Kodiak Exploration Limited
TSX VENTURE : KXL

Kodiak Exploration Limited

August 01, 2008 15:44 ET

Kodiak Exploration Limited: Deep Drilling Expands Gold Mineralization by 600%, Discovers Multiple New High Grade Gold Veins

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Kodiak Exploration Limited (TSX VENTURE:KXL) is pleased to report that as it approaches the mid-point of its 2008 exploration program, it has already increased the dimensions of the Golden Mile mineralized zone by more than 600% and made multiple new discoveries at the Hercules project. This has dramatically enhanced the resource potential of the entire area. In addition, Kodiak has also had excellent initial exploration results on several other stand alone regional targets it generated. These targets, spread across more than 200 kilometres of Kodiak's land holdings, are simultaneously being explored outside the Hercules project area. As a result, Kodiak plans to increase the number of drill rigs on site from five to eight and to increase the size of its work force, which already stands at well over 100 personnel in the field.

During 2008, Kodiak has completed over 27,000 metres of drilling in over 100 holes at the Hercules Project, with gold bearing mineralization intersected in virtually every hole. In addition the program continues to be successful in extending the strike and depth extents of several gold zones, it has now intersected significant gold mineralization deep in the Golden Mile and Lucky Strike and on multiple other structures, including the WLGZ, Seven of Nine and Marino gold zones. Assay results received from holes drilled to date are set out in the table at the end of this news release.

Drilling and Exploration Highlights

-- Gold mineralization previously identified on the surface at the Golden Mile has now been confirmed to extend well over 2000 metres along strike and to depths of at least 450 metres in drill holes and the dimensions of the Golden Mile mineralized zone has increased over 600% since March 2008 and remains open (see Figures one and two at the following link: http://media3.marketwire.com/docs/kxll0801.pdf and on web site). Drilling in the eastern portion of the Golden Mile has discovered a very large body of gold mineralization that is open at depth and is currently being drilled to define its full extent (right side of Figure one),

-- A new high grade zone has been discovered to depths of almost 350 metres in the Golden Mile; highlights from this zone include 16.98 gpt gold (0.495 opt) over 1.3 metres including 63.67 gpt gold (1.857 opt) over 0.3 metres in drill hole HR08-171 (see Figure one at the following link: http://media3.marketwire.com/docs/kxll0801.pdf). This high grade zone has the same northwesterly rake as the central Golden Mile high grade zone and remains open at depth. In fill drilling continues to intercept high grades as well with 9.3 metres grading 14.78 gpt gold (0.431 opt) including 3.3 metres grading 32.22 gpt gold (0.940 opt) in HR08-161,

-- Drilling on the blind Lucky Strike structure, located parallel to the Golden Mile, has discovered a broad zone of gold mineralization totaling up to 41 metres wide (HR08-137, 1.2 gpt gold (0.035 opt)), indicating the strong potential for shallow, bulk-minable gold mineralization at Hercules. The Lucky Strike and Golden Mile structures appear to converge at depth, a common control to high grade mineralization, defining an excellent deep target; deep drilling is ongoing and will test this target in the near future (see Figure three at the following link: http://media3.marketwire.com/docs/kxll0801.pdf and on web site),

-- Early prospecting 3,000 metres northwest of the Golden Mile has discovered a large system of strongly mineralized quartz veining that is on strike with the Golden Mile (see Figure four at the following link: http://media3.marketwire.com/docs/kxll0801.pdf and on web site). This potential extension could more than double the strike length of the Golden Mile to over five kilometres. Assays from recent sampling are pending and advanced follow up exploration is underway.

-- On the WLGZ Gold Zone, drill hole HR08-145 has intercepted 3.3 metres grading 22.26 gpt gold (0.649 opt) including 0.8 metres grading 90.00 gpt gold (2.625 opt) further defining the geometry of this gold mineralized area, additional drilling is planned to define the full extent of this significant zone.

-- Drilling on the parallel Seven of Nine vein system, immediately adjacent to previously announced high grade gold mineralization found in the Marino vein system (HR07-16; 1.6 metres grading 38.47 gpt gold (1.122 opt)), has intercepted significant gold mineralization including 12.85 gpt gold (0.375 opt) over a width of 1.1 metres including 0.3 metres grading 53.24 gpt gold (1.553 opt; HR08-113). These systems remain open, drilling on the Marino and Seven of Nine veins continues. Initial drilling on the Yellow Brick Road vein intersected broad mineralized structures at a depth of 250 metres over a width of approximately 10 metres. This system remains open, assays are pending.

Copies of the new long section, new maps, cross sections and photos may be found in the "What's New" section of Kodiak's web site: www.kodiakexp.com.

Hercules Exploration

Exploration adjacent to the Golden Mile has also accelerated at Hercules. Individual samples from a parallel vein lying between the Golden Mile and the Marino vein system contains up to 37.1 gpt gold (1.082 opt; channel GM-15), outlining an important new target area that is to be followed up with advanced exploration (see Figure four below and on web site). Two kilometres northwest of the Marino and Seven of Nine vein systems, a broad new zone of gold mineralized quartz veined structure has been identified that appears be the on strike continuation of those vein systems; additional prospecting and stripping are planned.

