on kxl board here it is

We are encouraged by the results from both the Hercules project and the regional properties.

It continues to appear that about 10% of the holes drilled at the Golden Mile are yielding

significant intersections. This is in line with previously released drill results, and not unlike

other high-grade gold systems elsewhere in the Canadian Archean. As more drilling is

completed it appears that additional high-grade shoots are taking shape at the Golden Mile.

We still believe that there is potentially a coarse gold issue and that the grades of the drill

holes could be understated.

We remain impressed with the size and extent of the Hercules mineralized system within the

Elmhirst intrusion and believe that there is likely additional potential for bulk mineable

deposits as well as high grade zones. The company says that they need to do more work to

assess possible lower-grade target areas.

Although still early days, the Kaby Lake regional target looks like it might have size potential.

A shear zone up to 10 metres wide has yielded samples >11 g/t. Initial work at West

Geraldton has yielded encouraging results including 5.7 metres grading 5.61 g/t gold

(including 1.4 metres grading 12.38 g/t). These regional properties provide additional upside

to the Hercules project.

With over $30 million in cash, the company is well funded to continue exploring its holdings in

the Geraldton area. Although still early days in the planning process, the company is looking

at spending about $7-9 million on exploration in 2009. Drilling costs are likely to come in

about 30% lower than 2008, so this budget will go a long way to provide additional drilling.

We continue to like the Kodiak story, and we believe that the Geraldton-Beardmore area

remains a very prospective regional play. A number of other companies are well funded to

continue exploration activities in the region in 2009. Other significant players include Premier

Gold Mines, Sage Gold, Roxmark Mining and Ontex Resources. As a result, we anticipate

strong news flow from the region in 2009.

We are maintaining our Outperform rating and $1.75 target price on Kodiak. .

Our take on the results – still a work in progress, but advancing well