Just looking through website material and noticed Hercules presentation has been updated to November 26th.  Available here:

http://www.kodiakexp.com/_resources/hercules/Kodiak_Presentation_Nov-26-2007.pdf

Great work mgmt.  Keep it up.

On Slide 2 it is indicated KXL has approximately $52.5 million in working capital as the latest PP has since closed.

In both PP announcements (original $40 million and increased $55 million) it is stated: "The company will use the proceeds of the offering for the continuing exploration of the company's Hercules gold project in Northwestern Ontario, land acquisitions and general corporate purposes."

On Slide 34 of the presentation it is indicated the entire Hercules exploration budget for 60,000m of drilling during 2008 is $17.5 million.

Therefore, $52.5 million - $17.5 million = $35 million CASH remaining for land acquisitions and general corporate purposes.   Accosding to KXL latest financial statements also released today, 'general corporate purposes' (not including exploration) only total ~$3 million per year.  Even if 'general corporate purposes' total $4-5 million...

That leaves ~+$30 million CASH for land acquisitions. ?  The company has been very active in this department as of late but nowhere near committing $30 million.  Any ideas?  Investment in neighbors?  Major JV coming a la EXL+SSR=GEA in Red Lake last year?

Thought this was interesting.  Comments?

red911