Stripping, sampling and drilling has also begun southwest of the Golden Mile, exploring multiple parallel geophysically indicated structures in an area where historic sampling produced grab samples with up to 46.22 gpt gold (1.348 opt) (Ontario Assessment Report 42E13SE0109 by Douglas Binkley, 1992, p. 19). Drilling in this area has commenced, intersecting several broad altered structures and quartz veining corresponding to the interpreted linear magnetic features, verifying the geophysical interpretation. Assays are pending. In addition, mineralized quartz vein float has been found across the lake and on strike approximately 500 metres northwest of the central Golden Mile (see Figure four at the following link: http://media3.marketwire.com/docs/kxll0801.pdf and on web site). This lake currently marks the most northwesterly limit of the drilling to date on the Golden Mile. Drilling on this newly discovered extension is planned to commence in the immediate future. The exploration program will continue to test over 30 km of indicated parallel structures and simultaneously expand the scale and geometry of the extensive Golden Mile vein system and several other confirmed parallel gold bearing veins thus expanding the resource potential of the entire Elmhirst Lake intrusion.

New Discoveries in the Beardmore-Geraldton Camp - Beyond Hercules

While Kodiak's program continues to expand at Hercules, prospecting, stripping, sampling and drilling have begun at nine of the more than thirty stand alone gold targets identified by our Regional Exploration team outside the Elmhirst Intrusion, but within the more than 1,400 square kilometres controlled by Kodiak.

First pass channel sampling results from the Solomon's Pillar project (see web site for the regional project location map) have identified a strong zone of gold mineralization that extends at least 500 metres along strike that remains open. Channel sampling highlights at Solomon's Pillar include channel SPX-19 which cuts 5.5 metres grading 12.82 gpt gold (0.374 opt) including 0.9 metres grading 25.1 gpt gold (0.732 opt). A 3,000 metre drilling program has commenced; the first drill holes have intercepted 20 to 30 metre thick zones of intensely mineralized banded iron formation and sheared clastic rock; assays are pending.

At the GMO project, located in the western portion of the Beardmore-Geraldton gold district (see web site for the regional project location map), a series of new gold bearing quartz veins have been discovered containing visible gold with grab samples grading up to 41.5 gpt gold (1.22 opt gold). These veins are approximately 2000 metres west of and along strike with the high grade Northern Empire mine (approximately 150,000 ounces of historic gold production). This new vein system has a strike length of at least 350 metres and widths of up to 2 metres and remains open. Drilling is in progress to test its economic potential.

At Kodiak's West Geraldton-Kenogamsis project located just west of the town of Geraldton (see web site for the regional project location map), the newly discovered Goldstrike and Drexel zones have been stripped over a strike length of over 300 metres and remain open. Between 1934-36, an historic drill hole (Hole 2) by Lafayette Long Lac GML cut the Goldstrike zone and intercepted 2.04 metres grading 327.79 gpt gold (9.56 opt); Kodiak plans to verify this historic intercept and test other targets by diamond drilling soon. A second zone of strong mineralization located 500 metres west of the Goldstrike zone has also been discovered. These structures are characterized by quartz veining with arsenopyrite over broad widths where historic grab samples have graded up to 129.5 gpt gold (3.777 opt). Additional stripping and channel sampling is ongoing; drilling has commenced.

Early grass-roots reconnaissance has identified strong gold mineralization at the Maki, Sturgeon Bridge, East Leitch, Bearskin, Klotz Lake, Blackwater, Kaby Lake and the Brenbar project where recently channel grabs returned assays up to 40.7 gpt gold. Additional advanced exploration, including stripping, mapping and sampling are underway.

Kodiak's program of mineral rights acquisition is also ongoing. Given the size of its current land package, Kodiak does not typically announce acquisitions unless they are material or an announcement is required pursuant to the policies of the TSX Venture Exchange due to Kodiak having an obligation or option to issue shares in payment or partial payment for the property. Pursuant to an agreement made with a local prospector as of July 8, 2008, Kodiak was granted an option to acquire a 100% interest in three mineral claims in Summers Township, subject to a 3% NSR, by paying $5,000 in cash and $5,000 in Kodiak shares upon receipt of TSX Venture Exchange notice of acceptance, plus an additional $45,000 in cash in three installments over the ensuing three years. Kodiak has the right to purchase the NSR for $1,000,000 for each 1%.

Management's Analysis

Mr. Brian Maher, Kodiak Vice President of Exploration comments: ... "these targets are located along the more than 300 kilometres of major gold producing breaks or structures that are 100% controlled by Kodiak. The similarities in size and continuity to the Cadillac break in Val d' Or and the Porcupine-Destor fault zone are striking (see web site for a new map depicting the two camps). Considering the exploration dollars spent on those structural zones compared to the small amount spent in the Beardmore-Geraldton gold camp, and considering the outstanding results already obtained to date, it is easy to conclude that the Beardmore-Geraldton area is largely under explored and has tremendous potential. As our team continues to compile old exploration data and to generate new data from high grade gold showings, it continues to amaze me just how many high grade gold showings and compelling exploration targets there are in the area. Ultimately, Kodiak will be answering the fundamental question "just how large is the gold endowment of the Beardmore-Geraldton gold camp?" Based on what we have seen to date, not only at Hercules, but elsewhere in our enormous land package, I think we are just beginning to understand the size and scale of this very large gold mineralized system."

