Kodiak Exploration Limited

Kodiak Exploration Limited

January 14, 2008 11:20 ET

Kodiak Drills 2.9 m Grading 203 gpt (5.92 opt) Gold/Expands Magnitude of Golden Mile Discovery

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) - Kodiak Exploration Limited (TSX VENTURE:KXL)(FRANKFURT:KX3) is pleased to announce that it continues to intersect very high grade gold mineralization over minable widths and at greater depths on The Golden Mile quartz vein system, located on its 100% controlled Hercules property.

Highlights from the most recent assay results include hole HR07-65, which intersected 2.9 metres of quartz vein grading 203 gpt (5.92 opt) gold, including 0.3 metres grading 741 gpt (21.6 opt) gold, and hole HR07-48, which intersected two sections of quartz vein grading 11.4 gpt gold over 0.4m intersection from 29.9 metres to 30.3 metres and 4.49 gpt au over 0.7 metres from 18.6 metres to 19.3 metres down hole. Hole HR07-65 was drilled on strike 60 metres northwest of previously reported hole HR07-51, which intersected 3.6 metres grading 359 gpt (10.5 ounces per tonne) gold. All assay results are set out in the table below. The locations of the holes may be viewed on the map attached to this news release and Kodiak's website.

Drill hole HR07-65 has more than doubled the known depth extent of this high grade gold shoot. This central gold zone in which holes HR07-65 and HR07-51 were drilled plunges to the northwest and remains open to depth. The gold mineralization now has a combined strike extent of more than 400 metres along the central Golden Mile, confirming the presence of a large, well mineralized shoot. The overall Golden Mile gold mineralization is open both to depth and along strike, with an indicated strike length of more than 4 kilometres.

These drill holes are part of an ongoing 60,000 metre drill program designed to outline the full scale and geometry of this gold system. Every one of the Company's 70 drill holes to date at the Hercules project has intersected gold mineralization, which is considered extremely unusual for Archean vein systems and confirms the strength, continuity and potential of this discovery.

Kodiak's 2008 drilling program will use at least three drill rigs and will focus on expanding the zones of known high grade gold mineralization along The Golden Mile, both to depth as well as along strike. The current drilling will also test the economic potential along strike to the southeast of drill hole HR07-44 which intersected 2.9 metres grading 45.25 gpt gold, the gold mineralization remains open to the southeast along a large one kilometre section of The Golden Mile vein that has not been drilled. The drill program is planned to also test a series of large parallel gold bearing veins which collectively extend for more than 3 kilometres and remain open in all directions. These veins include the Yellow Brick Road, WL, and Marino, where previously reported drilling intersected 1.6 metres grading over 38 gpt gold on the Marino vein and 9.7 metres true width grading 15.59 gpt gold on the WL vein.

Mr. Brian J. Maher, Vice President - Exploration, comments: "This recently completed phase of drilling has greatly expanded our geologic knowledge of the Golden Mile vein system and will allow us to target both the known zones of high grade gold mineralization and newly identified zones with similar potential. The pinching and swelling of the vein along strike, as seen near Hole HR07-40, is typical of this type of vein system. We are very pleased with the continuity of the system and with the discovery of new zones at both ends of The Golden Mile both of which remain open."

Mr. Brian Maher continues: "Drilling at the most westerly extent of the Mile intersected a previously unknown zone of gold mineralization, indicating the potential for a new high grade shoot along strike to the northwest. At the far southeast end of The Golden Mile, previously reported Hole HR07-29 intersected 2.0 metres of vein material grading 54 gpt gold, also indicating the presence of a new unexplored high grade shoot that remains open to depth and along strike. In addition, magnetic data indicates a shallow intrusive near Hole 29 which, in conjunction with highly elevated base metal geochemistry, indicates the potential for a significant source of gold mineralization near the southeast end of The Golden Mile. We now have multiple drill targets at both ends of The Golden Mile in addition to multiple drill targets in the central high grade zone that are open to depth and along strike."

Mr. Bill Chornobay, Kodiak's President, adds: "These early results clearly demonstrate the potential of this prolific system. 2008 promises to be a very exciting year for Kodiak and its shareholders. With more than $50,000,000 in the bank and with 60,000 metres of drilling under way, we are looking forward with great enthusiasm to systematically revealing the full potential of this massive land package, and the steady flow of news that will result. The Hercules project is ideally situated in Ontario, which has an enviable mining history and a stable political environment. This project and surrounding area has ready access to a work force and infrastructure such as roads, rail and power. Kodiak's geological team and the Board of Directors are looking forward to the future with much anticipation."

With the addition of two new drill rigs and the ability to add more rigs as the program progresses, Kodiak plans to quickly expand known zones of gold mineralization and to test them both to depth and along strike. The gold bearing Elmhurst Intrusion, which hosts The Golden Mile, Yellow Brick Road, 7 of 9 and Marino discoveries amongst others, measures some 30 square kilometres and remains largely unexplored. Airborne geophysics and the discovery of multiple gold bearing veins within the intrusion indicate that it has tremendous potential to host significant additional gold bearing structures.

