Kodiak Reports Assay Results From First Hole at Caribou Lake, Drilling Continues to Intersect Additional Massive Sulphides

Vancouver, Canada (ots/PRNewswire) - Kodiak Exploration Limited
(the "Company") (TSX: KXL.V) is pleased to report that the first
three exploratory holes drilled at the first of 83 VTEM targets at
its Caribou Lake property have all confirmed the presence of
strongly disseminated to massive sulphides.

The Company's 100% owned Caribou Lake property is located 90
kilometres southeast of Yellowknife, Northwest Territories, and is
considered prospective for copper-nickel-PGE mineralization. There
are a total of 83 VTEM targets along the 9km copper - nickel
mineralized trend and surrounding area, including Target 1 referred
to above.

Diamond drill hole CL-06-01, the Company's first drill hole,
returned an intersection of 1.41 metres grading 1.11% copper, 0.90%
nickel and 0.12% cobalt at a downhole depth of 23.37 to 24.78
metres. That intersection lies within a 3.18 metre interval grading
on average 0.7% copper, 0.53% nickel and 0.07% cobalt. The entire
5.4 metre mineralized interval grades on average 0.5% copper, 0.36%
nickel and 0.05% cobalt at a downhole depth between 21.60 metres and
27.00 metres.

Drill hole CL-06-03 intersected 4.25 metres of disseminated to
massive sulphide mineralization consisting of pyrrhotite and
chalcopyrite between 33.5 and 37.75 metres downhole. Assays are
pending.

Drill hole CL-06-04 intersected 37.19 metres of disseminated,
blebby and net textured sulphide mineralization that remains open.
The mineralization contains pyrrhotite and trace chalcopyrite from
the collar at 2.74 to 39.93 metres downhole. Assays are
pending. The collar set- up of hole CL-06-02 was unfortunately
mislocated at the wrong GPS coordinates. Consequently the hole,
which was drilled towards the east, started immediately above and
overshot the steeply west-dipping sulphide target. Hole CL-06-04
mentioned above was collared at the originally planned drill site
for hole CL-06-02 and intersected sulphide mineralization. As a
result since hole CL-06-04 collared in sulphide mineralization,
Kodiak plans to drill a hole by stepping back further in order to
test the base of the mineralized layer where the highest potential
for massive sulphide concentrations exists.

The three shallow exploratory holes drilled to date have tested
only the near surface parts of Target 1, which is a large VTEM
indicated sulphide body located near the southern end of the 12
kilometre long gabbro intrusion. This response is near a large
feeder dike - a favourable geological setting for the accumulation
of sulphide minerals.

Kodiak has determined to expand its planned drill program from 16
to 32 holes to test the economic potential of ten large VTEM
indicated sulphide sources, with a collective strike length of more
than 3 kilometres. VTEM Targets 1, 2, 3, 4, 5, 9, 10 and 12 are
associated with a 9 kilometre long copper-nickel mineralized
horizon. The mineralization is exposed across an outcrop width of
266 metres in the area of Target No. 1.

Cross-cutting niccolite infill fractures are associated with VTEM
indicated sulphides on Targets 1, 4 and 7. These niccolite fractures
are believed to represent hydrothermally remobilized 'bleeders' from
underlying sulphide sources. One sample has been collected from each
of these infill fractures. The three selected grab samples returned
assays of 23.5%, 38.0% and 17.3% nickel, respectively.

Drilling is also planned to test VTEM indicated sulphides on
Targets 13 and 14. Target 13 is located 700 metres from the footwall
of the northwestern portion of the Caribou Lake Gabbro. This
location is suggestive of an 'offset' style of mineralization like
that identified in other copper-nickel-rich mafic intrusions such as
Sudbury. Target 14 is located in the southeastern portion of the
gabbro and associated with a fault zone extending 14 kilometres ENE
from the feeder dike. This fault is parallel to the shore of Great
Slave Lake which has been interpreted as a continental rift and may
represent a conduit for the Caribou Lake Gabbro and Blachford Lake
Intrusive Complex.

Several strings of secondary, strong, VTEM- indicated sulphide
targets have been identified along 9 kilometres of the intrusion's
western footwall contact. These may represent basal or 'offset'
accumulations of copper-PGE rich sulphides, similar to those
inferred for VTEM 13. Other strings of VTEM anomalies occur along
strike between the main sulphide-indicated VTEM Targets, and in the
vicinity of Anomaly 14 located 3 km to the east. In tota , 72
secondary strong VTEM-indicated sulphide targets have been
identified. Prospecting and blasting of two shallow VTEM targets has
verified the presence of chalcopyrite at one location and pyrrhotite
at the other. Kodiak plans to prospect all of these anomalies, and
follow-up with ground geophysical surveys and diamond drilling as
appropriate.

Core is split and one half is dispatched for assay of copper,
nickel and platinum group elements at Acme Analytical Laboratories
Ltd. in Vancouver. Gold and platinum group elements are determined
by lead- collection fire assay fusion for total digestion, finished
with ICP-MS; copper, nickel and other metals are assayed using a hot
four-acid total digestion with ICP-ES finish. Assay results will be
released as they become available. Photographs of the drill core can
be viewed on Kodiak's updated website (www.kodiakexp.com).

The exploration program at the company's Ontario Knucklethumb Lake
project is ongoing. Kodiak has completed a VTEM survey and ten
exploratory drill holes. These diamond drill holes have returned no
significant assay results to date, with final assays from the
principal deep target, the Vent Gold Zone, still pending. Three
holes completed at the Aidan copper-nickel prospect and at a
proximal VTEM anomaly on the Cameco Onaman Option returned no
significant results. No VTEM anomaly coincides with the Aidan- Snake
showings, and the nearby VTEM anomaly is explained by a narrow
interval of barren pyrrhotite in a metasedimentary rock unrelated to
the gabbro-hosted copper-nickel showings. Kodiak's consulting
geologists recommend no further work on the Cameco portion of the
Knucklethumb property and that the Cameco Option be relinquished.

The information contained in this news release has been reviewed
and approved by Gary Vivian, P. Geo., and Louis Covello, P. Geo.,
who are the qualified persons for the Caribou Lake project under the
definitions established by National Instrument 43-101. Mr. Vivian is
an independent Professional Geoscientist, and Principal of Aurora
Geosciences Limited of Yellowknife, NWT, which is operating the
program on behalf of Kodiak. Mr. Covello is an independent
Consultant to Aurora Geosciences Limited.

The Qualified Person for the Knucklethumb Lake Project under the
definitions of National Instrument 43-101 is Christopher Marmont,
M.Sc., P. Geo., who has reviewed and approved the information
contained in this news release.

Kodiak is a mineral exploration company with properties located in
Canada. Maps, photographs, geological details and additional
information may be reviewed on its website at www.kodiakexp.com.

On behalf of the Board of Directors
KODIAK EXPLORATION LIMITED
William S. Chornobay, Director, President

This release has been prepared by management - TSX Venture
Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release. This document contains
certain forward looking statements which involve known and unknown
risks, delays, and uncertainties not under the Company's control
which may cause actual results, performance or achievements of the
Company to be materially different from the results, performance or
expectation implied by these forward looking statements.

ots Originaltext: Kodiak Exploration Limited
Im Internet recherchierbar: http://www.presseportal.de

Contact:
For further information: +1-(604)-688-9006 or by email at
info@kodiakexp.com