When will we have the 43-101, and when the next NR?

It has been clearly declared by the company that KXL is indeed preparing a full 43-101 (including a resource estimate of x million ounces) - albeit for a small portion of the total prospects. I'm also sure that they figure this is a great Fall (/Winter? will they be late, as they often are?) activity, after all the drill results are in and when you can't drill anymore anyways.

I have a hunch that they've stretched it all out a bit timewise, from a sell-out-to-a-major horizon starting January 2008 of maybe 1.25 years, which would have been Spring 2009, to out a couple or few years before a partial buyout - mostly out of a recognition that the prospective mining subsection of the stock markets has been deader than a doornail for a goodly while. The major markets crashed really deeply - and the easily overlooked fact (I lost track of it!!) is that in a crash the correlation of all investments goes to one - i.e. everything dropped.

These things always go in cycles, and guaranteed there will be another mining liftup - and indeed we see things starting to pick up a bit already now, not only in KXL but in the other mining stocks as well. The prospective stocks are always the last to achieve liftoff. You throw a pebble into the center of a pond, and it takes a little time for the ripples to reach the edge.

Great though it is that we have $15m-$20m in the bank, I figure it's a given that at some time KXL will have to do another private placement, or do another public offering. No point doing that when the market for that kind of thing is just leaving the moribund state (there have been a few placements recently - GPR for example) - ideal would be capping the total shares at 115 million (not to forget that the stock incentive plans we are voting on at the AGM will raise the total shares somewhat too). And at that time you'd want a good $25m-$50m out of another financing, I would think.

Ironic of course that at the time of the last financing at $3.85, there was tremendous PP interest over and above the shares offered, and it was KXL that limited the offering - at the time, $55m seemed like lots and lots. Ah, if we could rewind the clock and have raised it to $110m, and for an increased dilution of "only" another 14.3 million shares. We'd do that in a heartbeat now.

I can understand that management hasn't really lit a fire under the stock promotion, knowing full well that the general markets have dictated that prospective stocks will have to continue patience to see their day in the sun. Lots of small rah-rah promotional releases may just have accomplished a bunch of gyrations and then greater disappointment. The way things are now, it's obvious that us "dedicated" (shall we say politely) longs have hung in there, and the shorter-term investors get filtered out. We've experienced a pretty firm floor under the stock price, and that suggests to me that it is indeed true that KXL is a solid sets of prospects with a real future.

I do think it's ironic that there may very well be vein systems on the property that are much richer than the GM - but that we just never had the time or the $$ to scratch the surface on. Looking at the geomagnetic maps that have been put out, it appears that there may be 12 or 15 vein systems parallel to the GM, just for starters. If we'd gotten $110m in a PP, perhaps we'd be looking at that stuff now.

As to a NR before the AGM - I very strongly doubt it. The AGM is all about reelecting the directors and approving the enlargement of the stock option kitty. The major shareholders outvote everyone on this Agora forum. Releasing a NR is all about the mining and investment shows - keeping a really good profile somewhat for investors but moreso for the majors who might buy. The question for me is - would they release a NR before the US show, and then have more to talk about there, or before the Toronto show, where I believe there will be a bigger crowd. Hmm. ??