When talking to Kodiak's representatives at PDAC it was obvious that the Otish property was not a priority so I am not suprised that they did a JV. What does suprise me are the terms and time frames for Kirrin to earn 70%. I have been into KXL since they were promoting Caribou as the next Voisey's Bay. I feel the reason our share price has languished is not only due to the state of the markets but also because KXL has a reputation of over promoting and under delivering. Giving their areas of interest in Otish the names "Big Bang" and "Big Yellow" and then doing such a weak JV IMO is more evidence of the same. However, I am happy they chose to do a JV and conserve their remaining funds for the Golden Mile. Who knows maybe the fact that they did a JV is not because Otish is not good but rather that their other properties are exceptional.

With regard to Kirrin, I follow them somewhat and under their old name Monroe (MMX) they did a JV with Altius ALS for their grassroot uranium properties in Southeastern Labrador. My initial reaction at the time was....why would ALS do a JV with such a mediocre company? Someone in the Company obviously has the respect of people in the know.

cheers

killick