I attended the San Francisco Hard Assets Conference specifically to hear our CEO Brian Maher present to the conference on KXL.

It was a 15 min presentation in the main room where the keynotes are given. Only during the Caribou days had KXL presented on the main stage in my experience.

Brian used a few of the slides from the current presentation on the website, from September 2010.

Brian opened recalling last year's conference where he presented 3 goals for 2010. Brian said he was very happy to say all three goals had been met.

GGR acquisition adds 1.6 million ounces to the company's balance sheet. Once the merger is completed they pal n move rapidly to a Pre-feasibility Study.

The plan is to recast t;he Magino project as an open pit mine with 100-150,000 ounces per year production. The past producer had 95% recoverability. So they don't have to repeat some mineralogy testing. Meaning they can move forward faster.

After the merger there will be 194 million shares representing 65% from KXL and 35% from GGR.

Brian then showed a slide numbered 62, but the same as slide 11 of the current web site presentation. This was also the image dominantly displayed at the booth.

Brian spoke of the low grade envelope surrounding the higher grade, the suitability for open pit mining. The mineralization extends to the surface - meaning there will be no need to strop away overburden to begin mining operations.

Once the merger completes, a 20,000 meter drill program will begin. At the booth, Senior Geologist Quentin Browne said he had two drills at Magino. Once the merger is complete they are ready to immediately begin drilling.

By February of 2011 they expect to have an Economic Analysis of Magino complete.

Brian also used slide 12 from the website presentation.

Milestone.

Using slides 16 and 17 from the presentation.

By the end of the year they expect to have a million plus ounce deposit. A 43-101 compliant Resource Estimate will be done by Q1 2011. Speaking to slide 17, As they move east the thickness and grade of the deposit is increasing.

Hercules.
Hercules is a small deposit. It will make a robust small mine. It with complement the other resources.

(I know - feels like an ice cold shower to hear that.)

Overall.
They expect to being pushing 3 million ounces by Q1 2011 for the three projects.

Using an updated version of slide 24. For the current resources and the Milestone expectations the EV would make valuation from $144M - $230M. A range of .75 - 1.20 a share.

Goals for 2011. (My list is incomplete as the presentation was finishing).
Magino dramatically increase resource w/ new drilling and Open Pit assumptions.
Milestone double the resource.
Hercules increase the resource.
More M&A.

The room was 40% full at 9:30AM. Very good crowd based on my experience.The applause was good. OVerall teh conference was well attended.

Booth.
I got a black water bottle with the Kodiak Logo on it. Sure to be a collectors item. Personally it was awkward to be at the booth. Kodiak is transformed in the last 18 months. Brian looked weary, the whole merger process must really use a person up. I had to admit it. The drill is the Truth. Hercules might be a big name - but it is a small deposit (sigh). I congratulated Brian on meeting the goals he set for 2010. I said so that's how it is going to be in the future. He said yes, he is trying to establish that throughout the company.

Now we have a base to grow from, as soon as the merger completes We'll have more ounces in the ground than a lot of the juniors booths I visited. If we doubled ounces everywhere we'd be pushing 5.5-6M ounces. Great Basin produces 360,000 ounces and has 13 million oz in resources. I'm using that as my metric by which to measure our progress.

PS Next year a new corporate image. No more animals in our corporate name.