Kodiak Mobilizes Drill to Test Nickel Targets at Caribou

Kodiak Mobilizes Drill to Test Nickel Targets at Caribou

Kodiak Exploration Limited is pleased to announce mobilization of its Phase II diamond drilling program at Caribou Lake, Northwest Territories. The drilling is planned to test the economic potential of this nickeliferous layered intrusion at depth, along the nine-kilometre nickel-copper-cobalt trend that was established by Kodiak’s shallow Phase I drilling in 2006.

The Phase I drill program demonstrated that the upper part of the Caribou Lake layered mafic intrusion contains significant amounts of nickel sulphides, which were intersected in 33 of 50 holes over widths up to 69.71 metres. Kodiak’s second phase of drilling is planned to test the base of the intrusion where economic concentrations of nickel, copper and cobalt sulphides and platinum group elements are believed most likely to have pooled.

Kodiak plans to commence its deep drill program by testing several priority targets along the base of the intrusion. Those targets have been identified using three-dimensional magnetic images which indicate the most likely locations of structural “traps” for concentrations of mineralized materials. Many of the targets identified for Phase II deep drilling lie below areas with abundant nickel, copper and cobalt sulphides on surface, and coincide with clusters of EM responses identified by Kodiak’s geophysicists. Individual targets range from 200 to 500 metres long and from 200 to 700 metres wide. Each of these targets is large enough to host a significant ore body.

Recent microprobe analyses by Dr. Walter Peredery, P. Geo. have shown that olivine grains from the marginal gabbro, and from magnetite peridotite and pyroxenite of the Middle Layered Series, are strongly depleted in nickel. These results indicate that the system of nickel extraction from olivine into sulphides at Caribou Lake has been very efficient, and compares favourably with nickel depletion seen in olivines from Norils’k and Voisey’s Bay. Pentlandite granules identified in many core samples from the iron-rich marginal and upper parts of the intrusion confirm that extraction of nickel into the sulphide fraction has taken place.

The microprobe analyses also show that the nickel content of olivine increases with magnesium concentration, which increases downward in the system. Platinum group elements have also been shown to increase downward, with the highest values to date obtained from peridotite of the Lower Layered Series. The highest concentrations of magnesium-rich olivine, nickel and platinum group elements are expected to occur at the base of the intrusion, where significant concentrations of nickel sulphides are considered likely to have pooled in structurally low areas due to gravitational settling. It is these structural traps which are the targets of Kodiak’s Phase II drill program.

Further information, including maps, drill sections and photographs, are available on Kodiak’s website at www.kodiakexp.com

The information contained in this news release has been reviewed and approved by Dr. Walter Peredery, P. Geo., and Trevor Bremner, P. Geo., who are qualified persons for the Caribou Lake project under the definitions established by National Instrument 43-101. Dr. Peredery and Mr. Bremner are independent consultants to Kodiak.

On behalf of the Board of Directors KODIAK EXPLORATION LIMITED William S. Chornobay, Director, President For further information contact:

(604) 688-9006 or by email at info@kodiakexp.com

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. 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.

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For further information contact: (604) 688-9006

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Source: Kodiak Exploration Ltd.

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