Based on legally recorded documents that is exactly what happened. Financing was from Capital Growth out in San Diego but never materialized ($4.5M if I remember correctly).
As far as some of the other questions raised...
As far as pit revenues from 2004 & 2005, its hard to mine if your mining equipment is inadequate, broken, and/or doesn't exist, all problems that have now been publically confirmed to have been addressed.
As far as revenues from past projects pre-Phoenix, that was when PA was working with a different company and therefore more likely to be a "pay check" employee over an owner who gains from potential profits.
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