Mr. Bill Chornobay, President, comments: "Kodiak continues to systematically explore its extensive landholdings within the Beardmore-Geraldton gold camp. Based on continuing positive results, the magnitude of the exploration program has been expanded dramatically. Additional prospecting crews, excavators and multiple drills are currently testing over 30 kilometres of indicated structures on the Elmhurst Lake intrusion, beyond the current extent of the Hercules project. Exploration to date has significantly expanded the resource potential and our knowledge of this entire area. The process remains ongoing and our exploration plan has proven to be extremely effective in unlocking the resource potential of the entire 30 square km Hercules project area. In addition, the broad scope of our regional exploration program, in targeted areas of the approximately 1,400 square kilometres controlled by Kodiak outside the Elmhirst Lake intrusion is designed to ultimately reveal the resource potential of our entire landholdings. Our objective remains to ensure that our shareholders participate in the realization by Kodiak of the full value of its assets. We look forward to reporting ongoing results with much anticipation."

Drill Hole Assay Table: Location key: GM, Golden Mile; LS, Lucky Strike; WLZ, Wilkinson Lake Zone; PLZ, Peneleton Zone;



---------------------------------------------------------------------------
Inter-
Hole From To cept Gold Gold TD
ID Metres Metres metres G/T O/T Location Metres
---------------------------------------------------------------------------
HR08-78 118.2 118.7 0.5 1.92 0.056 GM 145
---------------------------------------------------------------------------
HR08-82 Anomalous Mineralization GM 207
---------------------------------------------------------------------------
HR08-83 67.0 67.6 0.6 1.07 0.031 GM 320
---------------------------------------------------------------------------
161.1 161.6 0.5 2.35 0.069
---------------------------------------------------------------------------
HR08-84 188.8 189.1 0.3 1.05 0.031 GM 260
---------------------------------------------------------------------------
238.4 238.8 0.4 2.48 0.072
---------------------------------------------------------------------------
241.7 242.8 1.1 1.27 0.037
---------------------------------------------------------------------------
HR08-85 309.1 309.5 0.4 1.92 0.056 GM 345
---------------------------------------------------------------------------
HR08-86 71.7 73.7 2.0 1.25 0.036 GM 101
---------------------------------------------------------------------------
83.8 85.7 1.9 1.61 0.047
---------------------------------------------------------------------------
HR08-87 36.7 36.9 0.2 1.27 0.037 GM 70
---------------------------------------------------------------------------
39.0 39.9 0.9 3.93 0.115
---------------------------------------------------------------------------
41.8 42.2 0.4 1.21 0.035
---------------------------------------------------------------------------
44.7 45.3 0.6 1.94 0.057
---------------------------------------------------------------------------
HR08-88 28.9 29.0 0.1 1.45 0.042 GM
---------------------------------------------------------------------------
33.1 33.4 0.3 5.13 0.150
---------------------------------------------------------------------------
34.4 35.8 1.4 2.18 0.064
---------------------------------------------------------------------------
46.8 47.3 0.5 1.44 0.042
---------------------------------------------------------------------------
HR08-89 29.8 30.7 0.9 2.70 0.079 GM 116
---------------------------------------------------------------------------
33.8 34.1 0.3 1.35 0.039
---------------------------------------------------------------------------
HR08-90 38.6 38.8 0.2 1.66 0.048 GM 86
---------------------------------------------------------------------------
40.4 41.0 0.6 3.40 0.099
---------------------------------------------------------------------------
56.6 56.8 0.2 1.96 0.057
---------------------------------------------------------------------------
HR08-91 16.1 16.3 0.2 1.56 0.046 GM 77
---------------------------------------------------------------------------
38.2 40.2 2.0 1.42 0.041
---------------------------------------------------------------------------
47.0 47.4 0.4 1.10 0.032
---------------------------------------------------------------------------
HR08-92 41.6 42.1 0.5 2.38 0.069 GM 80
---------------------------------------------------------------------------
44.0 44.3 0.3 2.34 0.068
---------------------------------------------------------------------------
45.3 45.7 0.4 1.02 0.030
---------------------------------------------------------------------------
48.0 48.5 0.5 2.04 0.060
---------------------------------------------------------------------------
66.6 67.0 0.4 1.06 0.031 GM FW splay
---------------------------------------------------------------------------
HR08-93 42.9 43.3 0.4 1.52 0.044 GM 81
---------------------------------------------------------------------------
46.4 46.6 0.2 4.23 0.123
---------------------------------------------------------------------------
66.6 66.9 0.3 1.41 0.041
---------------------------------------------------------------------------
HR08-94 60.8 61.0 0.2 6.44 0.188 GM 72
---------------------------------------------------------------------------
HR08-95 41.0 42.3 1.3 1.84 0.054 GM 51
---------------------------------------------------------------------------
HR08-96 65.4 66.0 0.6 2.09 0.061 GM 116
---------------------------------------------------------------------------
67.0 67.2 0.2 1.02 0.030
---------------------------------------------------------------------------
68.2 69.0 0.8 1.27 0.037
---------------------------------------------------------------------------
HR08-97 Anomalous Mineralization 0.000 GM 65
---------------------------------------------------------------------------
HR08-98 38.4 38.8 0.4 1.48 0.043 GM 50
---------------------------------------------------------------------------
42.4 42.7 0.3 1.60 0.047
---------------------------------------------------------------------------
43.2 43.6 0.5 1.42 0.041
---------------------------------------------------------------------------
HR08-99 40.2 40.7 0.5 10.21 0.298 GM 47
---------------------------------------------------------------------------
HR08-100 37.8 38.1 0.3 1.39 0.041 152
---------------------------------------------------------------------------
61.7 62.0 0.3 1.95 0.057
---------------------------------------------------------------------------
HR08-101 157.8 158.0 0.2 1.71 0.050 GM 254
---------------------------------------------------------------------------
HR08-104 23.5 24.5 1.0 1.35 0.039 GM 117
---------------------------------------------------------------------------
