Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

April 22, 2009 10:21 ET

Ginguro Options Wild Goose Property to Kodiak Exploration

SUDBURY, ONTARIO--(Marketwire - April 22, 2009) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company") is pleased to announce that it has signed an Option Agreement ("the Agreement") with Kodiak Exploration Limited ("Kodiak") pursuant to which Kodiak can an earn a 100% interest in Ginguro's Wild Goose Lake property located in the Beardmore-Geraldton Mining Camp in Northern Ontario.

The Wild Goose property consists of a 16 unit claim and is contiguous with claims held by Kodiak. The Wild Goose Lake property was staked by Ginguro in late summer of 2008.

Kodiak may earn a 100% interest in the Property by making the following payments:

- $10,000 within 5 business days after the date of receipt by Kodiak of notice of acceptance by the TSX Venture Exchange of a filing in respect of the Agreement (the "Acceptance Date");

- $15,000 not later than March 24, 2010;

- $25,000 not later than March 24, 2011;

- $50,000 not later than March 24, 2012; and

- $100,000 not later than March 24, 2013.

At Kodiak's option, any one of the above-noted payments (with the exception of the initial $10,000) may be satisfied by the issuance of Kodiak shares. Any shares issued by Kodiak pursuant to this Agreement will be issued at a price equal to the average closing price of Kodiak's shares for the 10 consecutive trading days ending on the fifth trading day prior to the payment due date, and will be subject to a four month hold period.

Ginguro will retain a 3% net smelter returns royalty on the property (the "Royalty").

Kodiak will have the right and option to purchase one-third (1/3) of the Royalty (i.e. 1.0%) at any time for $500,000. Kodiak will have the further right and option to purchase an additional one-third (1/3) of the Royalty (i.e. 1.0%) at any time for an additional $1,000,000. All or any part of any payment made to purchase a portion of the Royalty may be made in cash or, at Kodiak's option, by the issuance of Kodiak shares, with such number of shares being determined as described above.

About Ginguro

With positive working capital and quality assets in both Northern Ontario and Chile, Ginguro is well positioned to capitalize on the current favourable fundamentals of the gold and copper markets. Ginguro's focus is on the generation and acquisition of quality properties that lend themselves to the development of highly prospective regional exploration plays. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.

Forward-looking Statements

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

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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