Kodiak Exploration Limited

Kodiak Exploration Limited

October 24, 2007 17:09 ET

Kodiak Increases Land Holdings in Beardmore-Geraldton Gold Belt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - Kodiak Exploration Limited (TSX VENTURE:KXL) has entered into an option agreement respecting another mineral property in the Thunder Bay Mining Division of south central Ontario.

Pursuant to the agreement, Kodiak has been granted an option to acquire an undivided 100% interest in 22 additional mineral claims located in Vincent Township, Thunder Bay Mining Division, subject to a 3% net smelter returns royalty. Kodiak may exercise the option by making payments totaling $200,000 in cash over five years and issuing 5000 shares. Kodiak may purchase one-third (i.e. 1%) of the royalty for $500,000 at any time, and may purchase an additional one-third (i.e. 1%) of the royalty for an additional $1,000,000. The remaining portion of the Royalty shall be retained by the Owners, but Kodiak will have a right of first refusal in respect of each Owner's share of the remaining Royalty the event that such Owner determines to sell his or her share.

Any shares issued in connection with the exercise of the option will be subject to a four month hold period. The proposed option is subject to acceptance by the TSX Venture Exchange.

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.

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, 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.

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.

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