Continued from Part 2 ...

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

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Projects outside the Beardmore-Geraldton area:

West Millennium - property package is now 384 sq. km. Drill cores demonstrate strong bleaching and hematite alteration which is typical to deposits in the Athabaska, the world’s richest uranium mining district. The advantage of drilling now in the Winter is cost savings - drilling all at once, vs. setting up Summer camp and Winter camp, allows mobilization costs of approx. $350k to be saved. Starting now, 6000 meters are planned in roughly 9 holes extending down to the basement at 650-700 meters. With success the drilling program may be extended. The similar and very nearby Cameco Millennium deposit (47 million pounds Indicated uranium) is documented in the following links:

http://econgeol.geoscienceworld.org/cgi/content/abstract/104/6/815

http://www.cameco.com/uranium_101/uranium_sask/operations/millennium_project/

Geologically Kodiak remains astonished at the strong showings from last season, in that the drill core already shows 1000ppm uranium in highly altered rock, whereas typically the 50m outline contour of a uranium ore body is only 5 ppm - so the localization indication at West Millennium is strongly suggestive of a major deposit.

Otish Basin - the Otish Basin property has been JV’d to Kirrin, who raised an initial $800k in Sept. 2009 to pursue this.

Mines Point - has all the components of an exciting folded banded-iron type gold system. It is located in Manitoba, so “hard dollars” (vs. flow-through dollars) will have to be spent. To minimize expenditure a VTEM survey will be piggybacked on that of another company. The nearest access road is approx. 50m to the south at Oxford House, although there is a Winter road and some summer access. Located in the Archean 'God’s Lake' Greenstone Belt in a greenstone series extending from western Ontario to Manitoba, the geological setting is similar to Musselwhite (Goldcorp, previously Placer Dome holding, 210,000 oz in 2008, and located in Manitoba west of Mines Point), Monument Bay (Rolling Rock Resources, PEA and 1+ m oz resource), Casa Berardi (Aurizon Mines, 150k+ oz /yr), Lupin (Echo Bay, owned by Kinross), the Homestake mine in the US (operating 1878-2002) as well as areas of the Beardmore Geraldton gold camp, with banded iron, clastic sediments and metavolcanic intrusions. A detailed magnetic survey originally made in connection with earlier diamond exploration was obtained together with the land claims, and is shown below.

Tight closed loops/folds in banded iron and folded noses (which are richly associated with mineralization transport) can be seen in the mag image (e.g tight hook or chevron shapes at surface). Drilling in the 1980s here did not assay for gold, and the environment is typical of classic gold deposits. The project has low costs at this stage and balances Kodiak’s project portfolio. The folded noses are even more evident in what appears to me to be a spatial-derivative mag map, in the image shown below, covering exactly the same land area (with some of the original data showing through at the bottom):

Summary overview - in 2009, Kodiak was occupied in getting their ducks in a row, whereas in 2010 they can advance quickly in executing their plan. This is to include not only a great deal of focussed drilling, a 43-101 Resource Estimate, and likely a bulk sample ramp, but also more analyst and written coverage and regular news releases. It may well be Kodiak's best year yet.