Kodiak Exploration Limited

Kodiak Exploration Limited

October 22, 2007 11:27 ET

Kodiak Drills 2.0m of 54.1 gpt (1.57 opt) Gold/Confirms High Grade Mineralization 1.34km Along Strike/System Remains Open

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2007) - Kodiak Exploration Limited (TSX VENTURE:KXL) is pleased to announce that additional drill results from the 2007 exploration program at its Hercules project in the Beardmore-Geraldton gold camp have confirmed high grade gold mineralization at depth and over 1,300 meters along strike on the Golden Mile quartz vein structure. Early drill results confirm the geometry and scale of this new gold system and demonstrate it can host mineable grades and widths of gold mineralization. All of these factors underline the tremendous untapped potential of the Hercules property and this under explored Greenstone Belt.

Highlights from this shallow wide-spaced drilling include drill hole HR07-29, which graded 54.1 gpt (1.57 opt) gold over a mineable width of 2.0m, including 134.4 gpt (3.9 opt) gold over 0.8m, and drill hole HR07-31, which graded 12.64 gpt gold over 1.4m. Those holes were drilled 1,340 meters (1.34km) apart on the same quartz vein structure confirming the continuity of gold mineralization, with these very positive results. The Golden Mile vein has been exposed on surface both between and beyond those two drill holes to a total length exceeding two kilometers and remains open on strike and at depth. Twenty-eight of the core samples from the most recent drill holes have been rushed for metallic assay due to gold values exceeding 5 gpt. Assays are also pending for 7 additional drill holes from the Golden Mile. Highlights from continuing channel sampling along the Golden Mile include 63.45 gpt gold over 1.0m in channel cut AMX-16 and 27.83 gpt gold over 1.6m in channel cut AMX-09.

The gold bearing structure at the Golden Mile has now been shown to have a surface scale and geometry unprecedented in the Geraldton-Beardmore Gold camp's history, confirming its potential to host a very significant new gold resource. The results of the current drilling program and channel sampling have confirmed high grade gold mineralization over a strike length which is the equivalent of more than 12 football fields, and this system remains open at depth and along strike. The high gold grades and structural geology of the Hercules system is similar to the Red Lake and Kirkland Lake gold camps, both of which have hosted multi-million ounce high-grade gold deposits. Kodiak's early drill results evidence the tremendous untapped potential of this under-explored Greenstone Belt, and the Hercules project in particular.

Every drill hole completed to date at the 100% controlled Hercules project has intersected gold mineralization. Drilling continues to intersect impressive structure and alteration, confirming the extent and continuity of this system along strike and at depth. Kodiak has commissioned additional drill rigs and will continue its 2007 drilling program with a view to quickly building tonnage at economic grades within this mineralized system. Kodiak's ongoing drill program will test the Golden Mile and parallel structures both at depth and along strike. In particular, the drilling will focus on testing the Golden Mile at depth to further determine the geometry and depth extent of this impressive new gold system.

Kodiak is also pleased to report that additional exploration over the past three weeks has resulted in the discovery of several quartz vein structures between the Golden Mile and Yellow Brick Road zones, further confirming the tremendous untapped potential of this system. These structures run parallel to the Golden Mile and are also open on strike. To date, in a very short period of time, over five kilometers of newly discovered gold-bearing structures have been exposed by Kodiak's field team. These and the many other gold bearing structures on properties recently acquired by Kodiak remain to be tested.

Kodiak now controls in excess of 1,000 square kilometers covering principal geologic structures in the Beardmore-Geraldton gold belt. Gold bearing quartz veins which have been exposed on surface through removal of overburden on other properties acquired by Kodiak include extensions of the structures that host the Leitch Mine, which produced over 1,000,000 ounces of gold from meter wide quartz veins mined to a depth of 1.4 km with average grades of 31.5 gpt (0.92 opt) gold, the Little Long Lac gold mine which produced over 600,000 ounces at a grade of 11.7 gpt (0.34 opt) gold and the Magnet gold mine which produced over 152,000 ounces at an average grade of 14.4 gpt (0.42 opt). These mines were operated to depths of up to 4,600 feet and remain open at depth and on strike. The Kodiak extensions of these systems remain to be drill tested. Kodiak has now staked or optioned over 150km of strike length covering the three major structures which host the majority of gold mineralization in the Beardmore-Geraldton Gold Camp, and now controls a dominant land position in this under-explored Greenstone Belt. An airborne survey is planned to begin shortly to identify and prioritize additional exploration targets in this huge land package for ongoing exploration.

