I read the article. It's coming from a very conservative place, and speaking as much about "greenfield" gold discoveries way off in the boonies in Kazakhstan or Guinea, not a well-established gold camp where millions of ounces have been produced already.

There is no currently operating mine or mill in the area so that counts a little bit against us, but we have superb access, politics, infrastructure and all that. So a reasonable price for ounces in the ground is probably $80-$120. That said, for anyone to pay that, you have to have a few million in one area. We're getting there just now.

They mention Provable and Probable, which is just the economically feasible face of Indicated and Inferred - see http://www.cim.org/committees/cimdefstds_dec11_05.pdf

I think you'd need a pre-Feasibility study to get that far - and in fact Kodiak said at the conference that they had plans to do that after the Resource Estimate.

Bottom line - the $20 and $30 figures are not applicable to the resource Kodiak is defining, unless you're a company bidding for Kodiak and want to get the sweet deal of a lifetime.

Good question - these are just my own thoughts and are not definitive - love to hear what others have to say.