Kodiak Exploration options Ashmore township property

Kodiak Exploration Ltd (C:KXL)
Shares Issued 90,367,035
Last Close 11/17/2009 $0.60
Wednesday November 18 2009 - News Release

Mr. Brian Maher reports

KODIAK EXPLORATION LIMITED ADDS TO LAND HOLDINGS IN BEARDMORE-GERALDTON GOLD BELT

Kodiak Exploration Ltd. has entered into an option agreement respecting an additional mineral property in the Thunder Bay Mining Division of south central Ontario.

Pursuant to an agreement made with Mr. Scott Shields, Kodiak has been granted an option (the "Option") to acquire an undivided 100% interest in twenty-one mineral claims (the "Claims") located in Ashmore Township, subject to a 3% net smelter returns royalty in favor of Mr. Shields. Kodiak may exercise the Option by making the following option payments over four years:

1. $10,000 in cash plus 10,000 Kodiak shares within 5 business days after the date (the "Acceptance Date") of acceptance of a filing in respect of the Option by the TSX Venture Exchange;
2. an additional $15,000 in cash plus 15,000 Kodiak shares not later than the first anniversary of the Acceptance Date;
3. an additional $25,000 in cash plus 25,000 Kodiak shares not later than the second anniversary of the Acceptance Date; 
4. an additional $50,000 in cash plus 50,000 Kodiak shares not later than the third anniversary of the Acceptance Date; and
5. an additional $100,000 in cash plus 100,000 Kodiak shares not later than the fourth anniversary of the Acceptance Date.

One of the Claims will be a claim (the "Kodiak Claim") currently registered in the name of Kodiak, but which has been the subject of a title dispute. Kodiak may purchase 100% (i.e. 3%) of the royalty on the Kodiak Claim and two-thirds (i.e. 2%) of the royalty on the other Claims for $1,000,000 at any time after the option is exercised. Any shares issued in connection with the exercise of the option will be issued at the price per share which is equal to the closing price of the Company's shares on the date prior to the date of the Treasury Order for such shares, subject to a minimum price of $0.55 per share. The proposed option is subject to acceptance by the TSX Venture Exchange.

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