Here are some further notes on Kodiak’s presentation January 18 at the Cambridge mining show in Vancouver.

Overview - The Kodiak presentation followed the normal presentation-booklet format - corporate, objectives, projects, project pipeline/pyramid, further objectives - followed by a generously long question period. Having his team solidly together may have generated a feeling of relief for Brian Maher, judging by the ease with which he addressed his topic. Dave Richardson from the board of directors was in attendance (representing 7.5 million shares). From inception 12+ years ago his family group has never sold a share (although of course they reserve the right to do so in the future), and he evinced enthusiasm.

Kodiak will drill about 15,000 meters this Winter/ early Spring 2010, a very significant and broad-based program covering West Millennium, Hercules, West Geraldton, Milestone, Kaby Lake, and Wild Goose. KXL has a mix of greenfield projects and headframe projects (based on historical mines or deposits). An example of a headframe project is the Shields project, to be explored this Summer and close to the Little Longlac and McLeod Cockshutt historical mines. New names are appearing on the “Exploration Pipeline/Pyramid” (shown below, page 31 from the January 18 presentation) as existing names move up, and we should expect more new names as opportunities appear. Of the existing prospects, Sturgeon Bridge, Broken Heart, Angle Lake and Blackwater were not discussed this round. Brian reminded us that in the industry only 1 out of 100 initial projects turn into a mine, so KXL has to maximize its odds. The 43-101 data are in the hands of the outside consultant. Two rigs (correction from three) are drilling in the BG gold camp, plus one at West Millennium (so three in total) - we should have a solid flow of news for the next 3-4 months. If West Millennium is successful, it would advance to resource delineation, and could be monetized or spun off to another company. As of now in the stock market, KXL value appears to be based on the gold properties alone.



Finance - The Private Placement demonstrated strong institutional support - 98% went to institutions. The “hold” period expires April 18 and the new shares would be free-trading after that date. The point of the PP was to make use of the markets while available - KXL cannot control market conditions later. They need a tangible resource estimate to be recognized in the market, drop the “.V” and get a TSX full listing.

Team - Thomas Barber, an associate of Chairman Phelps, wouldn’t have joined the board unless he felt KXL was going forward to a significant success. CFO Tony Wood, in addition to his other skills, happens to have a background in uranium. VP Exploration Darren Lindsay took a property from 1 million oz to 10 million (now 14) - having him leave one of the world’s largest gold camps is a coup. Gemcom resource and drill modeling software - KXL now has 6 licenses, and training took advantage of key staff being in town.

News - Brian has been generating “checklists” by which real progress can be monitored - e.g. complete 2009 GM drilling, and start preparing 43-101, are done. Analyst coverage is set to increase. Requests for more regular news - have heard requests from all sides, from Agoracom to finance and the board, so there will informational news beyond that mandated by "material changes" - Kodiak intends to release news approx. twice a month.

... Part 2