Bill:

Thank you for the letter. Our most recent press release regarding Milestone drilling was dated March 5, 20 10 or 18 days ago. We expect to have additional news about Milestone very soon, as this is the area where we are concentrating drilling activities. Please note that a key factor in releasing information is the full and complete understanding of the technical data contained therein. Many companies are willing to publish drill hole tables with little additional interpretation. We prefer to have the data in cross sections and fully interpreted before release.

With regard to our process in releasing Athabasca results, it is true that some companies release either Gamma or scintilometer data prior to wet chemical results. For projects with a significant drill history, i.e. correlating multiple assays with scintilometer readings, it is acceptable to release scintilometer data. For early stage projects like West Millennium, correlating scintilometer readings with actual wet chemical assays is much more difficult. We often see highly anomalous readings but prefer to backstop those readings with hard assays. Prior to this drilling campaign, Kodiak had completed five drill holes on the project and although I would like a quick discovery just like all shareholders, this is a large property and it will require careful, well-coordinated exploration.

The market will respond to our story as we continue to execute our program. We have great projects, are well funded and have an excellent exploration team. We don’t have a single “flagship” property, but multiple top tier projects leading this company forward. Markets are driven by emotion and excitement will return to Kodiak when people step back and recognize the consistent progress we are making on all fronts.

Thanks for your continued support,

Brian