HR08-105 37.5 37.8 0.3 1.60 0.047 GM 177.8
---------------------------------------------------------------------------
HR08-108 81.4 81.7 0.3 1.01 0.029 Marino 152
---------------------------------------------------------------------------
84.0 84.4 0.4 4.57 0.133
---------------------------------------------------------------------------
122.6 123.7 1.1 0.98 0.029
---------------------------------------------------------------------------
132.9 133.4 0.5 1.07 0.031
---------------------------------------------------------------------------
HR08-109 14.3 15.5 1.2 1.13 0.033 Marino 131
---------------------------------------------------------------------------
36.8 37.1 0.3 1.91 0.056
---------------------------------------------------------------------------
59.7 60.0 0.3 1.07 0.031
---------------------------------------------------------------------------
121.7 122.7 1.0 1.31 0.038
---------------------------------------------------------------------------
HR08-110 Anomalous Mineralization 0.000 Marino 239
---------------------------------------------------------------------------
HR08-111 20.6 21.3 0.7 1.01 0.029 Marino 138
---------------------------------------------------------------------------
21.8 22.7 0.9 2.25 0.066
---------------------------------------------------------------------------
23.7 24.0 0.3 1.21 0.035
---------------------------------------------------------------------------
HR08-112 62.5 62.9 0.4 1.34 0.039 7 of 9 250
---------------------------------------------------------------------------
HR08-113 8.7 9.0 0.3 1.01 0.029 7 of 9 260
---------------------------------------------------------------------------
61.4 62.5 1.1 12.85 0.375
---------------------------------------------------------------------------
Including 62.0 62.3 0.3 53.24 1.553
---------------------------------------------------------------------------
HR08-114 21.4 22.2 0.8 1.76 0.051 7 of 9 230
---------------------------------------------------------------------------
33.9 34.3 0.4 1.19 0.035
---------------------------------------------------------------------------
HR08-115 Anomalous Mineralization 0.000 7 of 9 224
---------------------------------------------------------------------------
HR08-118 97.0 98.0 1.0 1.03 0.030 GM 158
---------------------------------------------------------------------------
129.3 130.0 0.7 1.87 0.055
---------------------------------------------------------------------------
HR08-119 Anomalous Mineralization 0.000 GM 182
---------------------------------------------------------------------------
HR08-120 83.0 83.5 0.5 1.17 0.034 GM 181
---------------------------------------------------------------------------
85.1 86.0 0.9 2.16 0.063
---------------------------------------------------------------------------
98.9 99.2 0.3 1.54 0.045
---------------------------------------------------------------------------
106.4 106.6 0.2 1.31 0.038 GM FW splay
---------------------------------------------------------------------------
117.3 117.5 0.2 1.08 0.032
---------------------------------------------------------------------------
122.0 122.9 0.9 1.27 0.037
---------------------------------------------------------------------------
127.0 128.2 1.2 1.38 0.040
---------------------------------------------------------------------------
HR08-121 154.8 155.2 0.4 1.00 0.029 GM 320
---------------------------------------------------------------------------
170.9 171.6 0.7 1.36 0.040
---------------------------------------------------------------------------
HR08-122 15.1 15.5 0.4 2.22 0.065 GM 496
---------------------------------------------------------------------------
289.6 290.5 0.9 1.39 0.041
---------------------------------------------------------------------------
HR08-123 115.1 116.2 1.1 2.08 0.061 GM 308
---------------------------------------------------------------------------
123.9 124.2 0.3 1.15 0.034
---------------------------------------------------------------------------
186.1 186.3 0.2 1.00 0.029
---------------------------------------------------------------------------
HR08-124 3.0 3.5 0.5 2.78 0.081 GM 462
---------------------------------------------------------------------------
18.3 18.8 0.5 1.14 0.033
---------------------------------------------------------------------------
20.1 20.9 0.8 2.49 0.073
---------------------------------------------------------------------------
23.8 24.6 0.8 1.63 0.048
---------------------------------------------------------------------------
26.2 27.0 0.8 2.12 0.062
---------------------------------------------------------------------------
113.6 114.2 0.6 1.90 0.055
---------------------------------------------------------------------------
411.0 411.4 0.4 1.21 0.035
---------------------------------------------------------------------------
413.7 414.1 0.4 4.02 0.117
---------------------------------------------------------------------------
421.2 421.6 0.4 1.86 0.054
---------------------------------------------------------------------------
HR08-125 Anomalous Mineralization 0.000 GM 245
---------------------------------------------------------------------------
HR08-126 Anomalous Mineralization 0.000 GM 280
---------------------------------------------------------------------------
HR08-127 120.7 122.0 1.3 1.62 0.047 GM 152
---------------------------------------------------------------------------
HR08-128 154.0 154.3 0.3 1.25 0.036 GM 250
---------------------------------------------------------------------------
155.5 156.0 0.5 1.46 0.043
---------------------------------------------------------------------------
175.4 176.1 0.7 20.00 0.583
---------------------------------------------------------------------------
HR08-129 38.0 38.3 0.3 2.84 0.083 GM 300
---------------------------------------------------------------------------
191.5 192.0 0.5 2.28 0.067
---------------------------------------------------------------------------
309.6 309.9 0.3 1.21 0.035
---------------------------------------------------------------------------
315.3 315.4 0.1 20.47 0.597
---------------------------------------------------------------------------
HR08-130 132.3 133.0 0.7 1.25 0.036 GM 160
---------------------------------------------------------------------------
HR08-131 Anomalous Mineralization GM 347
---------------------------------------------------------------------------
HR08-132 47.4 47.8 0.4 7.17 0.209 GM 95
---------------------------------------------------------------------------
50.4 50.7 0.3 1.03 0.030
---------------------------------------------------------------------------
51.4 51.8 0.4 1.87 0.055
---------------------------------------------------------------------------
54.6 55.1 0.5 1.41 0.041
---------------------------------------------------------------------------
55.5 55.8 0.3 3.69 0.108
