I have been to visit the Golden Mile twice, and was outspokenly bullish each time. I have not been posting much here lately but I remain as bullish as ever and bought some more shares late last month. In fact I would be backing up the truck right now but I have been so badly beat up in my PF that I do not have the spare cash to really load up and am still riding my core position from when KXL traded north of $3. Such is life.

I think the stock has been hurt because people are losing patience. Sure there is a lot of interesting data from past exploration work, but nothing of economic substance has been proven up yet. By that I mean that if all exploration work stopped today, there is no way that an economic mine could operate on what has been demonstrated from the work so far. The amount of money needed to develop the resource would not be earned back from mining it, IMO.

If the company continues exploring, and I am sure they will, it is still my belief that something special will ultimately be found. And if they do find the right combination of grade and tonnage to make critical mass for a mine, then a lot of the stuff that has been found in the past will contribute to that resource. But on a stand alone basis, right now, no way.

So people are giving up. Retail investors thought it was just a month or two until we found the pot of gold. Fear gets cranked up, other stocks in other sectors get hot, and people start giving up and moving on. The yearly chart is very similar if one looks back 3 years or more. The key is that those who were buying in late spring usually made a got hit if they held on.

Given that the company has a huge cash position, strong management, and great projects on the go, I am confident that we have another big run ahead for the stock. I am also confident that we are going to be rewarded with a major discovery at some point, but it could be a year or more in the future. Who the hell knows? I am not giving up.

Please take my comments as just an opinion from a shareholder. I may yet buy some more KXL next month but I am not about to be selling a share at these prices. You need to have courage to sell the highs, and courage to buy the lows. Know when the stock is too far ahead of itself based on published results, and know when the market has gone way too far in the bearish side.

I have one final comment that may be of interest. Most of the juniors that are doing placements right now are getting no attention at all from retail investors. It is all institutional money that is coming in for the big deals. That is as close as the market comes to letting people know the bottom has been put in. The smart money is buying the good ones, and the dumb money (that is you and me) are staying away. KXL does not need to raise money right now but I would surmise that most of the big players are still on board and loaded to the hilt. When the retail schmucks start getting excited again, its probably time to start taking some profits. JMHO...

cheers!

mike