Kodiak Exploration Limited (the

“Company”) (TSXV: KXL) has granted options to directors and geological consultants of the

Company to purchase up to an aggregate of 3,400,000 shares of the Company. The options

vested as to 25% on granting and will vest as to an additional 12.5% each three months

thereafter, so that all options will be fully vested at the end of eighteen months. The options are

exercisable at the price of $0.55 per share from and after the times at which they vest until

September 20, 2012, subject to any earlier termination in accordance with their terms.

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

base metals (nickel/copper), gold and uranium in three different areas of Canada. Maps,

photographs, detailed geologic reports and additional information may be viewed on our web site

at

.

-30-

On behalf of the Board of Directors