Your explanation of the context raises an important point about when information must be released during a defined drilling program. How much wiggle room does a company have before they are required to release some information? I can't quote chapter and verse about the regulatory requirements but it's clear that companies sometiimes sit on assay results for a period of time during the program but eventually they do report all results once the program is done and all assay results are received. If the phone conversations with Brian Maher posted on this board are correctly reported then Brian has acknowledged receiving some results from the GM drilling program but has been "compiling and interpreting the data" without releasing any to date. Some investors have asked Kodiak to release the data in batches at regular intervals but that's not their policy this year. So I would modify your statement to say that companies do not always have to release drill results immediately unless they will have a material impact on the companies value. There is some grey area here where a company could argue that they are receiving ore grade values similar to previous results so they will continue to compile the data. If poor results are all you have then you do have to report them eventually. One example I'm familiar with is a neighbour of Kodiak , Sage, reported the results of a drilling program on the Golden Extension trend on Sep 03, 2009. This showing was promoted as being on the same structural trend as Kodiak's Golden Mile but the results reported in that press release were very poor.

As far as estimates go the category to which resources are assigned depend largely on the spacing between the vein intercepts. The resource categories are measured, indicated and inferred in order of least to most uncertainty. Most small cap valuations I've seen use measured and indicated values but some toss in the inferred although a discount is applied.Kinross also has proven and probable reserve estimates along with their resource estimates but they are really in a different category. I'm expecting both indicated and inferred numbers to be reported for Kodiak's first NI43-101 estimate and then followed later by more infill drilling to get measured numbers.