I attended the corporate seminar on Sunday. Brian used the same PPT presentation as on their web site. Most of what he said is in contrast to the posting by LGG.

They have currently one drill drilling continuously on GM and one to arrive later. They have the intent and will state they intend to finish enough drilling (by end of Nov) on the GM to allow them to start the 43-101 early in new year. They expect to have the 43-101 announced by end of 1Q 10 and hopedully for the PDAC show in March I believe. Drilling will continue during the Winter on the GM (big oval slide 11) if the ice on the lake is thick enough. He has stated Kodiak belives they can mine the GM as most of the best grades found on GM to date are withing 200m of the surface. This is very good he stated and will allow quick positive cash flow using a ramp rather than a shaft. Where to convert the ore to a salable product was not defined as there is a mill close (Roxmark) but probably will not be large enough as an area mill.

He stated they (board of Kodiak) have a plan and a budget that is being enacted. Drilling/propecting for Uranium is a very good business opportunity so they took it. There are other sites being prospected and that is the intention - prospect and if possible, drill one or two holes for further evaluation.

The focus is to finish off the 43-101 for the GM. Once the have the monkey off their back more decisions will be made but till then, they are staying the course. They have chosen a leaner campaign with more on results and less on the IR / PR campaign of the past (2008) year. There was lively Q&A session with one attendant as they grilled Brian in depth about times spent, hours on the ground, monies spent and times of the consultants. The only thing missing was the flash of steel and the duel of the two combatants. The result was an admission of inefficient use of monies in 2008 and promises to do much better.

There were about 20 people in the room and it was an intimate affair once the thrust and parry session was over and the person left the room. Overall they are confident in their decisions and the budget rules the road. The hope of the 43-101 to revive their story and the SP is the next short term hope. Later, I voiced a concern on the lack of any news be it good or bad and the ability to sell the story. Brian agreed and would consider. I also suggested a 3D resource map and its abilty to wow the market. Brian liked and thought it might help as they have the software now to generate it but never published it.

Overall they believe in their story and have lots riding on the successful venture as do most of us. I believe Brian and time will tell the story.