at least

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Management’s Exploration Update
July 2008


Kodiak is currently drilling multiple targets in several different areas at Hercules, including the Golden
Mile, Lucky Strike, Seven of Nine, Derek Lee and Yellow Brick Road veins. As of July 18, we have five
drills working, and we have plans to increase to as many as eight drills in the immediate future. We
understand shareholders are anxiously awaiting news, but we are still waiting on final assay results for
many samples. In addition, our regional exploration program is proceeding robustly, with initial stripping
having been started on over six standalone gold targets. Recently, five other new gold targets have been
generated that require follow up exploration; research and development remains ongoing. Following a
program of sampling and mapping, these targets are planned to be drilled for their economic potential.

As we drill new and deeper portions of the Golden Mile, it is crucial that we have all data in hand to model
the geologic interpretation, vein correlation, and other crucial information. For our new targets like the
Lucky Strike vein structure, which is located parallel to the Golden Mile, this new data is providing our
first indication of vein orientation and dip. With new information being developed daily in multiple areas
simultaneously, it is crucial that we have as much information in hand as possible to confirm our
interpretation and verify our models prior to releasing data. We plan to release news soon and look forward
to the remainder of the Hercules drilling program and the district exploration campaign with great
enthusiasm. Thank you for your patience and continued support of Kodiak Exploration Limited.