When Diego Columbus became governor in 1509, he was instructed by King Ferdinand to explore, conquer, and colonize the neighboring island of Cuba in hopes of obtaining new sources of gold and Native labor. Miguel de Pasamonte, the king's treasurer in the Caribbean, was influential in seeing that Columbus selected Velásquez to lead the expedition. Velásquez was to finance the project himself and though Columbus assured him that the Crown would reimburse him later, no money was ever forthcoming. He assembled a small fleet of four ships and three hundred men among whom were several relatives, debt-ridden encomenderos and a few who would later become notable, including Hernán Cortés and Pedro de Alvarado.