June 17, 2009 16:36 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2009) - Kodiak Exploration Ltd. (TSX VENTURE:KXL)(FRANKFURT:KX3) is pleased to announce that it has entered into an option agreement with Kirrin Resources Inc. (TSX VENTURE:KYM) ("Kirrin") allowing Kirrin to earn up to a 70% interest in Kodiak's Otish Basin uranium prospects located in Quebec, Canada. Kirrin may earn an initial 51% interest in the Otish Basin portfolio by spending $2.8 million on exploration by December 31, 2012, and may earn a further 19% interest by spending a further $1.5 million by December 31, 2015, making an aggregate commitment for a 70% interest of $4.3 million. Kirrin will be the operator of the project. Upon Kirrin fulfilling its earn-in obligations, the parties will form a 70:30 joint venture, with each party contributing its pro-rata share of future expenditures. If either party's interest in the joint venture is diluted to less than 10%, its interest will be converted to a 1% net smelter royalty. The proposed transaction is subject to acceptance by the TSX Venture Exchange.
This agreement will provide for the continued exploration of Kodiak's Otish Mountain properties while allowing the Energy Division to focus its attention and financial resources on its flagship West Millennium uranium project in Saskatchewan's Athabasca Basin.
Kodiak is a mineral exploration company with properties located in Canada. You can view additional maps, photographs and additional information, on our Web site: www.kodiakexp.com. The geological information in this press release has been reviewed and approved by Keith Metcalfe, Chief Geologist-Energy Division, who is a qualified person under the definitions established by National Instrument 43-101.
On behalf of the Board of Directors
Robert J. Harrington, Managing Director
This release may contain forward-looking statements or statements that relate to current or future activities which involve known and unknown risks and uncertainties. Actual events, performance or results may 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.
Kodiak Exploration LimitedRobert J. HarringtonManaging Director(604) 688-9006(604) 688-9029 (FAX)firstname.lastname@example.org
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