Kodiak Exploration Limited

Kodiak Exploration Limited

November 27, 2009 13:59 ET

Kodiak Completes 2009 Drilling Campaign at Hercules, Intersects High Gold Grades on the Golden Mile and Bobby Ore Veins, and Prepares for 2010 Resource Estimate

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2009) - Kodiak Exploration Limited (TSX VENTURE:KXL)(FRANKFURT:KX3) is pleased to announce the completion of its 2009 drilling program at its flagship Hercules project in the Beardmore-Geraldton gold camp of western Ontario. Kodiak's 2009 exploration program, totaling 76 drill holes and approximately 17,100 metres of diamond drilling, was designed to complete the drill hole database and provide the basis for a 43-101 compliant resource estimate for the project. With the completion of the program, the resource estimation process has been initiated; Kodiak expects to announce our third party consultant for resource vetting and verification in the coming weeks. Completion of the resource estimate is planned for the first quarter of 2010. The resource estimate will include recommendations for further work, including an evaluation of options for an underground ramp, bulk sampling, resource verification underground drilling, and a preliminary economic analysis of the Hercules project.

Drilling concentrated on the Golden Mile and adjacent veins, principally the Lucky Strike vein and newly discovered Bobby Ore vein. These veins will comprise the bulk of the resource estimate. Highlights from the drilling include in-fill drill hole HR09-369 which cut 1.0 metre grading 34.65 gpt gold (1.01 opt Au; 39.7-40.7m) including 0.3metre grading 112.0 gpt gold (3.27 opt Au) in the Golden Mile vein system. On the Bobby Ore, highlights include drill hole HR-367 which cut 1.5 metres grading 7.01 gpt gold (0.20 opt Au; 37.4-38.9m) including 0.3 metre grading 34.1 gpt gold (1.00 opt Au) and drill hole HR09-379 which cut 1.1 metres grading 9.26 gpt gold (0.27 opt Au; 188.3-189.4m). The Bobby Ore vein has only been drilled to shallow depths with drill hole 379 being the deepest intercept to date. The Bobby Ore remains open on strike to the northwest where its projection could tie into the high grade portion of the Golden Mile; it also remains open to the southeast and to depth. The drilling further illustrates the nature of gold veining at Hercules: multiple subparallel, stacked structures that continue to display excellent exploration potential. A complete table of recent drill results, including all 2009 drill holes for the Hercules project, can be found on the company's web site: www.kodiakexp.com

The results of the 2009 drilling program confirm the grade distribution and continuity of gold mineralization seen in our previous drilling. High grade zones of gold mineralization are enveloped by lower grade, but continuous gold mineralization along strike and at depth. The success of this program, leading to definitive resource estimation for the Hercules project, combined with the outstanding results of our regional exploration program at West Geraldton, Brenbar and Milestone, sets the stage for rapid growth and further success in 2010.

The geological information for the Beardmore-Geraldton regional exploration project 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 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 Ltd., Ancaster, ON L9G 4V5 and 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.

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

This release may contain forward-looking statements or statements that 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.

Contact Information