Mr. Brian Maher, VP Exploration of Kodiak comments: "Kodiak is pleased to now control this very extensive and contiguous land package, which contains the majority of the Beardmore-Geraldton gold belt. Being able to systematically explore these major gold bearing structures, which are along strike from high grade, past producing gold mines, gives Kodiak an enviable, strategic and very rare opportunity. This project is very clearly a potential company maker. The proximity of this land package to road access, rail service, power, and a potential workforce distinguishes this land package and the Hercules project from other projects in Canada which are often located in high cost, remote areas. Kodiak looks forward to future drill results with much anticipation, while continuing a systematic process of exploration in this under explored Gold Belt."

Golden Mile 2007 Drill Hole Update Summary
Hole ID From To Intercept (m) Au g/t Au Ou/t Zone
HR07-19 22.20 22.70 0.50 2.37 0.069 7OF9
HR07-20 27.25 28.00 0.75 3.70 0.108 7OF9
28.50 29.00 0.50 2.31 0.067 7OF9
HR07-21 20.70 21.35 0.65 1.21 0.035 7OF9
HR07-22 46.50 47.70 1.20 1.23 0.036 7OF9
HR07-23 29.00 29.35 0.35 1.86 0.054 7OF9
121.40 121.75 0.35 2.24 0.065 PGZ
HR07-24 37.80 38.30 0.50 1.22 0.036 PGZ
40.80 41.30 0.50 2.37 0.069 PGZ
41.80 42.20 0.40 1.41 0.041 PGZ
57.20 57.70 0.50 1.10 0.032 PGZ
59.20 59.90 0.50 1.51 0.044 PGZ
168.70 169.50 0.80 1.49 0.043 PGZ
HR07-25 33.30 33.50 0.20 3.81 0.111 PGZ
34.80 35.20 0.40 3.19 0.093 PGZ
HR07-29 27.90 28.50 0.60 1.11 0.032 GM
33.30 31.70 0.40 4.15 0.121 GM
35.40 37.40 2.00 54.09 1.570 GM
including 35.40 36.20 0.80 134.40 3.920 GM
including 35.70 36.00 0.30 342.20 9.981 GM
57.60 57.90 0.30 2.06 0.060 GM
62.70 63.30 0.60 7.17 0.209 GM
63.90 64.20 0.30 5.66 0.165 GM
HR07-31 20.40 21.30 0.90 1.04 0.030 GM
25.70 27.10 1.40 12.60 0.368 GM
including 26.10 26.60 0.50 21.60 0.630 GM
27.60 27.90 0.30 1.84 0.054 GM
28.20 28.80 0.60 1.14 0.033 GM
31.60 31.90 0.30 1.81 0.053 GM
32.30 32.60 0.30 1.52 0.044 GM
HR07-32 28.30 28.60 0.30 1.11 0.032 GM
36.90 39.20 2.30 2.90 0.085 GM
including 38.10 38.40 0.30 10.46 0.305 GM
42.10 42.90 0.80 1.31 0.038 GM
HR07-33 33.20 34.20 1.00 8.40 0.245 GM
34.40 34.80 0.40 6.55 0.191 GM
HR07-34 41.60 42.70 1.10 2.41 0.070 GM
43.00 43.70 0.70 4.02 0.117 GM
including 43.00 43.30 0.30 6.96 0.203 GM

Golden Mile Channel Sample Highlight Update
Channel ID From To Width Au g/t Au Ou/t
AM-03 2.25 2.75 0.50 5.52 0.161
AM-09 1.30 2.25 0.95 9.95 0.290
AMX-08 0.35 1.35 1.00 6.93 0.202
4.25 6.30 2.05 13.80 0.403
including 4.25 4.65 0.40 38.10 1.111
AMX-09 1.30 2.25 0.95 9.95 0.290
including 1.80 2.25 0.45 17.11 0.499
AMX-09 5.05 5.70 0.65 8.41 0.245
6.55 8.15 1.60 27.83 0.812
AMX-10 1.15 1.45 0.30 8.64 0.252
AMX-11 7.85 8.25 0.40 5.32 0.155
AMX-14 1.50 3.10 1.60 5.35 0.156
AMX-15 0.00 0.70 0.70 83.84 2.445
AMX-16 2.30 3.30 1.00 63.45 1.851
AMX-20 0.00 2.25 2.25 10.41 0.304
including 1.35 1.65 0.30 51.37 1.498

Marino Channel Sample Highlight Update
Channel ID From To Width Au g/t Au Ou/t
NRN-05 1.10 1.45 0.35 5.11 0.149

Penelton Channel Sample Highlight Update
Channel ID From To Width Au g/t Au Ou/t
PN-14 4.30 4.80 0.50 23.06 0.673

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 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.

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.

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 KODIAK EXPLORATION LIMITED

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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