As a result of an aggressive staking and acquisition program carried out over the past two years, Kodiak's holdings now cover approximately 1,400 square kilometres in the Geraldton-Beardmore gold camp, which has seen more than 4.1 million ounces of high grade gold production and remains largely under explored. Greenstone belts are host to over 2/3 of Canada's gold production and at least 1/3 of global gold production, and Kodiak now controls the lion's share of the Geraldton-Beardmore Greenstone belt, encompassing numerous strong exploration targets that remain to be tested.

Drilling Highlights

Hole ID From (m) To (m) Intercept (m) Au g/t Au ou/t
HR07-40 132.7 133.0 0.3 2.48 0.072
HR07-42 100.8 101.3 0.5 1.92 0.056
101.7 101.9 0.2 3.84 0.112
HR07-46 44.0 45.2 1.2 5.28 0.154
55.3 55.5 0.2 2.24 0.065
HR07-47 27.1 27.9 0.8 2.37 0.069
28.8 29.4 0.6 1.28 0.037
HR07-48 16.7 17.6 0.9 1.88 0.055
18.6 19.3 0.7 4.49 0.131
29.9 30.3 0.4 11.39 0.332
34.6 35.0 0.4 1.38 0.040
35.9 36.3 0.4 2.11 0.062
HR07-52 45.6 46.3 0.7 1.64 0.048
59.0 59.5 0.5 3.09 0.090
60.3 61.2 0.9 2.23 0.065
HR07-60 32.8 33.8 1.0 1.68 0.049
34.8 35.3 0.5 3.22 0.094
35.8 36.3 0.5 1.78 0.052
37.2 38.5 1.3 1.76 0.051
75.1 75.6 0.5 1.08 0.032
75.9 76.4 0.5 1.07 0.031
77.0 77.3 0.3 1.01 0.029
HR07-62 90.7 91.6 0.9 1.81 0.053
92.9 93.4 0.5 2.35 0.069
HR07-63 53.6 53.8 0.2 16.02 0.467
54.8 55.8 1.0 1.45 0.042
57.7 58.2 0.5 3.77 0.110
62.8 63.4 0.6 1.26 0.037
HR07-64 57.7 60.7 3.0 2.34 0.068
61.3 62.1 0.8 3.35 0.098
HR07-65 76.1 77.7 1.6 1.53 0.045
78.4 81.3 2.9 203.04 5.922
including 79.5 79.7 0.2 1699.00 49.555
79.7 80.0 0.3 741.30 21.621
80.0 80.6 0.6 29.46 0.859
HR07-67 89.4 89.7 0.3 2.11 0.062
HR07-70 87.2 88.5 1.3 2.30 0.067
88.9 89.4 0.5 3.05 0.089

Drill holes HR07-37, 39, 45, 49, 53-59, 61, 66, 68, 69 intersected varying amounts of gold mineralization less than two gpt, further demonstrating the widespread nature and strength of gold mineralization within The Golden Mile vein system. All results can be found on the company's website along with a schematic long section.

Kodiak QA/QC procedures are as follows: Kodiak channel samples are 5 cm wide cut perpendicular to the strike of the vein and/or shear zone from mapped alteration in the footwall continuously through the vein and/or shear zone and into mapped alteration in the hanging wall. Channels are cut with a motorized circular saw to a depth of 20 cm and removed with a hammer. Channel sample spacing is nominally every 20m along strike, dependent on outcrop size and geometry. Sample intervals are selected according to geologic contacts and visible mineralization, placed into a sample bag, and shipped to the assay lab for quantitative analysis of select elements. Kodiak drill cores are split down the center with a typical table feed circular rock saw. Sample intervals are selected according to geologic contacts, visible mineralization, and alteration, placed into sample bags and shipped to the assay lab where they are quantitatively analyzed for select elements. Drill cores are boxed, covered, and sealed at the drill rig and moved to the Kodiak logging and sample preparation facilities by Kodiak personnel. Kodiak angle core holes are directed perpendicular to the mapped dip of the vein therefore reported drill hole intercepts approximate true thickness of the vein. All Kodiak samples are currently being assayed by TSL Laboratories Inc., Saskatoon, SK S7K 6A4. Blank and standard samples are routinely submitted with all sample batches sent to the lab for assay. Screened metallic assays are routinely run on all anomalous gold results as a check on nugget effects. Samples are routinely sent to other labs for additional checks.

Update on the Uranium Division

Samples taken during Kodiak's 2007 ground exploration program undertaken on its UR uranium prospect on the Otish Basin of Quebec have been sent to the assay lab for analysis. Those results will be announced when they are received by the Company.

The information contained in this news release has been reviewed and approved by Robert B. Hawkins, Kodiak's Chief Geologist, who is a qualified person under the definitions established by National Instrument 43-101.

Kodiak is a mineral exploration company with significant projects in three different sectors of the mining resource industry. Through regional, grass-roots generative exploration and new geological models the Company has built a portfolio of 100% controlled projects focused on gold, base metals (nickel/copper), and uranium in three different areas of Canada. Maps, photographs, detailed geologic reports and additional information may be viewed on our web site at www.kodiakexp.com.

To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/Kodiak%20Map%20Hercules%20Property.pdf

On behalf of the Board of Directors

William S. Chornobay, Director, President

This document contains certain forward looking statements which involve known and unknown risks, delay, 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.

This release has been prepared by management - The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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