---------------------------------------------------------------------------
56.0 56.7 0.7 3.56 0.104
---------------------------------------------------------------------------
HR08-133 203.8 204.1 0.3 2.20 0.064 GM 233
---------------------------------------------------------------------------
206.5 206.9 0.4 1.00 0.029
---------------------------------------------------------------------------
207.7 209.0 1.3 8.83 0.258
---------------------------------------------------------------------------
HR08-134 89.5 89.7 0.2 2.89 0.084 GM
---------------------------------------------------------------------------
HR08-135 323.7 324.7 1.0 1.58 0.046 GM 431
---------------------------------------------------------------------------
HR08-136 Anomalous Mineralization 0.000 GM 146
---------------------------------------------------------------------------
HR08-137 10.3 10.8 0.5 1.34 LS
---------------------------------------------------------------------------
26.0 32.3 6.3 1.43 LS
---------------------------------------------------------------------------
25.2 40.0 14.8 1.08 LS
---------------------------------------------------------------------------
35.0 39.4 4.4 1.38 LS
---------------------------------------------------------------------------
53.5 54.0 0.5 2.09 LS
---------------------------------------------------------------------------
50.0 71.0 21.0 1.09 LS
---------------------------------------------------------------------------
260.0 260.5 0.5 1.75 0.051 GM 311
---------------------------------------------------------------------------
HR08-138 Anomalous Mineralization 0.000 GM 251
---------------------------------------------------------------------------
HR08-139 13.3 13.6 0.3 4.88 0.142 LS 377
---------------------------------------------------------------------------
48.8 49.3 0.5 1.30 0.038 LS
---------------------------------------------------------------------------
53.0 53.4 0.4 1.34 0.039 LS
---------------------------------------------------------------------------
296.0 296.2 0.2 1.11 0.032 GM
---------------------------------------------------------------------------
301.7 302.3 0.6 1.12 0.033 GM
---------------------------------------------------------------------------
306.6 307.1 0.5 2.31 0.067 GM
---------------------------------------------------------------------------
307.6 308.1 0.5 1.18 0.034 GM
---------------------------------------------------------------------------
HR08-140 74.2 74.8 0.6 1.02 0.030 LS 330
---------------------------------------------------------------------------
309.7 309.9 0.2 1.23 0.036 GM
---------------------------------------------------------------------------
316.5 318.1 1.6 0.95 0.028
---------------------------------------------------------------------------
319.6 319.8 0.2 6.34 0.185
---------------------------------------------------------------------------
HR08-141 Anomalous Mineralization GM 305
---------------------------------------------------------------------------
HR08-142 59.2 59.5 0.3 1.20 0.035 GM 422
---------------------------------------------------------------------------
125.6 125.8 0.2 1.40 0.041
---------------------------------------------------------------------------
HR08-143 115.5 115.8 0.3 2.09 0.061 LS
---------------------------------------------------------------------------
333.3 333.9 0.6 1.54 0.045 GM 407
---------------------------------------------------------------------------
348.7 349.1 0.4 2.08 0.061 GM
---------------------------------------------------------------------------
HR08-144 55.4 56.4 1.0 1.36 0.040 LS 326
---------------------------------------------------------------------------
HR08-145 49.7 53.0 3.3 22.26 0.649 WLZ
---------------------------------------------------------------------------
including 49.7 50.5 0.8 90.00 2.625 WLZ 98
---------------------------------------------------------------------------
52.5 53.0 0.5 1.39 0.041
---------------------------------------------------------------------------
66.3 67.0 0.7 1.28 0.037
---------------------------------------------------------------------------
68.0 68.8 0.8 2.78 0.081
---------------------------------------------------------------------------
70.2 70.5 0.3 1.21 0.035
---------------------------------------------------------------------------
73.7 74.0 0.3 1.19 0.035
---------------------------------------------------------------------------
HR08-146 27.4 27.8 0.4 1.31 0.038 WLZ 87
---------------------------------------------------------------------------
36.2 36.5 0.3 1.27 0.037
---------------------------------------------------------------------------
38.2 38.5 0.3 2.46 0.072
---------------------------------------------------------------------------
51.6 52.0 0.4 1.27 0.037
---------------------------------------------------------------------------
52.4 53.2 0.8 3.43 0.100
---------------------------------------------------------------------------
58.1 58.9 0.8 19.83 0.578
---------------------------------------------------------------------------
Including 58.1 58.5 0.4 38.40 1.120
---------------------------------------------------------------------------
HR08-147 151.0 151.3 0.3 1.52 0.044 PLZ 341.5
---------------------------------------------------------------------------
154.0 154.4 0.4 1.23 0.036
---------------------------------------------------------------------------
HR08-148 25.3 25.7 0.4 1.49 0.043 GM 152
---------------------------------------------------------------------------
66.1 66.5 0.4 3.93 0.115
---------------------------------------------------------------------------
98.9 99.2 0.3 1.07 0.031
---------------------------------------------------------------------------
111.2 111.5 0.3 5.10 0.149
---------------------------------------------------------------------------
HR08-149 21.4 22.0 0.6 1.67 0.049 GM
---------------------------------------------------------------------------
57.5 57.8 0.3 1.28 0.037 470
---------------------------------------------------------------------------
154.8 155.0 0.2 1.46 0.043
---------------------------------------------------------------------------
315.4 315.5 0.1 4.63 0.135
---------------------------------------------------------------------------
335.7 335.8 0.1 1.89 0.055
---------------------------------------------------------------------------
387.3 388.3 1.0 1.53 0.045
---------------------------------------------------------------------------
430.0 430.1 0.1 1.02 0.030
---------------------------------------------------------------------------
433.1 433.3 0.2 1.23 0.036
---------------------------------------------------------------------------
HR08-150 62.2 62.7 0.5 1.55 0.045 GM 302
---------------------------------------------------------------------------
HR08-151 56.7 57.0 0.3 1.15 0.034 GM 190
