Byron Capital Initiates Coverage of KSK

DREW CLARK, Byron Capital Markets (10/20/2010)
"New Alaskan Play with Significant Resource Expansion Potential: Kiska's Whistler project is a growing, gold-weighted, porphyry district that has had tremendous exploration results to date. Management estimates that discovery costs have been US$4/oz. Au Eq. at its 5.8 Moz. Au Eq. Whistler deposit. There are 13 holes not included in the resource estimate that will add mineralization and confidence to the deposit at the next update.

Numerous Catalysts to Drive Potential Appreciation by Year-End: In November, Kiska will be releasing the results of the remaining holes drilled in this year's program and an updated resource estimate on the Whistler deposit. We are encouraged by the progress and successful identification of advanced prospects in the region and view this year as the next leg in many phases of resource expansion at Whistler.

Kiska presents investors with an undervalued growth story with excellent management. With drill results and an updated resource estimate expected by year-end, we view Kiska as highly attractive at the current price. We are initiating coverage with a Speculative Buy rating and a $2.30 price target."

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