The 2004 report had a lower cut-off because it was targeting an open pit operation while the 2008 and 2009 reports with 3 g/t were targeting a conventional mine operation. It is a mystery as to why Kodiak was able to raise $ 13.8 million( including the exercise of an over allotment option) with no difficulty last December based only on hype about the West Millenium property and upcoming GM resource estimate while GGR already had a very good resource estimate in hand. I noticed that the Kodiak bought deal financing included National Bank as an agent, and they acted as advisors to GGR on the merger. Coincidence?