---------------------------------------------------------------------------
152.9 153.2 0.3 1.53 0.045
---------------------------------------------------------------------------
161.3 161.6 0.3 1.31 0.038
---------------------------------------------------------------------------
171.1 171.3 0.2 1.86 0.054
---------------------------------------------------------------------------
HR08-152 24.0 24.3 0.3 2.05 0.060 LS 250
---------------------------------------------------------------------------
93.9 94.2 0.3 2.97 0.087
---------------------------------------------------------------------------
122.1 122.4 0.3 1.07 0.031
---------------------------------------------------------------------------
122.8 123.2 0.4 1.46 0.043
---------------------------------------------------------------------------
229.4 229.7 0.3 1.97 0.057 GM
---------------------------------------------------------------------------
HR08-153 46.8 47.0 0.2 3.00 0.088 Unnamed 383
zone 500m
south of LS
---------------------------------------------------------------------------
238.2 238.5 0.3 1.47 0.043
---------------------------------------------------------------------------
HR08-154 14.8 15.0 0.1 4.53 0.132 LS
---------------------------------------------------------------------------
204.8 205.0 0.2 1.42 0.041
---------------------------------------------------------------------------
306.3 306.6 0.3 1.50 0.044 GM 431
---------------------------------------------------------------------------
HR08-155 69.4 69.6 0.2 25.70 0.750 LS 254.1
---------------------------------------------------------------------------
184.0 184.9 0.9 1.32 0.039
---------------------------------------------------------------------------
HR08-156 199.7 200.4 0.7 2.74 0.080 GM 300
---------------------------------------------------------------------------
201.1 201.4 0.3 2.13 0.062 GM
---------------------------------------------------------------------------
HR08-157 15.5 17.2 1.7 4.03 0.118 GM 45
---------------------------------------------------------------------------
Including 15.7 15.9 0.2 10.80 0.315
---------------------------------------------------------------------------
17.9 18.3 0.4 1.01 0.029
---------------------------------------------------------------------------
18.5 18.7 0.2 1.33 0.039
---------------------------------------------------------------------------
20.2 20.5 0.3 1.15 0.034
---------------------------------------------------------------------------
24.2 24.6 0.4 2.87 0.084
---------------------------------------------------------------------------
14.7 18.0 3.3 5.74 0.167
---------------------------------------------------------------------------
HR08-158 14.4 18.0 3.6 5.27 0.154 GM 41
---------------------------------------------------------------------------
including 14.7 15.8 1.1 13.04 0.380
---------------------------------------------------------------------------
18.3 18.5 0.2 1.28 0.037
---------------------------------------------------------------------------
22.8 23.2 0.4 1.15 0.034
---------------------------------------------------------------------------
HR08-159 17.9 18.2 0.3 1.75 0.051 GM 50
---------------------------------------------------------------------------
19.2 19.5 0.3 3.61 0.105
---------------------------------------------------------------------------
25.0 25.3 0.3 1.72 0.050
---------------------------------------------------------------------------
HR08-160 16.6 17.0 0.4 3.12 0.091 GM 40
---------------------------------------------------------------------------
17.4 18.8 1.4 1.81 0.053
---------------------------------------------------------------------------
19.2 20.6 1.4 8.34 0.243
---------------------------------------------------------------------------
Including 19.5 20.0 0.5 15.30 0.446 GM
---------------------------------------------------------------------------
21.6 22.0 0.4 1.68 0.049
---------------------------------------------------------------------------
23.0 23.7 0.7 1.53 0.045
---------------------------------------------------------------------------
24.9 25.6 0.7 4.15 0.121
---------------------------------------------------------------------------
HR08-161 14.6 15.1 0.5 1.52 0.044 GM
---------------------------------------------------------------------------
17.0 26.3 9.3 14.78 0.431
---------------------------------------------------------------------------
Including 20.1 23.4 3.3 32.22 0.940
---------------------------------------------------------------------------
26.7 26.9 0.2 1.20 0.035
---------------------------------------------------------------------------
HR08-162 21.1 27.3 6.2 2.36 0.069 LS
---------------------------------------------------------------------------
26.2 27.3 1.1 3.08 0.090
---------------------------------------------------------------------------
75.9 76.4 0.5 5.48 0.160
---------------------------------------------------------------------------
219.3 219.8 0.5 1.12 0.033 GM
---------------------------------------------------------------------------
HR08-163 24.2 24.5 0.3 1.76 0.051 LS 350
---------------------------------------------------------------------------
34.9 35.1 0.2 1.28 0.037
---------------------------------------------------------------------------
36.3 36.5 0.2 1.14 0.033
---------------------------------------------------------------------------
39.9 41.0 1.1 1.39 0.041
---------------------------------------------------------------------------
50.0 50.3 0.3 2.72 0.079
---------------------------------------------------------------------------
53.0 53.3 0.3 1.03 0.030
---------------------------------------------------------------------------
54.8 55.5 0.7 1.66 0.048
---------------------------------------------------------------------------
56.3 56.9 0.6 1.16 0.034
---------------------------------------------------------------------------
61.0 61.4 0.4 1.23 0.036
---------------------------------------------------------------------------
62.9 63.8 0.9 1.64 0.048
---------------------------------------------------------------------------
75.3 75.6 0.3 1.95 0.057
---------------------------------------------------------------------------
252.8 253.6 0.8 10.15 0.296 GM
---------------------------------------------------------------------------
Including 253.0 253.3 0.3 17.60 0.513
---------------------------------------------------------------------------
258.5 258.7 0.2 1.33 0.039
---------------------------------------------------------------------------
263.1 264.4 1.3 2.99 0.087
---------------------------------------------------------------------------
HR08-164 201.3 201.7 0.4 1.43 0.042 GM
---------------------------------------------------------------------------
202.2 202.6 0.4 1.14 0.033
---------------------------------------------------------------------------
203.0 203.3 0.3 5.90 0.172 251
