Kodiak Exploration Limited
TSX VENTURE : KXL
FRANKFURT : KX3

Kodiak Exploration Limited

November 18, 2009 12:57 ET

Kodiak Exploration Limited Adds to Land Holdings in Beardmore-Geraldton Gold Belt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2009) - Kodiak Exploration Limited (TSX VENTURE:KXL)(FRANKFURT:KX3) has entered into an option agreement respecting an additional mineral property in the Thunder Bay Mining Division of south central Ontario.

Pursuant to an agreement made with Mr. Scott Shields, Kodiak has been granted an option (the "Option") to acquire an undivided 100% interest in twenty-one mineral claims (the "Claims") located in Ashmore Township, subject to a 3% net smelter returns royalty in favor of Mr. Shields. Kodiak may exercise the Option by making the following option payments over four years:

  1. $10,000 in cash plus 10,000 Kodiak shares within 5 business days after the date (the "Acceptance Date") of acceptance of a filing in respect of the Option by the TSX Venture Exchange;
  2. an additional $15,000 in cash plus 15,000 Kodiak shares not later than the first anniversary of the Acceptance Date;
  3. an additional $25,000 in cash plus 25,000 Kodiak shares not later than the second anniversary of the Acceptance Date;
  4. an additional $50,000 in cash plus 50,000 Kodiak shares not later than the third anniversary of the Acceptance Date; and
  5. an additional $100,000 in cash plus 100,000 Kodiak shares not later than the fourth anniversary of the Acceptance Date.

One of the Claims will be a claim (the "Kodiak Claim") currently registered in the name of Kodiak, but which has been the subject of a title dispute. Kodiak may purchase 100% (i.e. 3%) of the royalty on the Kodiak Claim and two-thirds (i.e. 2%) of the royalty on the other Claims for $1,000,000 at any time after the option is exercised. Any shares issued in connection with the exercise of the option will be issued at the price per share which is equal to the closing price of the Company's shares on the date prior to the date of the Treasury Order for such shares, subject to a minimum price of $0.55 per share. The proposed option is subject to acceptance by the TSX Venture Exchange.

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

On behalf of the Board of Directors
Brian J. Maher
President and Chief Operating Officer

The statements made in this release may contain forward-looking statements or relate to programs that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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