative."
This statement is the one in the Q2 release that I think explains most of the questions I have.
The current set of circumstances appears to me to be positioning for more funds or "the best alternative".
From "The Great Western Saga" - "I guess it is possible someone has offered them a PP (private placement) or cash and wants board seats but would you not announce that all at once if you were GWMG management?”
So what's going on in my opinion is this : We are looking over our financials in detail and in possession of the PEA which says we need more capital than we have (possibly much more) because we went back and added in Hoidas etc with which we can argue for more funding with. We say goodbye to the directors we won't need to go forward to clear a seat for the new board member that will come from the company providing the Private Placement funding and we don't announce the new director YET because we haven't released the PEA and told everyone we need more money. When the PEA is released the "best alternative" will also be revealed and its going to be a private placement in the first two weeks of December.