---------------------------------------------------------------------------
HR08-165 50.8 51.8 1.0 1.29 0.038 Marino 212
---------------------------------------------------------------------------
53.7 54.1 0.4 1.34 0.039
---------------------------------------------------------------------------
HR08-166 67.7 68.1 0.4 1.13 0.033 Unnamed 200
zone 500m
south of LS
---------------------------------------------------------------------------
HR08-167 156.2 156.5 0.3 2.16 0.063 GM 302
---------------------------------------------------------------------------
234.0 234.5 0.5 1.00 0.029
---------------------------------------------------------------------------
238.0 239.0 1.0 1.28 0.037
---------------------------------------------------------------------------
HR08-168 64.3 64.6 0.3 1.04 0.030 LS 344
---------------------------------------------------------------------------
67.1 67.3 0.2 1.73 0.050
---------------------------------------------------------------------------
70.0 71.1 1.1 2.02 0.059
---------------------------------------------------------------------------
255.7 256.0 0.3 3.70 0.108 GM
---------------------------------------------------------------------------
258.7 260.1 1.4 4.69 0.137
---------------------------------------------------------------------------
Including 258.7 258.9 0.2 25.90 0.755
---------------------------------------------------------------------------
HR08-169 71.3 71.5 0.2 7.69 0.224 LS
---------------------------------------------------------------------------
391.5 392.0 0.5 1.22 0.036 GM
---------------------------------------------------------------------------
HR08-170 40.2 41.0 0.8 1.37 0.040 LS 452
---------------------------------------------------------------------------
43.3 43.8 0.5 1.02 0.030 308
---------------------------------------------------------------------------
177.3 178.3 1.0 3.20 0.093 GM
---------------------------------------------------------------------------
180.3 181.3 1.0 1.05 0.031
---------------------------------------------------------------------------
216.4 217.4 1.0 1.53 0.045
---------------------------------------------------------------------------
HR08-171 294.1 294.4 0.3 1.18 0.034 GM
---------------------------------------------------------------------------
295.4 296.7 1.3 16.98 0.495 431
---------------------------------------------------------------------------
Including 296.0 296.3 0.3 63.67 1.857
---------------------------------------------------------------------------
297.8 298.1 0.3 1.04 0.030
---------------------------------------------------------------------------
299.2 299.6 0.4 1.39 0.041
---------------------------------------------------------------------------
301.6 302.0 0.4 1.02 0.030
---------------------------------------------------------------------------
HR08-172 90.2 91.7 1.5 2.79 0.081 LS 434
---------------------------------------------------------------------------
93.7 94.2 0.5 1.40 0.041
---------------------------------------------------------------------------
252.0 253.0 1.0 3.00 0.088 GM
---------------------------------------------------------------------------
264.0 264.9 0.9 2.48 0.072
---------------------------------------------------------------------------
289.0 289.7 0.7 1.03 0.030
---------------------------------------------------------------------------
HR08-173 179.0 180.0 1.0 3.32 0.097 LS
---------------------------------------------------------------------------
243.7 244.5 0.8 4.02 0.117 HW splays
---------------------------------------------------------------------------
320.4 321.9 1.5 7.03 0.205 GM
---------------------------------------------------------------------------
323.0 323.2 0.2 1.25 0.036 353
---------------------------------------------------------------------------
326.8 327.2 0.4 2.12 0.062
---------------------------------------------------------------------------
HR08-174 48.8 49.1 0.3 1.25 0.036 LS
---------------------------------------------------------------------------
66.9 67.4 0.5 1.12 0.033
---------------------------------------------------------------------------
299.7 300.0 0.3 1.68 0.049 GM
---------------------------------------------------------------------------
317.5 317.7 0.2 1.29 0.038 350
---------------------------------------------------------------------------
HR08-175 116.4 117.4 1.0 6.36 0.186 LS
---------------------------------------------------------------------------
including 117.0 117.2 0.2 29.40 0.858
---------------------------------------------------------------------------
119.0 119.2 0.2 1.12 0.033 LS
---------------------------------------------------------------------------
122.2 122.4 0.2 1.61 0.047 LS 392
---------------------------------------------------------------------------
326.1 326.5 0.4 1.13 0.033 GM
---------------------------------------------------------------------------
HR08-176 Anomalous Mineralization 7 of 9
---------------------------------------------------------------------------
HR08-177 44.1 44.6 0.5 1.05 0.031
---------------------------------------------------------------------------
82.6 85.3 2.7 1.82 0.053 LS
---------------------------------------------------------------------------
85.8 86.0 0.2 1.65 0.048
---------------------------------------------------------------------------
92.5 103.0 10.5 1.33 0.039
---------------------------------------------------------------------------
104.5 106.5 2.0 1.11 0.032 278
---------------------------------------------------------------------------
111.0 112.0 1.0 1.35 0.039
---------------------------------------------------------------------------
270.6 271.2 0.6 3.46 0.101 GM
---------------------------------------------------------------------------
272.9 275.2 2.3 1.66 0.048 338
---------------------------------------------------------------------------
299.1 299.4 0.3 1.62 0.047 FW Splays
---------------------------------------------------------------------------
300.3 301.0 0.7 1.05 0.031 554
---------------------------------------------------------------------------
HR08-178 78.5 79.5 1.0 1.42 0.041 Unnamed vein
---------------------------------------------------------------------------
240.6 240.9 0.3 1.19 0.035 LS
---------------------------------------------------------------------------
485.7 486.3 0.6 1.05 0.031 GM
---------------------------------------------------------------------------
HR08-179 138.6 139.0 0.4 1.95 0.057 7 of 9 329
---------------------------------------------------------------------------
141.2 141.4 0.2 1.73 0.050
---------------------------------------------------------------------------
HR08-180 99.3 100.0 0.7 1.70 0.050 LS 356
---------------------------------------------------------------------------
120.3 120.8 0.5 1.87 0.055
---------------------------------------------------------------------------


