"Kirrin could earn an initial 51% interest in the Otish Basin portfolio by spending $2.8 million on exploration by December 31, 2012, and earn a further 19% interest by spending a further $1.5 million by December 31, 2015, making an aggregate commitment for a 70% interest of $4.3 million."

The main point is that the first deadline is over three years from now. Kirrin can sit on their hands for 2+ years and see if exploration by other companies in surrounding areas gives any indication that this is worth pursuing. Of course, Kodiak might have done the same thing. The plus (at least for some of us) is that it means that this is one property at least that Kodiak won't be randomly drilling instead of focusing on proving up a resource centered on the Golden Mile.