Excellent example of what we can expect for Kodiak down the road. Junior miners find the deposits but it's usually someone else who develops the mine. Note that the price per oz paid by Goldcorp was $ 69 CDN/oz and the exploration properties were spun off into a newco. That price per share fits right in with a summary chart in a presentation from Novagold : http://www.novagold.com/upload/investor_info/20090914_DenverGoldShow.pdf

Slide 34 has an average enterprise value of $ 70/oz for companies in development stage ( not producing). It looks like you need to have at least a million oz resource estimate to get on the radar screens.