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 Activation Laboratories Limited., Ancaster, ON L9G 4V5. 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.

Energy Division: Otish Uranium Update

The summer exploration program has commenced with the establishment of the field camp. Prospecting, sampling and mapping are underway, this work is planned to be followed by diamond drilling; results will be reported as they become available.

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.

Exploration Update:

The Company plans to complete approximately 60,000 metres of drilling during its ongoing 2008 exploration program at the Hercules gold discovery. Results of the drilling will be released as they are received and compiled.

About Kodiak Exploration Limited:

Kodiak Exploration Limited (TSX VENTURE:KXL) is an aggressive mineral exploration company with experienced management focused on precious, base metal and uranium exploration. Through regional, grass-roots generative exploration and new geological models, the Company has built a diverse property portfolio of 100% controlled Canadian projects which are highly prospective for gold, uranium, and base metals (nickel/copper). The Company currently has approximately $45 million in working capital and is well funded to carry out its future exploration programs. Maps, photographs, detailed geologic reports and additional information may be viewed on our web site, Kodiak is a mineral exploration company with properties located in Canada. You can now view an interactive map, as well as additional photographs, geological details and other information, on our web site: www.kodiakexp.com.

On behalf of the board of Directors

KODIAK EXPLORATION LIMITED

William S. Chornobay, Director, President

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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