Kodiak Exploration Limited

Kodiak Exploration Limited

December 04, 2007 14:08 ET

Kodiak Sets Consultant Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2007) - Kodiak Exploration Limited (TSX VENTURE:KXL)(FRANKFURT:KX3) is pleased to announce the grant of incentive stock options to Mr. Hartley Richardson to purchase up to 500,000 shares of the company. Mr. Richardson, who is President and Chief Executive Officer of James Richardson & Sons, Limited, acts as special advisor to Kodiak in corporate finance matters. Management looks forward to his ongoing participation as the company matures and develops its business. Options have also been granted to the Company's new Hercules project manager to purchase up to 40,000 shares of the company.

All of the options are exercisable at the price of $3.93 per share for five years, and will vest and become exercisable as to 25% on granting and as to an additional 12.5% each three months thereafter, so that all options will be fully vested at the end of eighteen months.

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, delay, 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 - The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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