I agree it is badly written but the subject of the sentence is the PEA and this is what is expected in Q1. The BFS will follow and no timeframe is given as yet. A new 43-101 will come somewhere between the two after the next infill drill campaign due to start any day now.

Slide 15 of the Kodiak December presentation had this timeline:

First Quarter 2011: New Resource estimate with PEA, Infill drilling and resource expansion drilling.

Second Quarter 2011: Pre-Feasibility.

First Quarter 2012: Full Feasibility.