Brian pointed out at the conference that any one of the targets pointed out in slide 29 of the presentation would "be the flag bearer of any other junior." From our discussions at the conference my own impression (and I was buying yet more stock yesterday) of the Board's thinking (50% of the stock closely held ) is really on slide 29 of the presentation:

1) Short term - Golden Mile. That is where the best bang for buck is and that is why most of us are still investors. If we remember back to earlier in the year, I think the market conditions were such that the company was worried there might be aggressive interest and how could the Golden Mile be valued. Thus a lot of effort was spent this year on understanding the resource. (I asked Brian directly about this and he acknowledged the advancement in understanding the geology). Stepping out the drilling beyond Golden Pond (12 hole's assays pending) is to add to the resource (tons of rocks). The company knows it needs to go deeper "depth potential huge", (hence the slides 19 & 20 where Koiaks current depth is compared to similar systems) as typically that is where these systems truely payoff. At $100 a metre and potentially a 2,000 metre hole, Brian did not comment on a time frame for that step.

Interestingly, we were also told that Kodiak is permiting the site. This may seem strange as Kodiak's stated goal is only to "build resource potential." Permitting the site would show a suitor that the deal must be right or in theory we could go it alone.

The current drill spacing in the Golden Mile is every 60 metres (forabout 60% of its length and 30 to 60 metres for the rest). As others on this board have pointed out, there is no point spending the money on instep drilling to produce a N3-401 that a major would toss anyway as they would have their own DD happening. So outward (and downward) we go.

The other veins around The Golden Mile are gravey as "any infrastrucure put in for the Golden Mile would make these other veins viable" to a potential purchaser. That is why all this stuff is at the top of the triagle in slide 29.

2) Short to mid term - build up the uranium division ($1,000,000 spent this year) and sell it.

3) Ongoing - with 30 targets identified, 12 at the drilling stage and 10 to be drilled by the end of this year, projects will move up and down the triangle on slide 29 based on the geologist's interpretation of the data.

4) Other - Caribou, Sleeping Giant - others have shown interest but I'm not sure in this environment whether it is worth their while to sell. They (we - me) are open to a deal.

The above is my opinion only, however, while I believe the company is open to deals regarding any of the properties at any time - and these are some pretty mouth watering tasties on the table - the deal would have to make sense.

Regards

Kohai